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 crossed above their 200-day moving average, reaching C$284.96 and last trading at C$283.28, compared with a 200-day average of C$269.50.
• Analysts remain broadly positive, with eight Buy ratings and four Holds; the stock has a “Moderate Buy” consensus and an average price target of C$292.86.
• RBC increased its quarterly dividend to C$1.76 per share, or C$7.04 annualized, representing a 2.5% yield; insiders, however, have sold more than 77,000 shares worth approximately C$22.2 million over the past 90 days.

Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY passed above its two hundred day moving average during trading on Tuesday. The stock has a two hundred day moving average of C$269.50 and traded as high as C$284.96. Royal Bank of Canada shares last traded at C$283.28, with a volume of 2,735,347 shares traded.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on RY shares. Canaccord Genuity Group upped their price objective on shares of Royal Bank of Canada from C$310.00 to C$318.00 and gave the company a "buy" rating in a research report on Friday, August 28th. TD decreased their target price on Royal Bank of Canada from C$307.00 to C$306.00 and set a "buy" rating on the stock in a research report on Friday, August 28th. Raymond James Financial boosted their price target on Royal Bank of Canada from C$270.50 to C$306.00 and gave the company a "market perform" rating in a research note on Wednesday, August 12th. Keefe, Bruyette & Woods upped their price target on Royal Bank of Canada from C$316.00 to C$324.00 in a report on Monday, August 31st. Finally, Canadian Imperial Bank of Commerce cut their price target on Royal Bank of Canada from C$311.00 to C$300.00 and set a "neutral" rating for the company in a report on Thursday, September 3rd. Eight equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, Royal Bank of Canada has an average rating of "Moderate Buy" and an average price target of C$292.86.

Royal Bank of Canada Stock Down 0.6%

The company has a market capitalization of C$392.18 billion, a P/E ratio of 17.86, a PEG ratio of 3.42 and a beta of 0.94. The stock has a fifty day simple moving average of C$289.66 and a 200-day simple moving average of C$269.50.

Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY last issued its quarterly earnings data on Thursday, August 27th. The financial services provider reported C$4.28 EPS for the quarter. Royal Bank of Canada had a net margin of 15.92% and a return on equity of 16.11%. The firm had revenue of C$18.54 billion for the quarter. 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 firm also recently declared a quarterly dividend, which was paid on Monday, August 24th. Shareholders of record on Monday, August 24th were given a dividend of $1.76 per share. This is a boost from Royal Bank of Canada's previous quarterly dividend of $1.64. The ex-dividend date of this dividend was Monday, July 27th. This represents a $7.04 annualized dividend and a yield of 2.5%. Royal Bank of Canada's payout ratio is presently 41.49%.

Insider Transactions at Royal Bank of Canada

In other news, insider Katherine Gibson sold 462 shares of the business's stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of C$279.97, for a total transaction of C$129,346.14. Following the completion of the sale, the insider owned 290 shares in the company, valued at C$81,191.30. The trade was a 61.44% decrease in their ownership of the stock. Also, insider Kelly Bradley sold 5,142 shares of the company's stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of C$283.07, for a total transaction of C$1,455,545.94. Following the completion of the transaction, the insider owned 1,043 shares in the company, valued at C$295,242.01. This trade represents a 83.14% decrease in their ownership of the stock. Insiders have sold a total of 77,427 shares of company stock worth $22,231,964 in 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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