Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY's stock price crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of C$169.81 and traded as high as C$181.75. Royal Bank of Canada shares last traded at C$181.29, with a volume of 2,439,896 shares.
Wall Street Analysts Forecast Growth
Several equities research analysts have weighed in on RY shares. Scotiabank raised shares of Royal Bank of Canada to a "strong-buy" rating in a research note on Thursday, May 15th. Canaccord Genuity Group set a C$194.00 target price on shares of Royal Bank of Canada and gave the stock a "buy" rating in a research report on Tuesday, June 24th. Barclays boosted their target price on shares of Royal Bank of Canada from C$180.00 to C$182.00 and gave the stock an "overweight" rating in a research report on Monday, June 9th. National Bankshares set a C$179.00 target price on shares of Royal Bank of Canada and gave the stock an "outperform" rating in a research report on Thursday, May 22nd. Finally, CIBC boosted their target price on shares of Royal Bank of Canada from C$182.00 to C$183.00 and gave the stock an "outperform" rating in a research report on Thursday, June 5th. Two research analysts have rated the stock with a hold rating, six have issued a buy rating and three have given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of C$184.54.
Read Our Latest Research Report on Royal Bank of Canada
Royal Bank of Canada Trading Down 1.1%
The stock's fifty day moving average is C$175.07 and its two-hundred day moving average is C$169.90. The firm has a market cap of C$255.22 billion, a P/E ratio of 15.72, a price-to-earnings-growth ratio of 3.42 and a beta of 0.84.
Royal Bank of Canada Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, August 22nd. Investors of record on Friday, August 22nd will be issued a dividend of $1.54 per share. This represents a $6.16 dividend on an annualized basis and a yield of 3.42%. The ex-dividend date of this dividend is Thursday, July 24th. This is a positive change from Royal Bank of Canada's previous quarterly dividend of $1.48. Royal Bank of Canada's dividend payout ratio is 49.49%.
Insider Transactions at Royal Bank of Canada
In other news, Director David Ian Mckay sold 20,304 shares of the stock in a transaction on Friday, June 20th. The shares were sold at an average price of C$175.47, for a total value of C$3,562,730.70. Also, Senior Officer Graeme Ashley Hepworth sold 308 shares of the stock in a transaction on Friday, June 20th. The stock was sold at an average price of C$175.47, for a total transaction of C$54,044.58. Insiders have sold 62,731 shares of company stock valued at $10,663,017 in the last quarter.
Royal Bank of Canada Company Profile
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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.
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