Royal Bank of Canada (TSE:RY) Director Sells C$3,562,730.70 in Stock

Royal Bank of Canada (TSE:RY) (NYSE:RY) Director David Ian Mckay sold 20,304 shares of the company’s stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of C$175.47, for a total value of C$3,562,730.70.

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

• On Thursday, May 22nd, David Ian Mckay sold 20,304 shares of Royal Bank of Canada stock. The stock was sold at an average price of C$174.06, for a total value of C$3,534,158.91.
• On Tuesday, April 22nd, David Ian Mckay sold 20,304 shares of Royal Bank of Canada stock. The shares were sold at an average price of C$160.27, for a total value of C$3,254,042.89.

Royal Bank of Canada Stock Performance

Shares of RY stock opened at C$175.72 on Thursday. The firm has a market capitalization of C$248.64 billion, a price-to-earnings ratio of 15.31, a price-to-earnings-growth ratio of 3.42 and a beta of 0.84. Royal Bank of Canada has a one year low of C$143.90 and a one year high of C$180.45. The company has a 50 day moving average price of C$171.21 and a 200 day moving average price of C$169.56.

Royal Bank of Canada Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Thursday, July 24th will be issued a dividend of $1.54 per share. This represents a $6.16 dividend on an annualized basis and a dividend yield of 3.51%. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $1.48. Royal Bank of Canada’s dividend payout ratio is presently 49.49%.

Analyst Ratings Changes

Several research analysts recently weighed in on RY shares. TD Securities cut their target price on shares of Royal Bank of Canada from C$180.00 to C$178.00 and set a “hold” rating for the company in a research note on Friday, February 28th. Canaccord Genuity Group set a C$194.00 price objective on shares of Royal Bank of Canada and gave the company a “buy” rating in a research note on Tuesday. Barclays lifted their target price on shares of Royal Bank of Canada from C$180.00 to C$182.00 and gave the stock an “overweight” rating in a research note on Monday, June 9th. Scotiabank upgraded Royal Bank of Canada to a “strong-buy” rating in a report on Thursday, May 15th. Finally, UBS Group decreased their price objective on Royal Bank of Canada from C$198.00 to C$196.00 in a report on Thursday, May 22nd. Two investment analysts have rated the stock with a hold rating, seven have issued a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of C$184.54.

About Royal Bank of Canada

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.