Zacks Investment Research downgraded shares of Raymond James Financial, Inc. (NYSE:RJF) from a buy rating to a hold rating in a research report sent to investors on Tuesday morning.

According to Zacks, “Shares of Raymond James have outperformed the industry over the past three months. This performance was supported by the company’s impressive earnings surprise history. It surpassed the Zacks Consensus Estimate for earnings in all the trailing four quarters. The company remains well positioned to grow via acquisitions. In April, it announced a deal to acquire Scout Investments and Reams Asset Management division. In 2016, the company acquired U.S. Private Client Services unit of Deutsche Asset & Wealth Management, which along with the prior transactions should help in expanding its market share. However, elevated expenses and concentration risks arising from significant dependence on U.S. operations for revenues remain major concerns for the company.”

Other research analysts have also recently issued reports about the stock. Nomura reissued a buy rating and issued a $94.00 price objective on shares of Raymond James Financial in a research note on Tuesday, May 2nd. BidaskClub raised shares of Raymond James Financial from a buy rating to a strong-buy rating in a research note on Saturday, July 1st. Instinet decreased their target price on shares of Raymond James Financial to $89.00 and set a buy rating on the stock in a research note on Thursday, May 25th. Keefe, Bruyette & Woods reaffirmed a hold rating and set a $85.00 target price on shares of Raymond James Financial in a research note on Monday, June 26th. Finally, Wells Fargo & Company reaffirmed a market perform rating and set a $85.00 target price (up previously from $82.50) on shares of Raymond James Financial in a research note on Monday, June 12th. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Raymond James Financial has a consensus rating of Hold and a consensus price target of $87.50.

Raymond James Financial (NYSE RJF) opened at 77.54 on Tuesday. The firm has a market cap of $11.14 billion, a price-to-earnings ratio of 18.44 and a beta of 1.65. The stock has a 50 day moving average price of $81.58 and a 200 day moving average price of $77.79. Raymond James Financial has a 12 month low of $56.06 and a 12 month high of $85.97.

Raymond James Financial (NYSE:RJF) last released its quarterly earnings results on Wednesday, July 26th. The financial services provider reported $1.26 earnings per share for the quarter, beating analysts’ consensus estimates of $1.24 by $0.02. Raymond James Financial had a net margin of 9.78% and a return on equity of 13.37%. The company had revenue of $1.62 billion during the quarter, compared to the consensus estimate of $1.61 billion. During the same period in the previous year, the business earned $0.93 earnings per share. The firm’s quarterly revenue was up 19.5% on a year-over-year basis. On average, equities analysts expect that Raymond James Financial will post $5.07 earnings per share for the current fiscal year.

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The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Monday, October 2nd will be paid a $0.22 dividend. The ex-dividend date is Friday, September 29th. This represents a $0.88 annualized dividend and a dividend yield of 1.13%. Raymond James Financial’s dividend payout ratio is 20.90%.

In related news, insider Bella Loykhter Allaire sold 4,000 shares of the business’s stock in a transaction on Monday, July 31st. The shares were sold at an average price of $82.83, for a total value of $331,320.00. Following the sale, the insider now owns 37,513 shares of the company’s stock, valued at $3,107,201.79. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Paul C. Reilly sold 33,000 shares of the business’s stock in a transaction on Tuesday, August 8th. The stock was sold at an average price of $83.17, for a total transaction of $2,744,610.00. Following the completion of the sale, the chief executive officer now directly owns 128,980 shares in the company, valued at approximately $10,727,266.60. The disclosure for this sale can be found here. Insiders own 11.18% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in RJF. BlackRock Inc. raised its position in Raymond James Financial by 3,818.6% in the first quarter. BlackRock Inc. now owns 8,358,285 shares of the financial services provider’s stock valued at $637,402,000 after buying an additional 8,144,989 shares during the last quarter. Vanguard Group Inc. raised its position in Raymond James Financial by 24.4% in the first quarter. Vanguard Group Inc. now owns 12,571,840 shares of the financial services provider’s stock valued at $958,728,000 after buying an additional 2,462,838 shares during the last quarter. State Street Corp raised its position in Raymond James Financial by 44.2% in the first quarter. State Street Corp now owns 5,930,879 shares of the financial services provider’s stock valued at $452,297,000 after buying an additional 1,819,172 shares during the last quarter. BT Investment Management Ltd purchased a new position in Raymond James Financial during the second quarter valued at about $98,773,000. Finally, Westpac Banking Corp raised its position in Raymond James Financial by 6,501.9% in the first quarter. Westpac Banking Corp now owns 1,156,979 shares of the financial services provider’s stock valued at $96,770,000 after buying an additional 1,139,454 shares during the last quarter. Institutional investors and hedge funds own 70.03% of the company’s stock.

About Raymond James Financial

Raymond James Financial, Inc (RJF) is a financial holding company. The Company’s subsidiaries include Raymond James & Associates, Inc (RJ&A), Raymond James Financial Services, Inc (RJFS), Raymond James Financial Services Advisors, Inc (RJFSA), Raymond James Ltd. (RJ Ltd.), Eagle Asset Management, Inc (Eagle), and Raymond James Bank, N.A.

Analyst Recommendations for Raymond James Financial (NYSE:RJF)

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