Royal Bank of Canada (RY) to Issue Quarterly Dividend of $1.42 on November 22nd

Royal Bank of Canada (TSE:RY) (NYSE:RY) declared a quarterly dividend on Thursday, October 24th, RTT News reports. Stockholders of record on Friday, November 22nd will be given a dividend of 1.42 per share by the financial services provider on Friday, November 22nd. This represents a $5.68 annualized dividend and a dividend yield of 3.28%. The ex-dividend date of this dividend is Thursday, October 24th.

Royal Bank of Canada Trading Down 0.6 %

Royal Bank of Canada stock opened at C$173.01 on Tuesday. Royal Bank of Canada has a 52 week low of C$107.92 and a 52 week high of C$175.04. The stock has a market cap of C$243.94 billion, a price-to-earnings ratio of 15.32, a PEG ratio of 3.42 and a beta of 0.84. The company’s 50-day moving average price is C$163.06 and its two-hundred day moving average price is C$150.64.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last released its earnings results on Wednesday, August 28th. The financial services provider reported C$3.26 earnings per share 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 firm had revenue of C$14.63 billion during the quarter, compared to the consensus estimate of C$14.27 billion. Research analysts expect that Royal Bank of Canada will post 12.3454675 earnings per share for the current fiscal year.

Insider Buying and Selling at Royal Bank of Canada

In related news, Director David Ian Mckay sold 74,852 shares of Royal Bank of Canada stock in a transaction 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 other Royal Bank of Canada news, Director David Ian Mckay sold 74,852 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of C$164.59, for a total value of C$12,320,115.24. Also, Senior Officer Douglas Antony Guzman sold 10,000 shares of the firm’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of C$164.60, for a total transaction 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. The trade was a 0.00 % decrease in their position. Insiders have sold a total of 144,770 shares of company stock worth $23,959,265 over the last 90 days.

Analyst Upgrades and Downgrades

RY has been the topic of a number of research reports. Jefferies Financial Group dropped their price target on shares of Royal Bank of Canada from C$168.00 to C$165.00 and set a “buy” rating on the stock in a research note on Monday, August 12th. Barclays raised their price target on Royal Bank of Canada from C$145.00 to C$150.00 in a research note on Tuesday, August 20th. CIBC lifted their price target on Royal Bank of Canada from C$166.00 to C$167.00 in a report on Friday, September 6th. Canaccord Genuity Group increased their price objective on Royal Bank of Canada from C$159.50 to C$172.00 in a report on Thursday, August 29th. Finally, BMO Capital Markets raised their price objective 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. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of C$163.38.

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.