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

Royal Bank of Canada (TSE:RY) (NYSE:RY) shares passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$249.57 and traded as high as C$299.40. Royal Bank of Canada shares last traded at C$297.95, with a volume of 4,063,282 shares changing hands.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Canadian Imperial Bank of Commerce raised 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 research report on Friday, May 29th. Desjardins upped their price target on 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. Scotiabank increased their price target on Royal Bank of Canada from C$275.00 to C$280.00 and gave the stock a “sector outperform” rating in a research report on Tuesday, June 16th. National Bank Financial raised their price objective on Royal Bank of Canada from C$257.00 to C$271.00 and gave the company an “outperform” rating in a report on Friday, May 15th. Finally, Canaccord Genuity Group boosted their price objective on Royal Bank of Canada from C$282.00 to C$310.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. One investment 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 stock. According to data from MarketBeat, Royal Bank of Canada presently has an average rating of “Moderate Buy” and a consensus target price of C$262.96.

Royal Bank of Canada Price Performance

The stock’s fifty day moving average price is C$280.18 and its 200-day moving average price is C$249.57. The firm has a market cap of C$414.05 billion, a PE ratio of 19.37, a price-to-earnings-growth ratio of 3.42 and a beta of 1.05.

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 earnings per share for the quarter. Royal Bank of Canada had a net margin of 18.40% and a return on equity of 15.95%. The firm had revenue of C$17.45 billion for the quarter. On average, sell-side analysts anticipate that Royal Bank of Canada will post 12.3454675 earnings per share for the current fiscal year.

Royal Bank of Canada Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 24th. Shareholders of record on Monday, August 24th will be paid a $1.76 dividend. 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. This represents a $7.04 dividend on an annualized basis and a yield of 2.4%. Royal Bank of Canada’s dividend payout ratio is 41.35%.

Insider Transactions at Royal Bank of Canada

In other news, insider Neil Mclaughlin sold 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of C$287.72, for a total transaction of C$1,150,880.00. Also, Director David Ian Mckay sold 133,130 shares of the company’s stock in a transaction that occurred on Tuesday, June 23rd. The shares were sold at an average price of C$287.21, for a total value of C$38,236,267.30. Following the completion of the sale, 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. Insiders have sold a total of 324,535 shares of company stock worth $91,717,140 in the last ninety 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.