Brokerages Set Royal Bank of Canada (TSE:RY) Target Price at C$184.54

Shares of Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY have been given a consensus recommendation of "Buy" by the eleven brokerages that are covering the firm, Marketbeat reports. Two analysts have rated the stock with a hold recommendation, six have assigned a buy recommendation and three have issued a strong buy recommendation on the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is C$184.54.

RY has been the topic of a number of analyst reports. Cibc World Mkts raised Royal Bank of Canada from a "hold" rating to a "strong-buy" rating in a report on Thursday, April 3rd. Jefferies Financial Group lowered their target price on Royal Bank of Canada from C$195.00 to C$180.00 in a report on Monday, April 21st. UBS Group lowered their target price on Royal Bank of Canada from C$198.00 to C$196.00 in a report on Thursday, May 22nd. Scotiabank raised Royal Bank of Canada to a "strong-buy" rating in a report on Thursday, May 15th. Finally, CIBC raised their target price on Royal Bank of Canada from C$182.00 to C$183.00 and gave the company an "outperform" rating in a report on Thursday, June 5th.

Insiders Place Their Bets

In other news, Senior Officer Graeme Ashley Hepworth sold 308 shares of the company's stock in a transaction dated Friday, June 20th. The stock was sold at an average price of C$175.47, for a total transaction of C$54,044.58. Also, Director David Ian Mckay sold 20,304 shares of the company's stock in a transaction dated Friday, June 20th. The stock was sold at an average price of C$175.47, for a total value of C$3,562,730.70. Insiders sold 62,731 shares of company stock worth $10,663,017 over the last ninety days.

Royal Bank of Canada Stock Up 0.4%

Shares of RY traded up C$0.69 during midday trading on Monday, reaching C$181.32. 912,800 shares of the stock were exchanged, compared to its average volume of 4,452,611. Royal Bank of Canada has a 12-month low of C$145.58 and a 12-month high of C$183.11. The firm has a 50 day simple moving average of C$175.90 and a 200-day simple moving average of C$170.06. The company has a market cap of C$256.57 billion, a price-to-earnings ratio of 15.80, a P/E/G ratio of 3.42 and a beta of 0.84.

Royal Bank of Canada Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 22nd. Shareholders of record on Friday, August 22nd will be issued a $1.54 dividend. This is an increase from Royal Bank of Canada's previous quarterly dividend of $1.48. This represents a $6.16 annualized dividend and a dividend yield of 3.40%. The ex-dividend date is Thursday, July 24th. Royal Bank of Canada's dividend payout ratio is 49.49%.

Royal Bank of Canada Company Profile

Royal Bank of Canada is one of the two largest banks in Canada. It is a diversified financial services company, offering personal and commercial banking, wealth-management services, insurance, corporate banking, and capital markets services. The bank is concentrated in Canada, with additional operations in the U.S.