Royal Bank of Canada (TSE:RY) Increases Dividend to $1.54 Per Share

Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY announced a quarterly dividend on Thursday, May 29th, RTT News reports. Stockholders of record on Thursday, July 24th will be given a dividend of 1.54 per share by the financial services provider on Friday, August 22nd. This represents a $6.16 annualized dividend and a dividend yield of 3.54%. This is a 4.1% increase from Royal Bank of Canada's previous quarterly dividend of $1.48.

Royal Bank of Canada Price Performance

RY stock traded up C$1.48 during midday trading on Friday, reaching C$173.88. The company had a trading volume of 7,194,075 shares, compared to its average volume of 4,844,457. The company has a market capitalization of C$246.04 billion, a price-to-earnings ratio of 15.15, a price-to-earnings-growth ratio of 3.42 and a beta of 0.84. The stock has a 50 day moving average price of C$165.80 and a 200-day moving average price of C$169.53. Royal Bank of Canada has a 1-year low of C$140.53 and a 1-year high of C$180.45.

Insider Transactions at Royal Bank of Canada

In related news, Senior Officer Graeme Ashley Hepworth sold 308 shares of the firm's stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of C$161.89, for a total value of C$49,862.12. Also, Director David Ian Mckay sold 20,304 shares of Royal Bank of Canada stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of C$161.89, for a total transaction of C$3,287,014.56. Over the last ninety days, insiders sold 62,330 shares of company stock worth $10,312,755.

Analyst Upgrades and Downgrades

Several research firms have commented on RY. TD Securities decreased their target price on shares of Royal Bank of Canada from C$180.00 to C$178.00 and set a "hold" rating on the stock in a report on Friday, February 28th. National Bankshares set a C$179.00 price objective on shares of Royal Bank of Canada and gave the company an "outperform" rating in a research note on Thursday, May 22nd. UBS Group lowered their price objective on shares of Royal Bank of Canada from C$198.00 to C$196.00 in a research report on Thursday, May 22nd. Scotiabank upgraded Royal Bank of Canada to a "strong-buy" rating in a research note on Thursday, May 15th. Finally, Jefferies Financial Group decreased their price target on Royal Bank of Canada from C$195.00 to C$180.00 in a research note on Monday, April 21st. One analyst has rated the stock with a hold rating, five have issued a buy rating and five have issued a strong buy rating to the company. Based on data from MarketBeat.com, Royal Bank of Canada has an average rating of "Buy" and a consensus target price of C$180.33.

Royal Bank of Canada Company Profile

Royal Bank of Canada operates as a diversified financial service company worldwide. The company's Personal & Commercial Banking segment offers checking and savings accounts, home equity financing, personal lending, private banking, indirect lending, including auto financing, mutual funds and self-directed brokerage accounts, guaranteed investment certificates, credit cards, and payment products and solutions; and lending, leasing, deposit, investment, foreign exchange, cash management, auto dealer financing, trade products, and services to small and medium-sized commercial businesses.