Royal Bank of Canada (TSE:RY) Stock Price Passes Above 200 Day Moving Average - What's Next?

Key Points

• The Royal Bank of Canada's stock price crossed above its 200-day moving average, reaching C$181.82, indicating positive momentum in trading.
• The bank recently announced an increase in its quarterly dividend to $1.54 per share, up from $1.48, reflecting a yield of 3.4%.
• A majority of analysts have rated Royal Bank of Canada as a "Buy", with the average target price set at C$186.33.

Shares of Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$170.73 and traded as high as C$181.82. Royal Bank of Canada shares last traded at C$181.78, with a volume of 5,036,311 shares.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on RY shares. National Bank Financial cut Royal Bank of Canada from an "outperform" rating to a "sector perform" rating in a report on Thursday, May 29th. Scotiabank raised Royal Bank of Canada to a "strong-buy" rating in a research report on Thursday, May 15th. Canaccord Genuity Group set a C$194.00 target price on Royal Bank of Canada and gave the company a "buy" rating in a research report on Tuesday, June 24th. UBS Group dropped their target price on Royal Bank of Canada from C$198.00 to C$196.00 in a research report on Thursday, May 22nd. Finally, Jefferies Financial Group lowered their price target on Royal Bank of Canada from C$195.00 to C$180.00 in a research report on Monday, April 21st. Two research analysts have rated the stock with a hold rating, five have issued a buy rating and three have given a strong buy rating to the company's stock. According to data from MarketBeat.com, Royal Bank of Canada presently has a consensus rating of "Buy" and a consensus target price of C$186.33.

Royal Bank of Canada Stock Performance

The stock has a market capitalization of C$260.66 billion, a price-to-earnings ratio of 16.05, a PEG ratio of 3.42 and a beta of 0.84. The company has a fifty day simple moving average of C$178.24 and a two-hundred day simple moving average of C$170.85.

Royal Bank of Canada Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Investors of record on Friday, August 22nd will be given a dividend of $1.54 per share. The ex-dividend date is Thursday, July 24th. This represents a $6.16 annualized dividend and a dividend yield of 3.3%. This is an increase from Royal Bank of Canada's previous quarterly dividend of $1.48. Royal Bank of Canada's dividend payout ratio is currently 49.49%.

Insider Buying and Selling

In other Royal Bank of Canada news, Director David Ian Mckay sold 20,304 shares of the company's stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of C$182.30, for a total value of C$3,701,453.72. Also, Senior Officer Jennifer Kristine Publicover sold 401 shares of the company's stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of C$182.30, for a total value of C$73,102.98. Following the completion of the transaction, the insider directly owned 152 shares of the company's stock, valued at approximately C$27,709.86. The trade was a 72.51% decrease in their position. Insiders sold a total of 63,039 shares of company stock worth $11,175,413 in the last ninety days.

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.