Royal Bank of Canada (TSE:RY) Director Sells C$6,861,819.91 in Stock

Royal Bank of Canada (TSE:RY) (NYSE:RY) Director David Ian Mckay sold 23,089 shares of the company’s stock in a transaction dated Wednesday, July 22nd. The shares were sold at an average price of C$297.19, for a total transaction of C$6,861,819.91. Following the sale, the director directly owned 5,873 shares of the company’s stock, valued at C$1,745,396.87. The trade was a 79.72% decrease in their position.

David Ian Mckay also recently made the following trade(s):

• On Monday, June 22nd, David Ian Mckay sold 23,089 shares of Royal Bank of Canada stock. The stock was sold at an average price of C$284.86, for a total transaction of C$6,577,132.54.
• On Tuesday, June 23rd, David Ian Mckay sold 133,130 shares of Royal Bank of Canada stock. The shares were sold at an average price of C$287.21, for a total transaction of C$38,236,267.30.
• On Friday, May 22nd, David Ian Mckay sold 23,089 shares of Royal Bank of Canada stock. The shares were sold at an average price of C$261.83, for a total transaction of C$6,045,392.87.

Royal Bank of Canada Price Performance

TSE:RY opened at C$295.01 on Monday. The firm has a market capitalization of C$409.96 billion, a price-to-earnings ratio of 19.18, a price-to-earnings-growth ratio of 3.42 and a beta of 1.05. Royal Bank of Canada has a one year low of C$175.50 and a one year high of C$306.38. The business has a fifty day moving average price of C$281.85 and a 200-day moving average price of C$250.38.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last released its 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 return on equity of 15.95% and a net margin of 18.40%.The company had revenue of C$17.45 billion for the quarter. On average, equities research analysts expect 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 declared 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 represents a $7.04 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date is Monday, July 27th. 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 currently 41.35%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on RY shares. Jefferies Financial Group upped their price objective on Royal Bank of Canada from C$226.00 to C$232.00 in a research note on Wednesday, May 20th. TD lifted their target price on Royal Bank of Canada from C$267.00 to C$272.00 and gave the company a “buy” rating in a research note on Friday, May 29th. Canaccord Genuity Group lifted their target price on Royal Bank of Canada from C$282.00 to C$310.00 and gave the company a “buy” rating in a research note on Tuesday, July 7th. Canadian Imperial Bank of Commerce boosted their price target on Royal Bank of Canada from C$258.00 to C$279.00 and gave the stock a “neutral” rating in a report on Friday, May 29th. Finally, National Bank Financial upped their price target on Royal Bank of Canada from C$257.00 to C$271.00 and gave the stock an “outperform” rating in a research note on Friday, May 15th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of C$262.96.

Royal Bank of Canada News Summary

Here are the key news stories impacting Royal Bank of Canada this week:

• Positive Sentiment: Royal Bank of Canada received a consensus analyst recommendation of “Moderate Buy”, which suggests Wall Street views remain favorable and may be supporting the stock. Royal Bank of Canada (TSE:RY) Receives Consensus Recommendation of “Moderate Buy” from Analysts
• Positive Sentiment: The share price crossed above its 200-day moving average, a bullish technical signal that can attract momentum buyers and indicate improving investor confidence. Royal Bank of Canada (TSE:RY) Share Price Crosses Above 200 Day Moving Average – What’s Next?
• Negative Sentiment: Multiple insiders sold shares, including a large sale by Director David Ian McKay and additional sales by Katherine Gibson, Graeme Ashley Hepworth, and Bruce Washington Ross. Insider selling can weigh on sentiment because investors may view it as a sign of caution, even if it is often routine diversification.

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.