Royal Bank of Canada (TSE:RY) Stock Crosses Above Two Hundred Day Moving Average - Here's Why

Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY's share price passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of C$154.62 and traded as high as C$173.05. Royal Bank of Canada shares last traded at C$172.43, with a volume of 1,967,300 shares changing hands.

Wall Street Analysts Forecast Growth

RY has been the subject of several research reports. Cormark boosted their price objective on Royal Bank of Canada from C$166.00 to C$171.00 in a research note on Thursday, August 29th. 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. National Bankshares increased their target price on Royal Bank of Canada from C$160.00 to C$169.00 in a research note on Thursday, August 29th. Canaccord Genuity Group lifted their price objective on shares of Royal Bank of Canada from C$159.50 to C$172.00 in a research report on Thursday, August 29th. Finally, Desjardins boosted their price target on Royal Bank of Canada from C$156.00 to C$163.00 and gave the stock a "buy" rating in a research note on Tuesday, August 6th. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, Royal Bank of Canada currently has a consensus rating of "Buy" and a consensus target price of C$163.38.

Royal Bank of Canada Price Performance

The firm has a market cap of C$242.59 billion, a price-to-earnings ratio of 15.26, a P/E/G ratio of 3.42 and a beta of 0.84. The firm's fifty day moving average is C$168.95 and its two-hundred day moving average is C$154.90.

Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY last posted its quarterly earnings results on Wednesday, August 28th. The financial services provider reported C$3.26 earnings per share (EPS) for the quarter, topping the consensus estimate of C$2.95 by C$0.31. Royal Bank of Canada had a net margin of 28.67% and a return on equity of 13.68%. The company had revenue of C$14.63 billion for the quarter, compared to analyst estimates of C$14.27 billion. On average, equities analysts forecast that Royal Bank of Canada will post 12.3454675 earnings per share for the current fiscal 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 3.30%. Royal Bank of Canada's dividend payout ratio is currently 50.31%.

Insiders Place Their Bets

In other Royal Bank of Canada news, Senior Officer Douglas Antony Guzman sold 10,000 shares of the stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of C$164.60, for a total value of C$1,646,000.00. Following the transaction, the insider now directly owns 25 shares in the company, valued at approximately C$4,115. This trade represents a 99.75 % decrease in their position. Also, Director David Ian Mckay sold 74,852 shares of the company's 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. Insiders sold 144,770 shares of company stock worth $23,959,265 over the last three months.

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.