Royal Bank of Canada (TSE:RY) Share Price Crosses Above 200 Day Moving Average – Here’s Why

Royal Bank of Canada (TSE:RY) (NYSE:RY)’s stock price crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of C$246.77 and traded as high as C$301.56. Royal Bank of Canada shares last traded at C$300.95, with a volume of 4,137,640 shares changing hands.

Wall Street Analyst Weigh In

Several research firms have issued reports on RY. Desjardins raised their price target on shares of Royal Bank of Canada from C$262.00 to C$275.00 and gave the stock a “buy” rating in a report on Friday, May 29th. TD increased their price objective on shares of Royal Bank of Canada from C$267.00 to C$272.00 and gave the stock a “buy” rating in a research report on Friday, May 29th. Raymond James Financial lifted their target price on shares of Royal Bank of Canada from C$265.50 to C$270.50 and gave the stock a “market perform” rating in a research note on Friday, May 29th. Barclays boosted their target price on shares of Royal Bank of Canada from C$245.00 to C$260.00 and gave the company an “overweight” rating in a report on Friday, May 29th. Finally, National Bank Financial upped their price target on shares of Royal Bank of Canada from C$257.00 to C$271.00 and gave the company an “outperform” rating in a research report on Friday, May 15th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of C$262.96.

Royal Bank of Canada Trading Up 1.0%

The company has a market cap of C$418.22 billion, a price-to-earnings ratio of 19.57, a P/E/G ratio of 3.42 and a beta of 1.05. The stock’s 50-day moving average is C$273.89 and its 200-day moving average is C$246.77.

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

Royal Bank of Canada Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 24th. Stockholders of record on Monday, August 24th will be paid a $1.76 dividend. The ex-dividend date is Monday, July 27th. This represents a $7.04 annualized dividend and a dividend yield of 2.3%. This is a boost from Royal Bank of Canada’s previous quarterly dividend of $1.64. Royal Bank of Canada’s dividend payout ratio (DPR) is 41.35%.

Insiders Place Their Bets

In related news, insider Bruce Washington Ross sold 45,670 shares of the business’s stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of C$293.11, for a total value of C$13,386,333.70. Following the completion of the sale, the insider directly owned 235 shares of the company’s stock, valued at C$68,880.85. The trade was a 99.49% decrease in their position. Also, insider Graeme Ashley Hepworth sold 1,463 shares of the company’s stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of C$284.86, for a total value of C$416,750.18. Insiders sold a total of 353,645 shares of company stock worth $98,785,630 over the last three months.

Royal Bank of Canada Company Profile

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.