Royal Bank of Canada (RY) Given “Neutral” Rating at Dundee Securities
Royal Bank of Canada (TSE:RY)‘s stock had its “neutral” rating reissued by stock analysts at Dundee Securities in a note issued to investors on Wednesday, StockTargetPrices.com reports. They presently have a C$87.00 price objective on the stock. Dundee Securities’ price target suggests a potential upside of 7.33% from the stock’s previous close.
Several other research analysts have also weighed in on RY. TD Securities upped their target price on shares of Royal Bank of Canada from C$79.00 to C$81.00 and gave the stock a “hold” rating in a research report on Friday, May 27th. Citigroup Inc. lowered their target price on shares of Royal Bank of Canada from C$89.00 to C$88.00 and set a “buy” rating on the stock in a research report on Thursday, June 2nd. CIBC upped their target price on shares of Royal Bank of Canada from C$84.00 to C$87.00 in a research report on Friday, September 2nd. Scotiabank upped their target price on shares of Royal Bank of Canada from C$85.00 to C$86.00 and gave the stock an “outperform” rating in a research report on Thursday, August 25th. Finally, Barclays PLC upped their target price on shares of Royal Bank of Canada from C$72.00 to C$74.00 and gave the stock an “underweight” rating in a research report on Thursday, August 25th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of C$84.23.
Shares of Royal Bank of Canada (TSE:RY) traded up 0.39% during mid-day trading on Wednesday, hitting $81.38. 991,121 shares of the stock were exchanged. The company has a 50-day moving average of $80.68 and a 200 day moving average of $78.10. The stock has a market cap of $120.75 billion and a PE ratio of 11.86. Royal Bank of Canada has a one year low of $64.52 and a one year high of $83.00.
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The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 24th. Investors of record on Wednesday, October 26th will be paid a dividend of $0.83 per share. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $0.81. This represents a $3.32 annualized dividend and a dividend yield of 4.10%.
In related news, insider Janice Rose Fukakusa sold 62,960 shares of the company’s stock in a transaction that occurred on Tuesday, September 6th. The shares were sold at an average price of C$81.08, for a total transaction of C$5,104,796.80.
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. It operates in five segments: Personal & Commercial Banking, which operates comprises its personal and business banking operations, as well as its auto financing and retail investment businesses; Wealth Management, which comprises Canadian Wealth Management, United States and International Wealth Management and Global Asset Management (GAM); Insurance, which operates under two business lines: Canadian Insurance and International Insurance; Investor & Treasury Services, which is a provider of asset servicing, custody, payments and treasury services, and Capital Markets, which comprises two business lines: Corporate and Investment Banking and Global Markets.
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