Royal Bank of Canada (TSE:RY) Stock Crosses Above 200-Day Moving Average – What’s Next?

Shares of Royal Bank of Canada (TSE:RY) (NYSE:RY) crossed above its 200-day moving average during trading on Tuesday. The stock has a 200-day moving average of C$269.50 and traded as high as C$284.96. Royal Bank of Canada shares last traded at C$283.28, with a volume of 2,735,347 shares.

Analysts Set New Price Targets

Several brokerages have recently issued reports on RY. Jefferies Financial Group upped their target price on shares of Royal Bank of Canada from C$268.00 to C$271.00 in a report on Thursday, September 3rd. Canaccord Genuity Group lifted their price target on shares of Royal Bank of Canada from C$310.00 to C$318.00 and gave the stock a “buy” rating in a research note on Friday, August 28th. Raymond James Financial upped their price objective on shares of Royal Bank of Canada from C$270.50 to C$306.00 and gave the company a “market perform” rating in a research note on Wednesday, August 12th. Desjardins set a C$320.00 price objective on Royal Bank of Canada and gave the stock a “buy” rating in a report on Wednesday, September 2nd. Finally, National Bank Financial lifted their target price on Royal Bank of Canada from C$318.00 to C$321.00 and gave the stock an “outperform” rating in a research report on Sunday, August 30th. Eight investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Royal Bank of Canada presently has an average rating of “Moderate Buy” and a consensus price target of C$292.86.

Royal Bank of Canada Stock Down 0.7%

The firm has a market capitalization of C$384.68 billion, a PE ratio of 17.52, a PEG ratio of 3.42 and a beta of 0.94. The business’s fifty day moving average price is C$289.30 and its 200 day moving average price is C$269.90.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last released its quarterly earnings results on Thursday, August 27th. The financial services provider reported C$4.28 earnings per share (EPS) for the quarter. The firm had revenue of C$18.54 billion for the quarter. Royal Bank of Canada had a return on equity of 16.11% and a net margin of 15.92%. On average, analysts anticipate that Royal Bank of Canada will post 12.3454675 earnings per share for the current year.

Royal Bank of Canada Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 24th. Stockholders of record on Monday, August 24th were issued a $1.76 dividend. The ex-dividend date of this dividend was Monday, July 27th. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $1.64. This represents a $7.04 dividend on an annualized basis and a dividend yield of 2.5%. Royal Bank of Canada’s dividend payout ratio is presently 41.49%.

Insider Transactions at Royal Bank of Canada

In related news, insider Kelly Bradley sold 5,142 shares of the stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of C$283.07, for a total transaction of C$1,455,545.94. Following the completion of the sale, the insider directly owned 1,043 shares of the company’s stock, valued at C$295,242.01. This trade represents a 83.14% decrease in their ownership of the stock. Also, insider Katherine Gibson sold 462 shares of Royal Bank of Canada stock in a transaction on Monday, August 24th. The shares were sold at an average price of C$279.97, for a total transaction of C$129,346.14. Following the completion of the transaction, the insider owned 290 shares in the company, valued at approximately C$81,191.30. This trade represents a 61.44% decrease in their ownership of the stock. Insiders sold 77,427 shares of company stock worth $22,231,964 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.