Royal Bank of Canada (TSE:RY) Director David Ian Mckay Sells 23,089 Shares

Key Points

• Director David Ian Mckay sold 23,089 shares of Royal Bank of Canada on April 22 at an average price of C$242.82 for a total of C$5.606M, leaving him with 5,873 shares—a 79.72% reduction in his ownership.
• RBC declared a quarterly dividend of $1.64 (annualized $6.56) payable May 22 with an ex-dividend date of April 23, implying a yield of 2.7% and a payout ratio of 42.58%.
• Analyst consensus is a "Moderate Buy" with an average price target of C$244.58; the stock last traded around C$240.18, with a market cap of C$333.97 billion and a P/E of 16.5.

Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY Director David Ian Mckay sold 23,089 shares of Royal Bank of Canada stock in a transaction that occurred on Wednesday, April 22nd. The shares were sold at an average price of C$242.82, for a total value of C$5,606,470.98. Following the completion of the sale, the director owned 5,873 shares in the company, valued at approximately C$1,426,081.86. This trade represents a 79.72% decrease in their ownership of the stock.

Royal Bank of Canada Price Performance

RY traded up C$0.62 during trading on Friday, reaching C$240.18. 2,478,811 shares of the stock were exchanged, compared to its average volume of 3,718,561. The business's 50 day moving average price is C$229.99 and its two-hundred day moving average price is C$224.00. The company has a market capitalization of C$333.97 billion, a price-to-earnings ratio of 16.50, a P/E/G ratio of 3.42 and a beta of 1.07. Royal Bank of Canada has a 1 year low of C$161.82 and a 1 year high of C$246.72.

Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY last released its quarterly earnings results on Thursday, February 26th. The financial services provider reported C$4.08 earnings per share for the quarter. Royal Bank of Canada had a return on equity of 15.37% and a net margin of 20.88%.The company had revenue of C$17.96 billion during the quarter. On average, analysts anticipate that Royal Bank of Canada will post 12.3454675 EPS for the current year.

Royal Bank of Canada Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 22nd. Stockholders of record on Friday, May 22nd will be issued a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend is Thursday, April 23rd. Royal Bank of Canada's payout ratio is 42.58%.

Analyst Upgrades and Downgrades

Several research firms recently commented on RY. Desjardins boosted their price target on Royal Bank of Canada from C$247.00 to C$250.00 and gave the company a "buy" rating in a research report on Friday, February 27th. Canadian Imperial Bank of Commerce boosted their price target on Royal Bank of Canada from C$229.00 to C$242.00 and gave the company a "neutral" rating in a research report on Friday, February 13th. TD Securities lowered their price target on Royal Bank of Canada from C$260.00 to C$259.00 and set a "buy" rating for the company in a research report on Friday, February 27th. National Bank Financial boosted their price target on Royal Bank of Canada from C$241.00 to C$247.00 and gave the company an "outperform" rating in a research report on Friday, February 27th. Finally, Raymond James Financial boosted their price target on Royal Bank of Canada from C$255.00 to C$260.00 and gave the company a "buy" rating in a research report on Friday, February 27th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of C$244.58.

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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