Royal Bank of Canada (TSE:RY – Get Free Report) (NYSE:RY)’s stock price passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of C$129.62 and traded as high as C$139.65. Royal Bank of Canada shares last traded at C$138.65, with a volume of 7,237,381 shares changing hands.
Wall Street Analysts Forecast Growth
Several equities analysts have weighed in on RY shares. Scotiabank increased their target price on Royal Bank of Canada from C$140.00 to C$143.00 and gave the company an “outperform” rating in a research note on Tuesday, February 20th. Canaccord Genuity Group raised their price target on Royal Bank of Canada from C$142.00 to C$146.00 and gave the stock a “buy” rating in a research report on Thursday, February 29th. BMO Capital Markets raised Royal Bank of Canada from a “market perform” rating to an “outperform” rating and raised their price target for the stock from C$140.00 to C$150.00 in a research report on Friday, April 5th. Finally, CIBC dropped their price target on Royal Bank of Canada from C$140.00 to C$135.00 and set a “neutral” rating on the stock in a research report on Friday, March 8th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of C$137.65.
Get Our Latest Report on Royal Bank of Canada
Royal Bank of Canada Stock Performance
Royal Bank of Canada (TSE:RY – Get Free Report) (NYSE:RY) last released its earnings results on Wednesday, February 28th. The financial services provider reported C$2.85 earnings per share for the quarter, beating analysts’ consensus estimates of C$2.79 by C$0.06. The firm had revenue of C$13.49 billion during the quarter, compared to the consensus estimate of C$13.65 billion. Royal Bank of Canada had a return on equity of 13.66% and a net margin of 28.61%. On average, sell-side analysts forecast that Royal Bank of Canada will post 11.3055556 earnings per share for the current fiscal year.
Royal Bank of Canada Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 24th. Investors of record on Thursday, April 25th will be given a dividend of $1.38 per share. The ex-dividend date of this dividend is Wednesday, April 24th. This represents a $5.52 annualized dividend and a dividend yield of 3.98%. Royal Bank of Canada’s dividend payout ratio is currently 51.25%.
About Royal Bank of Canada
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.
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