Royal Bank of Canada (TSE:RY) Stock Crosses Above Two Hundred Day Moving Average - What's Next?

Key Points

• The Royal Bank of Canada (TSE:RY) shares have crossed above their 200-day moving average, signaling potential upward momentum in stock performance.
• The bank announced an increase in its quarterly dividend to $1.54, reflecting a 3.3% yield, with the ex-dividend date set for July 24th.
• Analyst ratings are mixed, with a consensus target price of C$189.62 and several ratings ranging from "hold" to "strong buy."

Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY shares passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of C$171.29 and traded as high as C$189.43. Royal Bank of Canada shares last traded at C$188.50, with a volume of 2,170,618 shares traded.

Analyst Ratings Changes

Several equities research analysts have weighed in on RY shares. UBS Group cut their target price on shares of Royal Bank of Canada from C$198.00 to C$196.00 in a report on Thursday, May 22nd. Desjardins increased their target price on shares of Royal Bank of Canada from C$185.00 to C$193.00 and gave the stock a "buy" rating in a report on Wednesday. Canaccord Genuity Group set a C$194.00 price objective on shares of Royal Bank of Canada and gave the stock a "buy" rating in a research report on Tuesday, June 24th. Barclays increased their price objective on shares of Royal Bank of Canada from C$182.00 to C$190.00 and gave the stock an "overweight" rating in a research report on Thursday. Finally, Scotiabank raised shares of Royal Bank of Canada to a "strong-buy" rating in a research report on Thursday, May 15th. Three analysts have rated the stock with a hold rating, four have issued a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of C$189.62.

Royal Bank of Canada Price Performance

The firm has a market cap of C$266.73 billion, a P/E ratio of 16.42, a P/E/G ratio of 3.42 and a beta of 0.84. The business's 50-day moving average is C$179.46 and its two-hundred day moving average is C$171.29.

Royal Bank of Canada Increases Dividend

The firm 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 dividend on an annualized basis and a yield of 3.3%. This is an increase from Royal Bank of Canada's previous quarterly dividend of $1.48. The ex-dividend date of this dividend is Thursday, July 24th. Royal Bank of Canada's payout ratio is 49.49%.

Insider Activity at Royal Bank of Canada

In other Royal Bank of Canada news, Director David Ian Mckay sold 20,304 shares of the stock in a transaction 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. Also, Senior Officer Graeme Ashley Hepworth sold 308 shares of the stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of C$182.30, for a total transaction of C$56,148.92. Over the last 90 days, insiders sold 63,039 shares of company stock valued at $11,175,413.

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.

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