Royal Bank of Canada (TSE:RY) Share Price Passes Above 200-Day Moving Average – Time to Sell?

Royal Bank of Canada (TSE:RY) (NYSE:RY)’s share price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of C$171.93 and traded as high as C$190.68. Royal Bank of Canada shares last traded at C$188.88, with a volume of 1,943,032 shares changing hands.

Analysts Set New Price Targets

Several equities research analysts recently commented on RY shares. National Bank Financial cut Royal Bank of Canada from an “outperform” rating to a “sector perform” rating in a research report on Thursday, May 29th. Canaccord Genuity Group set a C$194.00 price objective on Royal Bank of Canada and gave the company a “buy” rating in a research report on Tuesday, June 24th. Desjardins increased their price objective on Royal Bank of Canada from C$185.00 to C$193.00 and gave the company a “buy” rating in a research report on Wednesday, August 13th. National Bankshares increased their price objective on Royal Bank of Canada from C$177.00 to C$180.00 and gave the company a “sector perform” rating in a research report on Friday, August 15th. Finally, UBS Group dropped their price objective on Royal Bank of Canada from C$198.00 to C$196.00 in a research report on Thursday, May 22nd. Three equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, Royal Bank of Canada has an average rating of “Buy” and a consensus target price of C$190.54.

Royal Bank of Canada Stock Down 0.9%

The stock has a market cap of C$267.27 billion, a P/E ratio of 16.46, a P/E/G ratio of 3.42 and a beta of 0.84. The firm has a 50 day moving average price of C$181.21 and a 200 day moving average price of C$171.93.

Royal Bank of Canada Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 22nd. Stockholders of record on Friday, August 22nd were given a dividend of $1.54 per share. This represents a $6.16 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend was Thursday, July 24th. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $1.48. Royal Bank of Canada’s payout ratio is presently 49.49%.

Insider Activity

In other news, Senior Officer Jennifer Kristine Publicover sold 401 shares of the stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of C$182.30, for a total transaction of C$73,102.98. Following the transaction, the insider owned 152 shares of the company’s stock, valued at approximately C$27,709.86. This represents a 72.51% decrease in their position. Also, Director David Ian Mckay sold 20,304 shares of the stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of C$182.30, for a total value of C$3,701,453.72. Insiders have sold a total of 42,026 shares of company stock valued at $7,517,844 in the last ninety days.

Royal Bank of Canada Company Profile

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.