Royal Bank of Canada (TSE:RY) Receives Consensus Recommendation of "Moderate Buy" from Analysts

Key Points

• Analysts maintain a “Moderate Buy” consensus on Royal Bank of Canada, with eight buy ratings, one strong-buy rating and three hold ratings. The average 12-month price target is C$278.23.
• Several firms recently raised their price targets, including Desjardins to C$320, Canaccord Genuity to C$310 and TD to C$307, while maintaining positive or neutral recommendations.
• Royal Bank increased its quarterly dividend to $1.76 per share, representing a 2.3% annualized yield. Meanwhile, insiders sold roughly 353,206 shares worth about $100.2 million over the past 90 days.

Shares of Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY have received an average recommendation of "Moderate Buy" from the twelve research firms that are covering the firm, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is C$278.23.

Several research firms have recently weighed in on RY. TD lifted their target price on shares of Royal Bank of Canada from C$272.00 to C$307.00 and gave the stock a "buy" rating in a research report on Wednesday, August 12th. Desjardins upped their price target on shares of Royal Bank of Canada from C$275.00 to C$320.00 and gave the company a "buy" rating in a research report on Wednesday, August 5th. Canaccord Genuity Group raised their price objective on shares of Royal Bank of Canada from C$282.00 to C$310.00 and gave the stock a "buy" rating in a research note on Tuesday, July 7th. Barclays lifted their price objective on shares of Royal Bank of Canada from C$245.00 to C$260.00 and gave the stock an "overweight" rating in a research report on Friday, May 29th. Finally, Canadian Imperial Bank of Commerce boosted their target price on shares of Royal Bank of Canada from C$258.00 to C$279.00 and gave the company a "neutral" rating in a research note on Friday, May 29th.

Insider Activity at Royal Bank of Canada

In other Royal Bank of Canada news, insider Bruce Washington Ross sold 45,670 shares of the firm's stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of C$293.11, for a total transaction of C$13,386,333.70. Following the completion of the sale, the insider directly owned 235 shares in the company, valued at approximately C$68,880.85. This trade represents a 99.49% decrease in their position. Also, Director David Ian Mckay sold 133,130 shares of the firm's stock in a transaction that occurred on Tuesday, June 23rd. The stock was sold at an average price of C$287.21, for a total transaction of C$38,236,267.30. Following the sale, the director owned 5,873 shares of the company's stock, valued at approximately C$1,686,784.33. This represents a 95.77% decrease in their ownership of the stock. Over the last ninety days, insiders have sold 353,206 shares of company stock valued at $100,237,874.

Royal Bank of Canada Trading Down 0.2%

Shares of RY opened at C$300.09 on Tuesday. The business's 50-day moving average price is C$292.43 and its 200 day moving average price is C$257.38. The stock has a market capitalization of C$417.02 billion, a P/E ratio of 19.51, a P/E/G ratio of 3.42 and a beta of 1.05. Royal Bank of Canada has a 1-year low of C$187.79 and a 1-year high of C$306.38.

Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY last posted its quarterly earnings data on Thursday, May 28th. The financial services provider reported C$3.90 earnings per share (EPS) for the quarter. Royal Bank of Canada had a return on equity of 15.95% and a net margin of 18.40%.The firm had revenue of C$17.45 billion for the quarter. On average, research analysts predict that Royal Bank of Canada will post 12.3454675 earnings per share for the current year.

Royal Bank of Canada Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 24th. Stockholders of record on Monday, August 24th will be issued a dividend of $1.76 per share. This is a positive change from Royal Bank of Canada's previous quarterly dividend of $1.64. This represents a $7.04 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date is Monday, July 27th. Royal Bank of Canada's dividend payout ratio is presently 41.35%.

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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