Royal Bank of Canada (TSE:RY) Given Average Recommendation of “Buy” by Brokerages

Shares of Royal Bank of Canada (TSE:RY) (NYSE:RY) have received an average recommendation of “Buy” from the eleven brokerages that are presently covering the stock, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold recommendation, six have assigned a buy recommendation and three have given a strong buy recommendation to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is C$181.00.

RY has been the topic of a number of research analyst reports. BMO Capital Markets cut their target price on Royal Bank of Canada from C$195.00 to C$193.00 in a research report on Thursday, December 5th. TD Securities cut Royal Bank of Canada from a “buy” rating to a “hold” rating and boosted their price target for the company from C$178.00 to C$180.00 in a research report on Friday, November 15th. Scotiabank boosted their price target on Royal Bank of Canada from C$167.00 to C$197.00 in a research report on Monday, November 25th. Canaccord Genuity Group boosted their price target on Royal Bank of Canada from C$188.00 to C$191.00 in a research report on Thursday, December 5th. Finally, National Bankshares boosted their price target on Royal Bank of Canada from C$181.00 to C$188.00 in a research report on Thursday, December 5th.

Royal Bank of Canada Stock Performance

RY opened at C$171.54 on Friday. The business’s 50-day simple moving average is C$173.56 and its 200-day simple moving average is C$168.47. Royal Bank of Canada has a one year low of C$130.44 and a one year high of C$180.45. The stock has a market capitalization of C$242.73 billion, a P/E ratio of 14.95, a price-to-earnings-growth ratio of 3.42 and a beta of 0.84.

Royal Bank of Canada Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, February 24th. Stockholders of record on Monday, February 24th will be paid a dividend of $1.48 per share. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $1.42. The ex-dividend date is Monday, January 27th. This represents a $5.92 annualized dividend and a dividend yield of 3.45%. Royal Bank of Canada’s payout ratio is 49.49%.

Insider Buying and Selling

In other Royal Bank of Canada news, Senior Officer Douglas Antony Guzman sold 1,538 shares of the business’s stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of C$177.09, for a total value of C$272,363.80. Following the completion of the transaction, the insider now directly owns 25 shares in the company, valued at approximately C$4,427.24. The trade was a 98.40 % decrease in their position. Also, Director David Ian Mckay sold 20,304 shares of the business’s stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of C$175.12, for a total value of C$3,555,721.76. Insiders sold 22,150 shares of company stock worth $3,882,024 in the last ninety days.

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.