Royal Bank of Canada (TSE:RY) Price Target Cut to C$191.00 by Analysts at Scotiabank

Royal Bank of Canada (TSE:RY) (NYSE:RY) had its target price reduced by Scotiabank from C$197.00 to C$191.00 in a research note issued to investors on Thursday morning,BayStreet.CA reports. They currently have an outperform rating on the financial services provider’s stock.

Several other equities research analysts have also recently issued reports on RY. BMO Capital Markets reduced their target price on Royal Bank of Canada from C$195.00 to C$193.00 in a report on Thursday, December 5th. Barclays upgraded Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a research report on Thursday, November 21st. Canaccord Genuity Group lifted their price target on Royal Bank of Canada from C$188.00 to C$191.00 in a research report on Thursday, December 5th. National Bankshares lifted their price target on Royal Bank of Canada from C$181.00 to C$188.00 in a research report on Thursday, December 5th. Finally, Jefferies Financial Group dropped their price target on Royal Bank of Canada from C$197.00 to C$192.00 in a research report on Tuesday. Two equities research analysts have rated the stock with a hold rating, six have given a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of C$180.50.

Royal Bank of Canada Trading Down 1.2 %

Shares of RY stock opened at C$169.40 on Thursday. Royal Bank of Canada has a 12-month low of C$130.44 and a 12-month high of C$180.45. The stock’s 50-day moving average price is C$173.09 and its 200-day moving average price is C$168.83. The stock has a market capitalization of C$239.70 billion, a price-to-earnings ratio of 14.76, a price-to-earnings-growth ratio of 3.42 and a beta of 0.84.

Royal Bank of Canada Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, February 24th. Shareholders of record on Monday, February 24th will be given a dividend of $1.48 per share. This represents a $5.92 annualized dividend and a dividend yield of 3.49%. The ex-dividend date is Monday, January 27th. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $1.42. Royal Bank of Canada’s payout ratio is 49.49%.

Insider Buying and Selling at Royal Bank of Canada

In other news, Senior Officer Douglas Antony Guzman sold 1,538 shares of Royal Bank of Canada stock in a transaction that occurred 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 completion of the sale, the insider now owns 25 shares of the company’s stock, valued at approximately C$4,427.24. The trade was a 98.40 % decrease in their ownership of the stock. Also, Director David Ian Mckay sold 20,304 shares of Royal Bank of Canada stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of C$175.12, for a total transaction of C$3,555,721.76. Insiders sold 22,150 shares of company stock worth $3,882,024 over the last 90 days.

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.