Royal Bank of Canada (TSE:RY) Sets New 12-Month High – What’s Next?

Royal Bank of Canada (TSE:RY) (NYSE:RY) reached a new 52-week high during trading on Tuesday . The stock traded as high as C$296.98 and last traded at C$296.51, with a volume of 808292 shares trading hands. The stock had previously closed at C$295.29.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Raymond James Financial raised their price target on shares of Royal Bank of Canada from C$265.50 to C$270.50 and gave the company a “market perform” rating in a research report on Friday, May 29th. Desjardins upped their price objective on Royal Bank of Canada from C$262.00 to C$275.00 and gave the stock a “buy” rating in a research report on Friday, May 29th. Canaccord Genuity Group lifted their target price on Royal Bank of Canada from C$280.00 to C$282.00 and gave the company a “buy” rating in a report on Friday, June 5th. Canadian Imperial Bank of Commerce lifted their target price on Royal Bank of Canada from C$258.00 to C$279.00 and gave the company a “neutral” rating in a report on Friday, May 29th. Finally, Jefferies Financial Group upped their price target on Royal Bank of Canada from C$226.00 to C$232.00 in a report on Wednesday, May 20th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, Royal Bank of Canada has a consensus rating of “Moderate Buy” and a consensus price target of C$260.81.

Royal Bank of Canada Stock Up 0.7%

The stock has a market capitalization of C$413.13 billion, a PE ratio of 19.33, a PEG ratio of 3.42 and a beta of 1.05. The business’s 50-day moving average is C$266.16 and its two-hundred day moving average is C$243.56.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last issued its quarterly earnings data on Thursday, May 28th. The financial services provider reported C$3.90 earnings per share (EPS) for the quarter. Royal Bank of Canada had a return on equity of 15.95% and a net margin of 18.40%.The company had revenue of C$17.45 billion for the quarter. As a group, analysts anticipate that Royal Bank of Canada will post 12.3454675 EPS for the current year.

Royal Bank of Canada Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, August 24th. Shareholders of record on Monday, August 24th will be given a dividend of $1.76 per share. This represents a $7.04 annualized dividend and a yield of 2.4%. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $1.64. The ex-dividend date of this dividend is Monday, July 27th. Royal Bank of Canada’s dividend payout ratio is presently 41.35%.

Insider Transactions at Royal Bank of Canada

In related news, Director David Ian Mckay sold 133,130 shares of the firm’s stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of C$287.21, for a total transaction of C$38,236,267.30. Following the transaction, the director owned 5,873 shares of the company’s stock, valued at C$1,686,784.33. This trade represents a 95.77% decrease in their ownership of the stock. Also, insider Graeme Ashley Hepworth sold 1,463 shares of the company’s stock in a transaction on Monday, June 22nd. The stock was sold at an average price of C$284.86, for a total transaction of C$416,750.18. Insiders have sold 353,645 shares of company stock worth $98,785,630 over the last 90 days.

About Royal Bank of Canada

Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 101,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada’s biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 19 million clients in Canada, the U.S.