Scotiabank Lowers Royal Bank of Canada (TSE:RY) Price Target to C$191.00

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

RY has been the subject of a number of other research reports. National Bankshares boosted their price objective on shares of Royal Bank of Canada from C$181.00 to C$188.00 in a research note on Thursday, December 5th. BMO Capital Markets reduced their price objective on shares of Royal Bank of Canada from C$195.00 to C$193.00 in a research note on Thursday, December 5th. Canaccord Genuity Group boosted their price objective on shares of Royal Bank of Canada from C$188.00 to C$191.00 in a research note on Thursday, December 5th. TD Securities downgraded shares of Royal Bank of Canada from a “buy” rating to a “hold” rating and boosted their price objective for the stock from C$178.00 to C$180.00 in a research note on Friday, November 15th. Finally, UBS Group reduced their price target on Royal Bank of Canada from C$200.00 to C$192.00 in a research report on Friday, February 14th. Two investment analysts have rated the stock with a hold rating, six have assigned a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of C$180.50.

Royal Bank of Canada Stock Down 1.2 %

Shares of TSE:RY opened at C$169.40 on Thursday. The company 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 has a 52 week low of C$130.44 and a 52 week high of C$180.45. The firm has a 50 day moving average of C$173.09 and a 200 day moving average of C$168.83.

Royal Bank of Canada Increases Dividend

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

Insider Buying and Selling

In other news, Senior Officer Graeme Ashley Hepworth sold 308 shares of the company’s stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of C$175.12, for a total value of C$53,938.25. Also, Director David Ian Mckay sold 20,304 shares of the firm’s stock in a transaction on Wednesday, January 22nd. The stock was 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 in the last 90 days.

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.