Brokerages Set Royal Bank of Canada (TSE:RY) Price Target at C$163.38

Shares of Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY have been assigned a consensus recommendation of "Buy" from the twelve brokerages that are covering the firm, Marketbeat 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 target price among analysts that have issued ratings on the stock in the last year is C$163.38.

A number of brokerages have recently weighed in on RY. BMO Capital Markets upped their price target 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 report on Thursday, August 29th. Bank of America lifted their price target on Royal Bank of Canada from C$162.00 to C$180.00 in a research note on Thursday, August 29th. 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. TD Securities lifted their target price on Royal Bank of Canada from C$171.00 to C$178.00 in a research report on Thursday, August 29th. Finally, Desjardins increased their target price on shares of Royal Bank of Canada from C$156.00 to C$163.00 and gave the stock a "buy" rating in a report on Tuesday, August 6th.

Insiders Place Their Bets

In related news, Senior Officer Douglas Antony Guzman sold 10,000 shares of the company's stock in a transaction that occurred 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 transaction, the insider now directly owns 25 shares of the company's stock, valued at approximately C$4,115. This represents a 0.00 % decrease in their position. In other Royal Bank of Canada 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 transaction of C$12,320,115.24. Also, 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 transaction of C$1,646,000.00. Following the completion of the sale, the insider now owns 25 shares of the company's stock, valued at approximately C$4,115. This represents a 0.00 % decrease in their position. Over the last ninety days, insiders sold 144,770 shares of company stock worth $23,959,265.

Royal Bank of Canada Stock Performance

RY traded up C$0.68 on Wednesday, reaching C$171.10. The company had a trading volume of 4,083,722 shares, compared to its average volume of 4,932,154. The company's fifty day moving average is C$167.32 and its 200 day moving average is C$153.30. The stock has a market cap of C$241.25 billion, a P/E ratio of 15.09, a P/E/G ratio of 3.42 and a beta of 0.84. Royal Bank of Canada has a fifty-two week low of C$115.28 and a fifty-two week high of C$175.04.

Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY last posted its quarterly earnings data on Wednesday, August 28th. The financial services provider reported C$3.26 earnings per share 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 analysts' expectations of C$14.27 billion. On average, sell-side analysts expect that Royal Bank of Canada will post 12.3454675 EPS for the current year.

Royal Bank of Canada Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Friday, November 22nd will be paid a $1.42 dividend. The ex-dividend date of this dividend is Thursday, October 24th. This represents a $5.68 annualized dividend and a dividend yield of 3.32%. Royal Bank of Canada's dividend payout ratio 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.