Royal Bank of Canada (TSE:RY) Receives Average Rating of “Buy” from Analysts

Shares of Royal Bank of Canada (TSE:RY) (NYSE:RY) have been given a consensus recommendation of “Buy” by the twelve brokerages that are presently covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating on the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is C$163.38.

A number of equities analysts have commented on the stock. Jefferies Financial Group reduced their price target on shares of 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. TD Securities increased their price target on Royal Bank of Canada from C$171.00 to C$178.00 in a research report on Thursday, August 29th. Barclays raised their price target on Royal Bank of Canada from C$145.00 to C$150.00 in a report on Tuesday, August 20th. Canaccord Genuity Group boosted their price objective on Royal Bank of Canada from C$159.50 to C$172.00 in a research note on Thursday, August 29th. Finally, Desjardins raised their target price on Royal Bank of Canada from C$156.00 to C$163.00 and gave the company a “buy” rating in a research note on Tuesday, August 6th.

Royal Bank of Canada Trading Up 1.1 %

RY opened at C$173.37 on Friday. The stock’s 50 day simple moving average is C$161.52 and its 200-day simple moving average is C$149.85. The stock has a market cap of C$244.45 billion, a PE ratio of 15.36, a P/E/G ratio of 3.42 and a beta of 0.84. Royal Bank of Canada has a 1 year low of C$107.92 and a 1 year high of C$173.60.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last posted its earnings results on Wednesday, August 28th. The financial services provider reported C$3.26 earnings per share for the quarter, beating analysts’ consensus estimates of C$2.95 by C$0.31. The business had revenue of C$14.63 billion for the quarter, compared to analysts’ expectations of C$14.27 billion. Royal Bank of Canada had a net margin of 28.67% and a return on equity of 13.68%. Equities analysts forecast that Royal Bank of Canada will post 12.3454675 earnings per share for the current fiscal year.

Royal Bank of Canada Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Friday, November 22nd will be paid a dividend of $1.42 per share. The ex-dividend date is Thursday, October 24th. This represents a $5.68 dividend on an annualized basis and a yield of 3.28%. Royal Bank of Canada’s payout ratio is 50.31%.

Insider Activity

In other Royal Bank of Canada news, Senior Officer Douglas Antony Guzman sold 7,500 shares of the stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of C$166.96, for a total transaction of C$1,252,207.50. Following the completion of the transaction, the insider now owns 25 shares in the company, valued at approximately C$4,174.03. This represents a 0.00 % decrease in their position. In other Royal Bank of Canada news, Senior Officer Douglas Antony Guzman sold 7,500 shares of the company’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of C$166.96, for a total transaction of C$1,252,207.50. Following the completion of the transaction, the insider now owns 25 shares of the company’s stock, valued at C$4,174.03. This represents a 0.00 % decrease in their position. Also, Director David Ian Mckay sold 74,852 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of C$164.59, for a total transaction of C$12,320,115.24. Insiders sold 144,770 shares of company stock worth $23,959,265 over the last quarter.

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.