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 an average rating of “Buy” by the twelve brokerages that are currently covering the company, MarketBeat reports. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is C$163.38.

A number of equities research analysts have recently issued reports on RY shares. Bank of America boosted their price objective on Royal Bank of Canada from C$162.00 to C$180.00 in a report on Thursday, August 29th. Barclays boosted their price objective on Royal Bank of Canada from C$145.00 to C$150.00 in a report on Tuesday, August 20th. CIBC lifted their price target on shares of Royal Bank of Canada from C$166.00 to C$167.00 in a research report on Friday, September 6th. BMO Capital Markets lifted their price target on shares of Royal Bank of Canada from C$151.00 to C$165.00 and gave the company a “strong-buy” rating in a research report on Thursday, August 29th. Finally, Cormark lifted their price target on shares of Royal Bank of Canada from C$166.00 to C$171.00 in a research report on Thursday, August 29th.

Insider Activity

In related news, Director David Ian Mckay sold 74,852 shares of the company’s stock in a transaction dated 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 other Royal Bank of Canada news, Senior Officer Douglas Antony Guzman sold 10,000 shares of the stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of C$164.60, for a total value of C$1,646,000.00. Following the completion of the sale, the insider now owns 25 shares in the company, valued at approximately C$4,115. Also, Director David Ian Mckay sold 74,852 shares of the stock in a transaction dated 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. Over the last 90 days, insiders have sold 120,270 shares of company stock worth $19,851,907.

Royal Bank of Canada Price Performance

Shares of TSE RY opened at C$165.30 on Tuesday. The stock has a market capitalization of C$233.07 billion, a price-to-earnings ratio of 14.65, a PEG ratio of 10.64 and a beta of 0.84. The business has a 50-day moving average of C$156.24 and a 200-day moving average of C$145.80. Royal Bank of Canada has a fifty-two week low of C$107.92 and a fifty-two week high of C$169.04.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last posted its quarterly earnings results on Wednesday, August 28th. The financial services provider reported C$3.26 EPS for the quarter, topping analysts’ consensus estimates 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 business had revenue of C$14.63 billion during the quarter, compared to analysts’ expectations of C$14.27 billion. On average, sell-side analysts expect that Royal Bank of Canada will post 12.7644788 EPS for the current year.

Royal Bank of Canada Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Thursday, October 24th will be issued a dividend of $1.42 per share. The ex-dividend date of this dividend is Thursday, October 24th. This represents a $5.68 annualized dividend and a dividend yield of 3.44%. Royal Bank of Canada’s dividend payout ratio is currently 50.35%.

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.