Royal Bank of Canada (TSE:RY) Share Price Passes Above Two Hundred Day Moving Average - Time to Sell?

Key Points

• The share price of Royal Bank of Canada (TSE:RY) recently crossed above its 200-day moving average, indicating potential upward momentum, with the stock trading at C$188.88.
• Despite the positive price movement, several analysts have adjusted their ratings, with National Bank Financial downgrading the stock to a "sector perform" rating, while others like Canaccord Genuity maintain a "buy" rating with a target price of C$194.00.
• Royal Bank of Canada announced an increase in its quarterly dividend to $1.54 per share, marking a rise from the previous dividend of $1.48 and reflecting a robust annualized yield of 3.3%.

Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY's stock price passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of C$171.93 and traded as high as C$190.68. Royal Bank of Canada shares last traded at C$188.88, with a volume of 1,943,032 shares changing hands.

Analysts Set New Price Targets

RY has been the subject of several analyst reports. Jefferies Financial Group raised their target price on shares of Royal Bank of Canada from C$198.00 to C$207.00 in a research note on Wednesday, August 13th. Barclays raised their price target on Royal Bank of Canada from C$190.00 to C$203.00 in a report on Thursday. National Bankshares lifted their price objective on shares of Royal Bank of Canada from C$180.00 to C$203.00 and gave the stock a "sector perform" rating in a research note on Thursday. BMO Capital Markets lifted their price objective on shares of Royal Bank of Canada from C$190.00 to C$203.00 and gave the stock an "outperform" rating in a research note on Thursday. Finally, Canaccord Genuity Group lifted their price objective on shares of Royal Bank of Canada from C$201.00 to C$219.00 and gave the stock a "buy" rating in a research note on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of C$206.00.

Royal Bank of Canada Stock Up 0.3%

The firm has a market cap of C$284.09 billion, a price-to-earnings ratio of 17.49, a P/E/G ratio of 3.42 and a beta of 0.84. The stock has a 50 day moving average of C$182.53 and a 200 day moving average of C$172.47.

Royal Bank of Canada Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 22nd. Stockholders of record on Friday, August 22nd were issued a dividend of $1.54 per share. This represents a $6.16 annualized dividend and a dividend yield of 3.1%. This is an increase from Royal Bank of Canada's previous quarterly dividend of $1.48. The ex-dividend date was Thursday, July 24th. Royal Bank of Canada's dividend payout ratio (DPR) is presently 49.49%.

Insider Transactions at Royal Bank of Canada

In related news, Senior Officer Graeme Ashley Hepworth sold 308 shares of the company's stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of C$182.30, for a total value of C$56,148.92. Also, Director David Ian Mckay sold 20,304 shares of the company's stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of C$182.30, for a total value of C$3,701,453.72. Over the last three months, insiders have sold 42,026 shares of company stock worth $7,517,844.

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.