Royal Bank of Canada (TSE:RY – Get a rating) (NYSE:RY) announced a quarterly dividend on Thursday, February 24, RTT News reports. Shareholders of record on Monday, April 25 will receive a dividend of 1.20 per share from the financial services provider on Tuesday, May 24. This represents a dividend of $4.80 on an annualized basis and a dividend yield of 3.42%.
Royal Bank of Canada has increased its dividend by 17.1% over the past three years and has increased its dividend annually for the past 2 consecutive years. Royal Bank of Canada has a dividend payout ratio of 41.2%, which means its dividend is sufficiently covered by earnings.
RY stock opened at C$140.49 on Thursday. The company has a market capitalization of C$200.15 billion and a price-earnings ratio of 12.70. The company has a 50-day simple moving average of C$141.21 and a 200-day simple moving average of C$133.84. Royal Bank of Canada has a 52-week low of C$108.15 and a 52-week high of C$149.60.
Royal Bank of Canada (TSE:RY – Get a rating) (NYSE:RY) last reported quarterly earnings on Wednesday, December 1. The financial services provider reported earnings per share (EPS) of C$2.71 for the quarter, missing the consensus estimate of C$2.81 by C$0.10. The company posted revenue of C$12.38 billion in the quarter, while analysts had expected C$11.66 billion. As a group, stock analysts expect Royal Bank of Canada to post earnings per share of 11.9499989 for the current year.
Several equity analysts have recently commented on the stock. Scotiabank cut its price target on Royal Bank of Canada shares from C$149.00 to C$146.00 and set an ‘outperform’ rating for the stock in a Thursday research report December 2. CIBC raised its price target on Royal Bank of Canada shares from C$143.00 to C$152.00 and gave the company a “neutral” rating in a Thursday, Feb. 17 research note . Cormark lowered its price target on Royal Bank of Canada shares from C$147.00 to C$146.00 in a Thursday, Dec. 2 research note. TD Securities raised its price target on Royal Bank of Canada shares from C$150.00 to C$165.00 in a Tuesday, February 15 research note. Finally, Fundamental Research raised its price target on Royal Bank of Canada shares from C$143.76 to C$152.07 and gave the company a “buy” rating in a research note from the Tuesday, December 7. Three equity research analysts gave the stock a hold rating and eleven gave the company a buy rating. According to data from MarketBeat.com, Royal Bank of Canada has an average buy rating and an average target price of C$147.43.
In other Royal Bank of Canada news, Senior Officer Helena Gottschling sold 404 Royal Bank of Canada shares in a trade on Monday, January 24. The shares were sold at an average price of CA$141.43, for a total transaction of CA$57,139.70. Following the completion of the sale, the insider now owns 1,328 shares of the company, valued at approximately C$187,825.55. Additionally, director David Ian Mckay sold 4,077 shares of the company in a trade on Tuesday, February 22. The shares were sold at an average price of CA$141.68, for a total transaction of CA$577,611.83. As a result of the transaction, the administrator now owns 5,873 shares of the company, valued at approximately C$832,061.39. Insiders sold a total of 8,962 shares of the company valued at $1,268,461 over the past ninety days.
Profile of Royal Bank of Canada (Get a rating)
Royal Bank of Canada is a globally diversified financial services company. The Company’s Personal and Commercial Banking segment offers checking and savings accounts, home equity financing, personal loans, private banking, indirect loans, 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, commercial products and services to small and medium commercial enterprises.
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