Royal Bank of Canada (RY) Downgraded to Sector Perform at Scotiabank
Scotiabank lowered shares of Royal Bank of Canada (TSE:RY) (NYSE:RY) from an outperform rating to a sector perform rating in a report issued on Monday morning. Scotiabank currently has C$100.00 target price on the financial services provider’s stock, down from their previous target price of C$102.00.
Separately, National Bank Financial reaffirmed a sector perform rating and set a C$99.00 price objective on shares of Royal Bank of Canada in a report on Friday, May 26th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. The company currently has an average rating of Hold and a consensus target price of C$95.67.
Shares of Royal Bank of Canada (TSE RY) opened at 92.07 on Monday. The firm has a 50-day moving average of $94.00 and a 200-day moving average of $95.07. Royal Bank of Canada has a 52 week low of $79.75 and a 52 week high of $99.90. The firm has a market cap of $134.14 billion and a PE ratio of 12.53.
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The business also recently declared a quarterly dividend, which will be paid on Thursday, August 24th. Investors of record on Wednesday, July 26th will be issued a $0.87 dividend. This represents a $3.48 dividend on an annualized basis and a dividend yield of 3.78%. The ex-dividend date is Monday, July 24th.
In related news, Director Thierry Vandal sold 750 shares of the business’s stock in a transaction dated Friday, June 2nd. The shares were sold at an average price of C$93.61, for a total value of C$70,207.50. Also, insider Alex Douglas Mcgregor sold 30,000 shares of the business’s stock in a transaction dated Thursday, June 15th. The stock was sold at an average price of C$92.79, for a total transaction of C$2,783,700.00. Insiders sold a total of 40,400 shares of company stock worth $3,756,065 over the last three months.
About Royal Bank of Canada
Royal Bank of Canada (RBC), is a diversified financial services company. The Company provides personal and commercial banking, wealth management services, insurance, investor services and capital markets products and services on a global basis. The Company serves personal, business, public sector and institutional clients in Canada, the United States and approximately 40 other countries.
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