Royal Bank of Canada (TSE:RY) Raises Dividend to $1.48 Per Share

Royal Bank of Canada (TSE:RY) (NYSE:RY) declared a quarterly dividend on Wednesday, December 4th,RTT News reports. Shareholders of record on Monday, January 27th will be paid a dividend of 1.48 per share by the financial services provider on Monday, February 24th. This represents a $5.92 dividend on an annualized basis and a yield of 3.36%. This is a boost from Royal Bank of Canada’s previous quarterly dividend of $1.42.

Royal Bank of Canada Price Performance

Shares of Royal Bank of Canada stock opened at C$176.26 on Thursday. The business’s 50 day simple moving average is C$171.38 and its two-hundred day simple moving average is C$158.69. The stock has a market capitalization of C$248.53 billion, a P/E ratio of 15.61, a price-to-earnings-growth ratio of 3.42 and a beta of 0.84. Royal Bank of Canada has a one year low of C$123.22 and a one year high of C$179.86.

Wall Street Analysts Forecast Growth

RY has been the topic of a number of recent analyst reports. Jefferies Financial Group cut their price objective on Royal Bank of Canada from C$168.00 to C$165.00 and set a “buy” rating on the stock in a research report on Monday, August 12th. Bank of America lifted their price target on Royal Bank of Canada from C$162.00 to C$180.00 in a research report on Thursday, August 29th. Canaccord Genuity Group lifted their price target on Royal Bank of Canada from C$172.00 to C$188.00 in a research report on Tuesday, November 19th. CIBC boosted their price target on Royal Bank of Canada from C$167.00 to C$176.00 in a research note on Tuesday, November 26th. Finally, Cormark boosted their price target on Royal Bank of Canada from C$166.00 to C$171.00 in a research note on Thursday, August 29th. Two research analysts have rated the stock with a hold rating, seven have given a buy rating and three have given a strong buy rating to the company. According to MarketBeat.com, Royal Bank of Canada presently has a consensus rating of “Buy” and an average target price of C$175.92.

Insider Buying and Selling at Royal Bank of Canada

In other news, Senior Officer Douglas Antony Guzman sold 10,270 shares of the company’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of C$166.20, for a total value of C$1,706,874.00. Following the completion of the transaction, the insider now owns 25 shares of the company’s stock, valued at C$4,155. This represents a 99.76 % decrease in their ownership of the stock. Over the last quarter, insiders sold 59,918 shares of company stock valued at $9,993,149.

About Royal Bank of Canada

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.