Royal Bank of Canada (TSE:RY) Announces Dividend Increase – $0.91 Per Share

Royal Bank of Canada (TSE:RY) (NYSE:RY) declared a quarterly dividend on Wednesday, August 23rd, RTT News reports. Stockholders of record on Thursday, October 26th will be given a dividend of 0.91 per share by the financial services provider on Friday, November 24th. This represents a $3.64 dividend on an annualized basis and a dividend yield of 3.60%. The ex-dividend date of this dividend is Wednesday, October 25th. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $0.87.

Royal Bank of Canada (TSE:RY) opened at 101.17 on Friday. Royal Bank of Canada has a 12-month low of $81.82 and a 12-month high of $102.15. The stock’s 50 day moving average is $96.71 and its 200-day moving average is $94.52. The company has a market cap of $147.50 billion and a P/E ratio of 13.82.

A number of equities research analysts have recently commented on RY shares. Barclays PLC lifted their target price on Royal Bank of Canada from C$94.20 to C$96.00 in a research note on Friday, August 25th. Eight Capital lifted their target price on Royal Bank of Canada from C$102.00 to C$105.00 in a research note on Friday, August 25th. National Bank Financial lowered their target price on Royal Bank of Canada from C$101.00 to C$99.00 and set a “sector perform” rating on the stock in a research note on Thursday, August 24th. BMO Capital Markets reiterated a “market perform” rating and set a C$100.00 target price on shares of Royal Bank of Canada in a research note on Thursday, August 24th. Finally, Scotiabank cut Royal Bank of Canada from an “outperform” rating to a “sector perform” rating and lowered their target price for the stock from C$102.00 to C$100.00 in a research note on Monday, August 21st. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of C$99.75.

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In other news, insider Alex Douglas Mcgregor sold 10,000 shares of the business’s stock in a transaction dated Tuesday, September 19th. The stock was sold at an average price of C$93.10, for a total transaction of C$931,000.00. Also, insider Jennifer Anne Tory sold 344 shares of the business’s stock in a transaction dated Monday, October 23rd. The stock was sold at an average price of C$101.55, for a total value of C$34,933.20. Insiders have sold a total of 25,348 shares of company stock valued at $2,405,033 in the last ninety days.

Royal Bank of Canada Company Profile

Royal Bank of Canada (RBC), is a diversified financial services company. The Company provides personal and commercial banking, wealth management services, insurance, investor services and capital markets products and services on a global basis. The Company serves personal, business, public sector and institutional clients in Canada, the United States and approximately 40 other countries.

Dividend History for Royal Bank of Canada (TSE:RY)

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