Royal Bank of Canada (RY) Given Average Recommendation of “Buy” by Brokerages

Royal Bank of Canada (TSE:RY) (NYSE:RY) has received a consensus recommendation of “Hold” from the ten research firms that are currently covering the company, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold recommendation and one has assigned a buy recommendation to the company. The average 1-year target price among brokers that have covered the stock in the last year is C$111.80.

Several research analysts have issued reports on RY shares. National Bank Financial increased their price target on Royal Bank of Canada from C$109.00 to C$111.00 and gave the stock an “outperform” rating in a report on Thursday, August 23rd. CIBC increased their price target on Royal Bank of Canada from C$109.00 to C$110.00 in a report on Thursday, August 23rd. BMO Capital Markets increased their price target on Royal Bank of Canada from C$106.00 to C$110.00 and gave the stock a “market perform” rating in a report on Thursday, August 23rd. Finally, Eight Capital increased their price target on Royal Bank of Canada from C$119.00 to C$122.00 in a report on Thursday, August 23rd.

TSE RY opened at C$99.66 on Wednesday. Royal Bank of Canada has a one year low of C$96.00 and a one year high of C$108.52.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last released its earnings results on Wednesday, August 22nd. The financial services provider reported C$2.14 EPS for the quarter, topping the consensus estimate of C$2.11 by C$0.03. Royal Bank of Canada had a return on equity of 16.49% and a net margin of 26.17%. The business had revenue of C$11.03 billion during the quarter, compared to analysts’ expectations of C$10.75 billion.

The company also recently declared a quarterly dividend, which will be paid on Friday, November 23rd. Shareholders of record on Thursday, October 25th will be issued a $0.98 dividend. The ex-dividend date is Wednesday, October 24th. This represents a $3.92 annualized dividend and a yield of 3.93%. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $0.94.

In other news, insider Alex Douglas Mcgregor sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 28th. The stock was sold at an average price of C$104.04, for a total value of C$2,080,800.00. Also, Director David Ian Mckay sold 10,282 shares of the firm’s stock in a transaction that occurred on Monday, September 24th. The shares were sold at an average price of C$104.14, for a total value of C$1,070,767.48. In the last 90 days, insiders bought 900 shares of company stock worth $71,112 and sold 64,084 shares worth $6,627,327.

About Royal Bank of Canada

Royal Bank of Canada, together with its subsidiaries, operates as a diversified financial service company worldwide. The company's Personal & Commercial Banking segment offers personal and business banking services, as well as auto financing and retail investment products. This segment also provides a suite of financial products and services to individual, business clients, and public institutions through its branch, automated teller machines, online, mobile, and telephone banking networks, as well as through sales professionals.

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Analyst Recommendations for Royal Bank of Canada (TSE:RY)

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