Royal Bank of Canada (TSE:RY) Stock Crosses Above 200 Day Moving Average - Here's What Happened

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.

Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY's share price 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 traded.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. 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 report on Tuesday, June 24th. Jefferies Financial Group cut their price objective on Royal Bank of Canada from C$195.00 to C$180.00 in a research report on Monday, April 21st. UBS Group lowered their target price on Royal Bank of Canada from C$198.00 to C$196.00 in a research note on Thursday, May 22nd. Finally, National Bankshares set a C$179.00 price objective on shares of Royal Bank of Canada and gave the stock an "outperform" rating in a research report on Thursday, May 22nd. Two investment analysts have rated the stock with a hold rating, five have issued a buy rating and three have issued a strong buy rating to the company's stock. According to data from MarketBeat, Royal Bank of Canada presently has an average rating of "Buy" and an average target price of C$186.33.

Royal Bank of Canada Price Performance

The firm has a market capitalization of C$257.22 billion, a PE ratio of 15.84, a P/E/G ratio of 3.42 and a beta of 0.84. The business's 50 day moving average is C$177.87 and its two-hundred day moving average is C$170.80.

Royal Bank of Canada Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 22nd. Investors of record on Friday, August 22nd will be given a $1.54 dividend. This represents a $6.16 annualized dividend and a yield of 3.4%. This is a boost from Royal Bank of Canada's previous quarterly dividend of $1.48. The ex-dividend date is Thursday, July 24th. Royal Bank of Canada's dividend payout ratio (DPR) is presently 49.49%.

Insider Activity at Royal Bank of Canada

In related news, Director David Ian Mckay sold 20,304 shares of the business'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$3,701,453.72. Also, Senior Officer Jennifer Kristine Publicover sold 401 shares of the company's stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of C$174.06, for a total value of C$69,798.94. Following the completion of the sale, the insider directly owned 152 shares of the company's stock, valued at approximately C$26,457.45. This represents a 72.51% decrease in their position. Insiders have sold a total of 63,039 shares of company stock valued at $11,175,413 over the last 90 days.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.