Royal Bank of Canada (TSE:RY) Share Price Crosses Above 200 Day Moving Average - Here's What Happened

Key Points

• Royal Bank of Canada shares rose above their 200-day moving average, reaching C$289.72 and last trading at C$289.64, compared with the C$266.96 average.
• Analyst sentiment remains positive, with eight Buy ratings and four Holds producing a “Moderate Buy” consensus and an average price target of C$292.86.
• The bank increased its quarterly dividend to C$1.76, or C$7.04 annualized, representing a 2.4% yield; however, insiders have sold more than 130,000 shares worth approximately C$37.8 million over the past 90 days.

Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY shares crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of C$266.96 and traded as high as C$289.72. Royal Bank of Canada shares last traded at C$289.64, with a volume of 1,579,437 shares traded.

Analyst Ratings Changes

A number of research firms have issued reports on RY. Canaccord Genuity Group raised their target price on Royal Bank of Canada from C$310.00 to C$318.00 and gave the company a "buy" rating in a research note on Friday, August 28th. Canadian Imperial Bank of Commerce cut their price objective on shares of Royal Bank of Canada from C$311.00 to C$300.00 and set a "neutral" rating on the stock in a research report on Thursday, September 3rd. Barclays upped their target price on shares of Royal Bank of Canada from C$260.00 to C$300.00 in a research report on Friday, August 21st. Jefferies Financial Group boosted their price objective on Royal Bank of Canada from C$268.00 to C$271.00 in a research report on Thursday, September 3rd. Finally, National Bank Financial raised their target price on Royal Bank of Canada from C$318.00 to C$321.00 and gave the company an "outperform" rating in a research report on Sunday, August 30th. Eight equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of C$292.86.

Royal Bank of Canada Trading Up 1.8%

The business's 50-day simple moving average is C$291.68 and its 200-day simple moving average is C$266.96. The company has a market cap of C$400.99 billion, a PE ratio of 18.26, a P/E/G ratio of 3.42 and a beta of 0.94.

Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY last posted its earnings results on Thursday, August 27th. The financial services provider reported C$4.28 earnings per share (EPS) for the quarter. The firm had revenue of C$18.54 billion during the quarter. Royal Bank of Canada had a net margin of 15.92% and a return on equity of 16.11%. On average, research analysts predict that Royal Bank of Canada will post 12.3454675 earnings per share for the current fiscal year.

Royal Bank of Canada Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 24th. Stockholders of record on Monday, August 24th were issued a $1.76 dividend. This represents a $7.04 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend was Monday, July 27th. This is a positive change from Royal Bank of Canada's previous quarterly dividend of $1.64. Royal Bank of Canada's payout ratio is currently 41.49%.

Insider Buying and Selling

In related news, insider Neil Mclaughlin sold 4,000 shares of the business's stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of C$287.72, for a total transaction of C$1,150,880.00. Also, insider Bruce Washington Ross sold 45,670 shares of the business's stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of C$293.11, for a total value of C$13,386,333.70. Following the completion of the transaction, the insider directly owned 235 shares of the company's stock, valued at approximately C$68,880.85. The trade was a 99.49% decrease in their ownership of the stock. Insiders have sold a total of 130,597 shares of company stock valued at $37,776,128 over the last 90 days.

About Royal Bank of Canada

Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 101,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 19 million clients in Canada, the U.S.

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