Royal Bank of Canada (TSE:RY) Receives Consensus Recommendation of “Buy” from Brokerages

Shares of Royal Bank of Canada (TSE:RY) (NYSE:RY) have been assigned an average recommendation of “Buy” from the eleven brokerages that are currently covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a hold recommendation, six have given a buy recommendation and three have given a strong buy recommendation to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is C$176.58.

A number of analysts have issued reports on RY shares. Scotiabank boosted their price target on shares of Royal Bank of Canada from C$167.00 to C$197.00 in a research note on Monday, November 25th. CIBC boosted their price target on shares of Royal Bank of Canada from C$167.00 to C$176.00 in a research note on Tuesday, November 26th. National Bankshares boosted their price target on shares of Royal Bank of Canada from C$181.00 to C$188.00 in a research note on Thursday, December 5th. BMO Capital Markets cut their price target on shares of Royal Bank of Canada from C$195.00 to C$193.00 in a research note on Thursday, December 5th. Finally, Barclays upgraded shares of Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a research note on Thursday, November 21st.

Royal Bank of Canada Trading Up 0.1 %

Shares of RY opened at C$169.34 on Friday. The firm has a market cap of C$239.62 billion, a P/E ratio of 14.76, a price-to-earnings-growth ratio of 3.42 and a beta of 0.84. Royal Bank of Canada has a 12-month low of C$129.07 and a 12-month high of C$180.45. The company’s 50-day moving average price is C$174.10 and its 200 day moving average price is C$168.12.

Royal Bank of Canada Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, February 24th. Shareholders of record on Monday, February 24th will be paid a $1.48 dividend. The ex-dividend date of this dividend is Monday, January 27th. This represents a $5.92 dividend on an annualized basis and a yield of 3.50%. This is a boost from Royal Bank of Canada’s previous quarterly dividend of $1.42. Royal Bank of Canada’s payout ratio is currently 49.49%.

Insider Buying and Selling at Royal Bank of Canada

In other news, Senior Officer Douglas Antony Guzman sold 1,538 shares of the company’s stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of C$177.09, for a total transaction of C$272,363.80. Following the completion of the sale, the insider now owns 25 shares in the company, valued at C$4,427.24. This represents a 98.40 % decrease in their ownership of the stock. Also, Senior Officer Graeme Ashley Hepworth sold 308 shares of the company’s stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of C$175.12, for a total value of C$53,938.25. Over the last quarter, insiders sold 22,150 shares of company stock worth $3,882,024.

Royal Bank of Canada Company Profile

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.