Royal Bank of Canada (TSE:RY - Free Report) NYSE: RY had its price target raised by CIBC from C$182.00 to C$183.00 in a report published on Thursday,BayStreet.CA reports. CIBC currently has an outperform rating on the financial services provider's stock.
RY has been the topic of a number of other research reports. National Bankshares set a C$179.00 price target on shares of Royal Bank of Canada and gave the company an "outperform" rating in a report on Thursday, May 22nd. Cibc World Mkts upgraded shares of Royal Bank of Canada from a "hold" rating to a "strong-buy" rating in a report on Thursday, April 3rd. TD Securities reduced their target price on shares of Royal Bank of Canada from C$180.00 to C$178.00 and set a "hold" rating on the stock in a report on Friday, February 28th. UBS Group reduced 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. Finally, Cormark reduced their target price on shares of Royal Bank of Canada from C$194.00 to C$189.00 in a report on Friday, February 28th. Two research analysts have rated the stock with a hold rating, five have issued a buy rating and four have assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of C$181.08.
Read Our Latest Research Report on Royal Bank of Canada
Royal Bank of Canada Trading Up 0.6%
Shares of RY traded up C$1.09 during mid-day trading on Thursday, reaching C$174.57. The company had a trading volume of 2,508,466 shares, compared to its average volume of 4,782,021. The stock has a market cap of C$247.02 billion, a price-to-earnings ratio of 15.21, a price-to-earnings-growth ratio of 3.42 and a beta of 0.84. The firm has a fifty day simple moving average of C$166.94 and a 200-day simple moving average of C$169.60. Royal Bank of Canada has a fifty-two week low of C$140.53 and a fifty-two week high of C$180.45.
Royal Bank of Canada Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Investors of record on Thursday, July 24th will be issued a $1.54 dividend. This is a positive change from Royal Bank of Canada's previous quarterly dividend of $1.48. This represents a $6.16 annualized dividend and a yield of 3.53%. Royal Bank of Canada's payout ratio is currently 49.49%.
Insider Activity at Royal Bank of Canada
In related news, Senior Officer Graeme Ashley Hepworth sold 308 shares of the business's stock in a transaction dated Friday, March 21st. The shares were sold at an average price of C$161.89, for a total transaction of C$49,862.12. Also, Director David Ian Mckay sold 20,304 shares of the business's stock in a transaction dated Tuesday, April 22nd. The shares were sold at an average price of C$160.27, for a total transaction of C$3,254,042.89. Insiders sold a total of 62,330 shares of company stock valued at $10,312,755 over the last three months.
About Royal Bank of Canada
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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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