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

Key Points

• Royal Bank of Canada shares moved above their 200-day moving average, with the stock trading as high as C$299.40 and last changing hands at C$297.95. This suggests positive near-term momentum after a sustained rise.
• Analyst sentiment remains favorable, with several firms raising price targets and the consensus rating at Moderate Buy. The average price target is C$262.96, though some recent targets are higher, including Canaccord Genuity’s C$310 objective.
• The bank also increased its quarterly dividend to C$1.76 per share from C$1.64, boosting the annualized payout to C$7.04 and the yield to 2.4%. Meanwhile, insiders sold shares in recent months, including a large sale by Director David Ian Mckay.

Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY shares passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$249.57 and traded as high as C$299.40. Royal Bank of Canada shares last traded at C$297.95, with a volume of 4,063,282 shares.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on RY shares. TD raised their price target on Royal Bank of Canada from C$267.00 to C$272.00 and gave the stock a "buy" rating in a research report on Friday, May 29th. Raymond James Financial raised their price objective on shares of Royal Bank of Canada from C$265.50 to C$270.50 and gave the stock a "market perform" rating in a report on Friday, May 29th. Desjardins upped their target price on shares of Royal Bank of Canada from C$262.00 to C$275.00 and gave the stock a "buy" rating in a research report on Friday, May 29th. National Bank Financial raised their price objective on Royal Bank of Canada from C$257.00 to C$271.00 and gave the company an "outperform" rating in a research report on Friday, May 15th. Finally, Canaccord Genuity Group lifted their target price on shares of Royal Bank of Canada from C$282.00 to C$310.00 and gave the stock a "buy" rating in a report on Tuesday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, Royal Bank of Canada currently has an average rating of "Moderate Buy" and a consensus price target of C$262.96.

Royal Bank of Canada Price Performance

The business has a 50-day moving average of C$280.18 and a 200-day moving average of C$249.57. The company has a market capitalization of C$414.05 billion, a P/E ratio of 19.37, a P/E/G ratio of 3.42 and a beta of 1.05.

Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY last announced its quarterly earnings data on Thursday, May 28th. The financial services provider reported C$3.90 earnings per share for the quarter. Royal Bank of Canada had a net margin of 18.40% and a return on equity of 15.95%. The company had revenue of C$17.45 billion during the quarter. Sell-side analysts predict that Royal Bank of Canada will post 12.3454675 EPS for the current fiscal year.

Royal Bank of Canada Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 24th. Stockholders of record on Monday, August 24th will be issued a dividend of $1.76 per share. The ex-dividend date is Monday, July 27th. This represents a $7.04 annualized dividend and a dividend yield of 2.4%. This is a boost from Royal Bank of Canada's previous quarterly dividend of $1.64. Royal Bank of Canada's dividend payout ratio (DPR) is currently 41.35%.

Insider Buying and Selling

In other Royal Bank of Canada news, insider Graeme Ashley Hepworth sold 1,463 shares of the stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of C$284.86, for a total transaction of C$416,750.18. Also, Director David Ian Mckay sold 133,130 shares of Royal Bank of Canada stock in a transaction that occurred on Tuesday, June 23rd. The shares were sold at an average price of C$287.21, for a total value of C$38,236,267.30. Following the transaction, the director owned 5,873 shares of the company's stock, valued at approximately C$1,686,784.33. This represents a 95.77% decrease in their ownership of the stock. Insiders sold 324,535 shares of company stock worth $91,717,140 over the last ninety days.

About Royal Bank of Canada

Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 101,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 19 million clients in Canada, the U.S.

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