Royal Bank of Canada (TSE:RY) Stock Crosses Above 200-Day Moving Average – Here’s Why
by Scott Moore · The Cerbat GemRoyal Bank of Canada (TSE:RY – Get Free Report) (NYSE:RY) crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of C$200.75 and traded as high as C$235.23. Royal Bank of Canada shares last traded at C$234.57, with a volume of 1,902,518 shares trading hands.
Analysts Set New Price Targets
Several analysts have weighed in on the company. National Bankshares raised Royal Bank of Canada from a “sector perform” rating to an “outperform” rating and lifted their price objective for the company from C$203.00 to C$231.00 in a research report on Monday, November 17th. Erste Group Bank upgraded Royal Bank of Canada to a “strong-buy” rating in a research note on Monday, September 22nd. Raymond James Financial upped their price target on Royal Bank of Canada from C$229.00 to C$239.00 and gave the stock an “outperform” rating in a research note on Thursday, December 4th. Jefferies Financial Group downgraded Royal Bank of Canada from a “buy” rating to a “hold” rating and increased their price objective for the stock from C$213.00 to C$215.00 in a report on Tuesday, November 25th. Finally, Scotiabank raised their price objective on Royal Bank of Canada from C$218.00 to C$231.00 and gave the company an “outperform” rating in a research report on Thursday, December 4th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Royal Bank of Canada has a consensus rating of “Moderate Buy” and a consensus target price of C$228.92.
Get Our Latest Research Report on Royal Bank of Canada
Royal Bank of Canada Stock Up 0.2%
The firm has a 50 day moving average of C$218.67 and a 200-day moving average of C$200.93. The company has a market cap of C$328.45 billion, a P/E ratio of 16.67, a PEG ratio of 3.42 and a beta of 1.32.
Royal Bank of Canada (TSE:RY – Get Free Report) (NYSE:RY) last issued its earnings results on Wednesday, December 3rd. The financial services provider reported C$3.85 earnings per share (EPS) for the quarter. The company had revenue of C$17.21 billion for the quarter. Royal Bank of Canada had a net margin of 28.23% and a return on equity of 13.27%. On average, research analysts predict that Royal Bank of Canada will post 12.3454675 EPS for the current fiscal year.
Royal Bank of Canada Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, November 24th. Stockholders of record on Monday, November 24th were issued a $1.54 dividend. This represents a $6.16 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date was Monday, October 27th. Royal Bank of Canada’s dividend payout ratio (DPR) is currently 42.93%.
Insider Transactions at Royal Bank of Canada
In related news, Director David Ian Mckay sold 91,288 shares of the business’s stock in a transaction on Friday, December 12th. The stock was sold at an average price of C$228.75, for a total transaction of C$20,882,130.00. Following the transaction, the director directly owned 5,873 shares in the company, valued at C$1,343,448.75. The trade was a 93.96% decrease in their position.
About Royal Bank of Canada
Royal Bank of Canada is one of the two largest banks in Canada. It is a diversified financial services company, offering personal and commercial banking, wealth-management services, insurance, corporate banking, and capital markets services. The bank is concentrated in Canada, with additional operations in the U.S. and other countries.