Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of C$170.51 and traded as high as C$179.48. Royal Bank of Canada shares last traded at C$178.61, with a volume of 8,520,034 shares trading hands.
Wall Street Analysts Forecast Growth
A number of research firms have weighed in on RY. Canaccord Genuity Group set a C$194.00 price target on Royal Bank of Canada and gave the company a "buy" rating in a research report on Tuesday, June 24th. Scotiabank upgraded Royal Bank of Canada to a "strong-buy" rating in a research report on Thursday, May 15th. National Bankshares set a C$179.00 price target on shares of Royal Bank of Canada and gave the stock an "outperform" rating in a research note on Thursday, May 22nd. CIBC boosted their price target on shares of Royal Bank of Canada from C$182.00 to C$183.00 and gave the stock an "outperform" rating in a research note on Thursday, June 5th. Finally, UBS Group lowered their price target on shares of Royal Bank of Canada from C$198.00 to C$196.00 in a research note on Thursday, May 22nd. Two analysts have rated the stock with a hold rating, six have given a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of C$184.54.
Check Out Our Latest Research Report on RY
Royal Bank of Canada Stock Down 0.2%
The firm's 50-day moving average is C$177.74 and its 200-day moving average is C$170.66. The company has a market cap of C$251.13 billion, a PE ratio of 15.46, a PEG ratio of 3.42 and a beta of 0.84.
Royal Bank of Canada Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Shareholders of record on Friday, August 22nd will be issued a $1.54 dividend. This represents a $6.16 dividend on an annualized basis and a yield of 3.5%. 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 is currently 49.49%.
Insiders Place Their Bets
In other news, Senior Officer Jennifer Kristine Publicover sold 401 shares of the company's stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of C$182.30, for a total value of C$73,102.98. Following the transaction, the insider owned 152 shares in the company, valued at approximately C$27,709.86. This represents a 72.51% decrease in their ownership of the stock. Also, Director David Ian Mckay sold 20,304 shares of the company'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 transaction of C$3,701,453.72. Over the last quarter, insiders have sold 63,039 shares of company stock worth $11,175,413.
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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