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 given a consensus recommendation of “Buy” by the twelve analysts that are covering the firm, MarketBeat.com reports. Two analysts have rated the stock with a hold recommendation, eight have given a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is C$163.38.

Several brokerages recently issued reports on RY. BMO Capital Markets increased their target price on shares of Royal Bank of Canada from C$151.00 to C$165.00 and gave the stock a “strong-buy” rating in a research note on Thursday, August 29th. Barclays boosted their target price on Royal Bank of Canada from C$145.00 to C$150.00 in a research report on Tuesday, August 20th. Canaccord Genuity Group raised their price objective on Royal Bank of Canada from C$159.50 to C$172.00 in a research note on Thursday, August 29th. Jefferies Financial Group lowered their target price on 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. Finally, TD Securities lifted their price target on shares of Royal Bank of Canada from C$171.00 to C$178.00 in a research report on Thursday, August 29th.

Insiders Place Their Bets

In related news, 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 value of C$12,320,115.24. In related news, Director David Ian Mckay sold 74,852 shares of the stock in a transaction dated 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. Also, Senior Officer Douglas Antony Guzman sold 15,000 shares of Royal Bank of Canada stock in a transaction dated Friday, September 6th. The shares were sold at an average price of C$165.00, for a total value of C$2,475,000.00. Following the transaction, the insider now directly owns 25 shares of the company’s stock, valued at C$4,125. The trade was a 0.00 % decrease in their position. Insiders sold 144,770 shares of company stock worth $23,959,265 over the last quarter.

Royal Bank of Canada Price Performance

RY opened at C$170.42 on Wednesday. Royal Bank of Canada has a fifty-two week low of C$115.28 and a fifty-two week high of C$175.04. The company’s 50 day moving average price is C$167.32 and its two-hundred day moving average price is C$153.30. The firm has a market capitalization of C$240.29 billion, a price-to-earnings ratio of 15.09, a PEG ratio of 3.42 and a beta of 0.84.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last announced its earnings results on Wednesday, August 28th. The financial services provider reported C$3.26 EPS for the quarter, topping the consensus estimate of C$2.95 by C$0.31. Royal Bank of Canada had a return on equity of 13.68% and a net margin of 28.67%. The firm had revenue of C$14.63 billion for the quarter, compared to the consensus estimate of C$14.27 billion. As a group, equities research analysts predict that Royal Bank of Canada will post 12.3454675 EPS for the current year.

Royal Bank of Canada Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Friday, November 22nd will be issued a $1.42 dividend. This represents a $5.68 annualized dividend and a yield of 3.33%. The ex-dividend date of this dividend is Thursday, October 24th. Royal Bank of Canada’s dividend payout ratio (DPR) is currently 50.31%.

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.