Keefe, Bruyette & Woods Reiterates “C$316.00” Price Target for Royal Bank of Canada (TSE:RY)

Keefe, Bruyette & Woods set a C$316.00 price objective on Royal Bank of Canada (TSE:RY) (NYSE:RY) in a research report released on Friday morning,BayStreet.CA reports. The firm currently has a market perform rating on the financial services provider’s stock.

RY has been the subject of several other reports. Desjardins upped their price target on Royal Bank of Canada from C$275.00 to C$320.00 and gave the stock a “buy” rating in a research note on Wednesday, August 5th. Barclays increased their target price on shares of Royal Bank of Canada from C$245.00 to C$260.00 and gave the stock an “overweight” rating in a research report on Friday, May 29th. National Bank Financial raised their price target on shares of Royal Bank of Canada from C$271.00 to C$318.00 and gave the company an “outperform” rating in a report on Thursday, August 13th. Raymond James Financial boosted their price objective on shares of Royal Bank of Canada from C$270.50 to C$306.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 12th. Finally, Scotiabank raised their target price on shares of Royal Bank of Canada from C$275.00 to C$280.00 and gave the company a “sector outperform” rating in a research note on Tuesday, June 16th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of C$286.07.

Royal Bank of Canada Trading Down 0.3%

Shares of TSE:RY opened at C$282.37 on Friday. The firm has a market cap of C$392.40 billion, a price-to-earnings ratio of 18.36, a PEG ratio of 3.42 and a beta of 1.05. The stock’s 50-day moving average price is C$293.23 and its two-hundred day moving average price is C$259.06. Royal Bank of Canada has a 12-month low of C$188.54 and a 12-month high of C$306.38.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last announced its quarterly earnings results on Thursday, May 28th. The financial services provider reported C$3.90 earnings per share for the quarter. The company had revenue of C$17.45 billion for the quarter. Royal Bank of Canada had a net margin of 18.40% and a return on equity of 15.95%. As a group, research analysts forecast 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 disclosed a quarterly dividend, which will be paid on Monday, August 24th. Shareholders of record on Monday, August 24th will be paid a dividend of $1.76 per share. This is a boost from Royal Bank of Canada’s previous quarterly dividend of $1.64. The ex-dividend date is Monday, July 27th. This represents a $7.04 dividend on an annualized basis and a yield of 2.5%. Royal Bank of Canada’s payout ratio is 41.35%.

Insider Buying and Selling at Royal Bank of Canada

In other Royal Bank of Canada news, Director David Ian Mckay sold 133,130 shares of the stock in a transaction on Tuesday, June 23rd. The shares were sold at an average price of C$287.21, for a total transaction of C$38,236,267.30. Following the transaction, the director directly owned 5,873 shares in the company, valued at C$1,686,784.33. This represents a 95.77% decrease in their position. Also, insider Neil Mclaughlin sold 4,000 shares of the firm’s stock in a transaction 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. Insiders have sold a total of 324,096 shares of company stock valued at $92,616,003 in 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.