Royal Bank of Canada (TSE:RY) Director Sells C$12,320,115.24 in Stock

Royal Bank of Canada (TSE:RY) (NYSE:RY) Director David Ian Mckay sold 74,852 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of C$164.59, for a total transaction of C$12,320,115.24.

Royal Bank of Canada Stock Performance

RY opened at C$164.10 on Friday. The company has a fifty day moving average of C$152.93 and a two-hundred day moving average of C$143.53. The stock has a market capitalization of C$233.02 billion, a price-to-earnings ratio of 14.53, a PEG ratio of 10.64 and a beta of 0.85. Royal Bank of Canada has a fifty-two week low of C$107.92 and a fifty-two week high of C$166.00.

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 (EPS) for the quarter, topping the consensus estimate of C$2.95 by C$0.31. The company had revenue of C$14.63 billion during the quarter, compared to analysts’ expectations of C$14.27 billion. Royal Bank of Canada had a return on equity of 13.38% and a net margin of 28.37%. On average, equities research analysts forecast that Royal Bank of Canada will post 12.8601286 earnings per share for the current year.

Royal Bank of Canada Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Thursday, October 24th will be paid a dividend of $1.42 per share. The ex-dividend date is Thursday, October 24th. This represents a $5.68 annualized dividend and a yield of 3.46%. Royal Bank of Canada’s dividend payout ratio (DPR) is 50.31%.

Analyst Ratings Changes

Several brokerages have weighed in on RY. National Bankshares raised their target price on shares of Royal Bank of Canada from C$160.00 to C$169.00 in a research note on Thursday, August 29th. Scotiabank lowered their price objective on shares of Royal Bank of Canada from C$157.00 to C$154.00 in a research note on Monday, August 19th. Canaccord Genuity Group lifted their price objective on shares of Royal Bank of Canada from C$159.50 to C$172.00 in a research note on Thursday, August 29th. CIBC lifted their price objective on shares of Royal Bank of Canada from C$155.00 to C$166.00 in a research note on Thursday, August 29th. Finally, Bank of America lifted their price objective on shares of Royal Bank of Canada from C$162.00 to C$180.00 in a research note on Thursday, August 29th. Two investment analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Buy” and a consensus target price of C$161.50.

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.