Brokerages Set Royal Bank of Canada (TSE:RY) PT at C$183.75

Shares of Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY have earned a consensus recommendation of "Buy" from the eleven ratings firms that are presently covering the stock, MarketBeat Ratings reports. Two analysts have rated the stock with a hold recommendation, six have issued a buy recommendation and three have given a strong buy recommendation to the company. The average 1-year price target among analysts that have covered the stock in the last year is C$183.75.

RY has been the subject of several research analyst reports. Cormark cut their price objective on Royal Bank of Canada from C$194.00 to C$189.00 in a research report on Friday, February 28th. Jefferies Financial Group cut their price target on Royal Bank of Canada from C$195.00 to C$180.00 in a report on Monday, April 21st. Barclays lifted their price target on Royal Bank of Canada from C$180.00 to C$182.00 and gave the company an "overweight" rating in a report on Monday, June 9th. Cibc World Mkts raised shares of Royal Bank of Canada from a "hold" rating to a "strong-buy" rating in a research note on Thursday, April 3rd. Finally, TD Securities dropped their target price on shares of Royal Bank of Canada from C$180.00 to C$178.00 and set a "hold" rating for the company in a research note on Friday, February 28th.

Insider Buying and Selling

In other news, Director David Ian Mckay sold 20,304 shares of the company's stock in a transaction dated Tuesday, April 22nd. The stock was sold at an average price of C$160.27, for a total value of C$3,254,042.89. Also, Senior Officer Jennifer Kristine Publicover sold 401 shares of the company's stock in a transaction that occurred on Tuesday, April 22nd. The shares were sold at an average price of C$160.27, for a total transaction of C$64,266.71. Following the completion of the sale, the insider now directly owns 152 shares of the company's stock, valued at C$24,360.45. The trade was a 72.51% decrease in their position. Insiders sold a total of 41,718 shares of company stock valued at $6,975,879 over the last ninety days.

Royal Bank of Canada Price Performance

Shares of TSE:RY traded down C$0.19 during trading on Thursday, reaching C$174.84. The stock had a trading volume of 5,413,245 shares, compared to its average volume of 4,581,128. Royal Bank of Canada has a 52 week low of C$140.53 and a 52 week high of C$180.45. The business's 50-day moving average price is C$170.30 and its 200 day moving average price is C$169.56. The stock has a market capitalization of C$247.40 billion, a PE ratio of 15.23, 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. Investors of record on Thursday, July 24th will be paid a dividend of $1.54 per share. This represents a $6.16 dividend on an annualized basis and a dividend yield of 3.52%. This is an increase from Royal Bank of Canada's previous quarterly dividend of $1.48. Royal Bank of Canada's payout ratio is 49.49%.

About Royal Bank of Canada

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.