Director ditches shares at Canadian bank

More than $97,780 in stock sold by key figure at financial services company

ONE of the biggest providers of wealth management services in Canada has seen its director sell a large volume of stock.

David Ian McKay decided to dispose of 1,447 shares in Royal Bank of Canada with stocks sold at an average value of $67.57. That meant a total value of $97,780.74.

In addition, the company has announced that it will pay out a quarterly dividend to stockholders of $0.79. The dividend will be issued to those on record as of January 26 and will be paid out on February 24.
In recent months, the company has been the focus of several stock analyst reports.

For example, Scotiabank gave its shares a target price of $79 with an outperform rating; while Canaccord Genuity increased its own target price on the Royal Bank of Canada from $79 up to $81 during a report last week. Meanwhile, earlier this month, CIBC dropped its own target price on the firm from $83 to $80; while Bank of America Sec dropped its target price from $93 to $92 with a buy rating.

Over the last 12 months, Royal Bank of Canada had a low point of $64.95 with a high of $81.53.