Royal Bank of Canada (TSE:RY – Free Report) (NYSE:RY) had its price objective lifted by Desjardins from C$156.00 to C$163.00 in a research report report published on Tuesday morning, BayStreet.CA reports. The firm currently has a buy rating on the financial services provider’s stock.
A number of other brokerages have also recently weighed in on RY. National Bankshares lifted their price objective on shares of Royal Bank of Canada from C$154.00 to C$161.00 and gave the company an outperform rating in a report on Friday, May 31st. Jefferies Financial Group increased their target price on shares of Royal Bank of Canada from C$159.00 to C$168.00 and gave the company a buy rating in a research report on Thursday, June 6th. BMO Capital Markets lowered shares of Royal Bank of Canada from a strong-buy rating to a hold rating in a research report on Friday, May 31st. CIBC lifted their price objective on shares of Royal Bank of Canada from C$135.00 to C$150.00 and gave the company a neutral rating in a research note on Friday, May 31st. Finally, TD Securities upped their price objective on Royal Bank of Canada from C$156.00 to C$160.00 and gave the company a buy rating in a research note on Friday, May 31st. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Royal Bank of Canada currently has a consensus rating of Moderate Buy and an average price target of C$146.76.
Royal Bank of Canada Trading Up 1.0 %
Royal Bank of Canada (TSE:RY – Get Free Report) (NYSE:RY) last posted its quarterly earnings results on Thursday, May 30th. The financial services provider reported C$2.92 earnings per share for the quarter, beating the consensus estimate of C$2.77 by C$0.15. Royal Bank of Canada had a net margin of 28.61% and a return on equity of 13.66%. The business had revenue of C$14.15 billion during the quarter, compared to analysts’ expectations of C$13.58 billion. On average, sell-side analysts forecast that Royal Bank of Canada will post 11.1525292 EPS for the current fiscal year.
Royal Bank of Canada Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 23rd. Investors of record on Thursday, July 25th will be issued a dividend of $1.42 per share. The ex-dividend date of this dividend is Thursday, July 25th. This is a boost from Royal Bank of Canada’s previous quarterly dividend of $1.38. This represents a $5.68 annualized dividend and a yield of 3.81%. Royal Bank of Canada’s payout ratio is currently 51.54%.
Insider Buying and Selling at Royal Bank of Canada
In related news, Senior Officer Bruce Washington Ross sold 20,000 shares of the stock in a transaction dated Friday, June 21st. The shares were sold at an average price of C$140.99, for a total value of C$2,819,840.00. Following the sale, the insider now directly owns 235 shares of the company’s stock, valued at approximately C$33,133.12. In other news, Senior Officer Douglas Antony Guzman sold 54,354 shares of the company’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of C$145.15, for a total value of C$7,889,646.16. Following the sale, the insider now directly owns 25 shares in the company, valued at C$3,628.83. Also, Senior Officer Bruce Washington Ross sold 20,000 shares of the stock in a transaction on Friday, June 21st. The shares were sold at an average price of C$140.99, for a total value of C$2,819,840.00. Following the sale, the insider now directly owns 235 shares in the company, valued at approximately C$33,133.12. Over the last 90 days, insiders have sold 101,302 shares of company stock valued at $14,592,565.
Royal Bank of Canada Company Profile
Royal Bank of Canada operates as a diversified financial service company worldwide. The company's Personal & Commercial Banking segment offers checking and savings accounts, home equity financing, personal lending, private banking, indirect lending, including auto financing, mutual funds and self-directed brokerage accounts, guaranteed investment certificates, credit cards, and payment products and solutions; and lending, leasing, deposit, investment, foreign exchange, cash management, auto dealer financing, trade products, and services to small and medium-sized commercial businesses.
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