Royal Bank of Canada (TSE:RY) Price Target Raised to C$311.00

Royal Bank of Canada (TSE:RY) (NYSE:RY) had its target price boosted by Canadian Imperial Bank of Commerce from C$279.00 to C$311.00 in a research note released on Wednesday morning,BayStreet.CA reports. The brokerage currently has a neutral rating on the financial services provider’s stock.

A number of other equities analysts have also recently commented on RY. Desjardins lifted their price target on Royal Bank of Canada from C$275.00 to C$320.00 and gave the stock a “buy” rating in a report on Wednesday, August 5th. Raymond James Financial upped their price objective on Royal Bank of Canada from C$270.50 to C$306.00 and gave the company a “market perform” rating in a research note on Wednesday, August 12th. Scotiabank raised their price objective on Royal Bank of Canada from C$275.00 to C$280.00 and gave the company a “sector outperform” rating in a research report on Tuesday, June 16th. National Bank Financial lifted their target price on Royal Bank of Canada from C$271.00 to C$318.00 and gave the stock an “outperform” rating in a research note on Thursday, August 13th. Finally, TD boosted their target price on Royal Bank of Canada from C$272.00 to C$307.00 and gave the stock a “buy” rating in a report on Wednesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of C$286.07.

Royal Bank of Canada Price Performance

Shares of TSE:RY opened at C$282.37 on Wednesday. The company’s 50-day moving average price is C$293.23 and its two-hundred day moving average price is C$258.86. Royal Bank of Canada has a one year low of C$188.54 and a one year high of C$306.38. The stock has a market capitalization of C$392.40 billion, a PE ratio of 18.36, a price-to-earnings-growth ratio of 3.42 and a beta of 1.05.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last announced its quarterly earnings results on Thursday, May 28th. The financial services provider reported C$3.90 EPS for the quarter. The firm had revenue of C$17.45 billion during the quarter. Royal Bank of Canada had a net margin of 18.40% and a return on equity of 15.95%. On average, analysts anticipate that Royal Bank of Canada will post 12.3454675 earnings per share for the current fiscal year.

Royal Bank of Canada Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 24th. Stockholders of record on Monday, August 24th will be issued a dividend of $1.76 per share. This is a boost from Royal Bank of Canada’s previous quarterly dividend of $1.64. This represents a $7.04 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date is Monday, July 27th. Royal Bank of Canada’s dividend payout ratio is presently 41.35%.

Insider Activity

In other Royal Bank of Canada news, insider Neil Mclaughlin sold 4,000 shares of the stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of C$287.72, for a total transaction of C$1,150,880.00. Also, Director David Ian Mckay sold 133,130 shares of Royal Bank of Canada stock in a transaction on Tuesday, June 23rd. The stock was sold at an average price of C$287.21, for a total value of C$38,236,267.30. Following the sale, the director directly owned 5,873 shares of the company’s stock, valued at C$1,686,784.33. This represents a 95.77% decrease in their position. Over the last quarter, insiders have sold 324,096 shares of company stock valued at $92,616,003.

About Royal Bank of Canada

Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 101,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada’s biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 19 million clients in Canada, the U.S.