Royal Bank of Canada (TSE:RY) to Issue Dividend Increase - $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. Investors of record on Thursday, July 24th will be paid 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 3.53%. This is a 4.1% increase from Royal Bank of Canada's previous quarterly dividend of $1.48.

Royal Bank of Canada Stock Performance

Shares of TSE RY traded up C$0.80 during mid-day trading on Monday, reaching C$174.74. The company had a trading volume of 1,355,653 shares, compared to its average volume of 4,858,506. The firm has a market cap of C$247.26 billion, a price-to-earnings ratio of 15.23, a PEG ratio of 3.42 and a beta of 0.84. The business's 50-day simple moving average is C$165.80 and its 200 day simple moving average is C$169.49. Royal Bank of Canada has a one year low of C$140.53 and a one year high of C$180.45.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on RY. CIBC upped their target price on Royal Bank of Canada from C$168.00 to C$174.00 in a report on Thursday, May 22nd. Scotiabank raised Royal Bank of Canada to a "strong-buy" rating in a research note on Thursday, May 15th. Cormark cut their target price on shares of Royal Bank of Canada from C$194.00 to C$189.00 in a research report on Friday, February 28th. Jefferies Financial Group reduced their target price on shares of Royal Bank of Canada from C$195.00 to C$180.00 in a report on Monday, April 21st. Finally, National Bankshares set a C$179.00 price target on shares of Royal Bank of Canada and gave the company an "outperform" rating in a research report on Thursday, May 22nd. Two analysts have rated the stock with a hold rating, five have given a buy rating and five have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of C$180.33.

Insider Buying and Selling

In other news, Senior Officer Jennifer Kristine Publicover sold 401 shares of the company's stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of C$174.06, for a total transaction of C$69,798.94. Following the completion of the transaction, the insider now directly owns 152 shares of the company's stock, valued at approximately C$26,457.45. This represents a 72.51% decrease in their ownership of the stock. Also, Senior Officer Graeme Ashley Hepworth sold 308 shares of the business's stock in a transaction dated Friday, March 21st. The shares were sold at an average price of C$161.89, for a total value of C$49,862.12. Insiders sold 62,330 shares of company stock worth $10,312,755 in the last quarter.

About Royal Bank of Canada

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.