Royal Bank of Canada (TSE:RY) Announces Dividend Increase – $1.48 Per Share

Royal Bank of Canada (TSE:RY) (NYSE:RY) declared a quarterly dividend on Monday, January 27th,RTT News reports. Stockholders of record on Monday, February 24th will be given a dividend of 1.48 per share by the financial services provider on Monday, February 24th. This represents a $5.92 annualized dividend and a dividend yield of 3.36%. The ex-dividend date is Monday, January 27th. This is a boost from Royal Bank of Canada’s previous quarterly dividend of $1.42.

Royal Bank of Canada Stock Up 0.2 %

Shares of RY opened at C$175.96 on Friday. The company has a market cap of C$248.10 billion, a P/E ratio of 15.59, a PEG ratio of 3.42 and a beta of 0.84. Royal Bank of Canada has a fifty-two week low of C$127.60 and a fifty-two week high of C$180.45. The firm’s 50 day moving average price is C$174.33 and its 200 day moving average price is C$165.96.

Insider Buying and Selling at Royal Bank of Canada

In other Royal Bank of Canada news, Senior Officer Douglas Antony Guzman sold 1,538 shares of the firm’s stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of C$177.09, for a total transaction of C$272,363.80. Following the transaction, the insider now directly owns 25 shares of the company’s stock, valued at approximately C$4,427.24. This trade represents a 98.40 % decrease in their position. Also, Senior Officer Graeme Ashley Hepworth sold 308 shares of the company’s stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of C$175.12, for a total transaction of C$53,938.25. Insiders sold 22,150 shares of company stock worth $3,882,024 over the last 90 days.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on RY shares. Barclays raised Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a research report on Thursday, November 21st. Canaccord Genuity Group raised their target price on shares of Royal Bank of Canada from C$188.00 to C$191.00 in a report on Thursday, December 5th. CIBC boosted their price target on shares of Royal Bank of Canada from C$167.00 to C$176.00 in a report on Tuesday, November 26th. BMO Capital Markets dropped their price objective on shares of Royal Bank of Canada from C$195.00 to C$193.00 in a research report on Thursday, December 5th. Finally, Scotiabank lifted their price objective on shares of Royal Bank of Canada from C$167.00 to C$197.00 in a research report on Monday, November 25th. Two investment analysts have rated the stock with a hold rating, six have issued a buy rating and three have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of C$176.58.

Royal Bank of Canada Company Profile

Royal Bank of Canada operates as a diversified financial service company worldwide. The company's Personal & Commercial Banking segment offers checking and savings accounts, home equity financing, personal lending, private banking, indirect lending, including auto financing, mutual funds and self-directed brokerage accounts, guaranteed investment certificates, credit cards, and payment products and solutions; and lending, leasing, deposit, investment, foreign exchange, cash management, auto dealer financing, trade products, and services to small and medium-sized commercial businesses.