Raymond James Financial, Inc. (RJF) Upgraded by Zacks Investment Research to “Buy”
Zacks Investment Research upgraded shares of Raymond James Financial, Inc. (NYSE:RJF) from a hold rating to a buy rating in a report released on Wednesday morning. Zacks Investment Research currently has $87.00 target price on the financial services provider’s stock.
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. Nevertheless, Raymond James’ capital deployment activities continue to gain investors’ confidence.”
Several other equities analysts also recently weighed in on RJF. BidaskClub downgraded Raymond James Financial from a strong-buy rating to a buy rating in a research report on Monday, July 31st. Nomura raised their price target on Raymond James Financial from $89.00 to $90.00 and gave the company a buy rating in a report on Thursday, July 13th. Keefe, Bruyette & Woods reissued a hold rating and set a $85.00 price target on shares of Raymond James Financial in a report on Tuesday. Instinet reissued a buy rating and set a $90.00 price target (up from $89.00) on shares of Raymond James Financial in a report on Thursday, July 13th. Finally, Wells Fargo & Company reissued a market perform rating and set a $85.00 price target (up from $82.50) on shares of Raymond James Financial in a report on Monday, June 12th. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average price target of $88.50.
Shares of Raymond James Financial (RJF) opened at 78.20 on Wednesday. The firm has a market capitalization of $11.24 billion, a price-to-earnings ratio of 18.60 and a beta of 1.65. The stock’s 50 day moving average price is $81.58 and its 200 day moving average price is $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 earnings results on Wednesday, July 26th. The financial services provider reported $1.26 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.24 by $0.02. The company had revenue of $1.62 billion for the quarter, compared to the consensus estimate of $1.61 billion. Raymond James Financial had a return on equity of 13.37% and a net margin of 9.78%. Raymond James Financial’s quarterly revenue was up 19.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.93 earnings per share. Equities research analysts expect that Raymond James Financial will post $5.07 earnings per share for the current year.
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The company also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Monday, October 2nd will be issued 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 (DPR) is 20.90%.
In other news, insider Bella Loykhter Allaire sold 4,000 shares of Raymond James Financial stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $82.83, for a total value of $331,320.00. Following the sale, the insider now directly 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 Securities & Exchange Commission, which is available at the SEC website. Also, CEO Paul C. Reilly sold 33,000 shares of Raymond James Financial stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $83.17, for a total value 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 $10,727,266.60. The disclosure for this sale can be found here. Insiders own 11.18% of the company’s stock.
Large investors have recently modified their holdings of the company. Gateway Investment Advisers LLC purchased a new stake in shares of Raymond James Financial during the first quarter valued at about $759,000. State of Alaska Department of Revenue purchased a new stake in shares of Raymond James Financial during the first quarter valued at about $323,000. Mn Services Vermogensbeheer B.V. boosted its stake in shares of Raymond James Financial by 6.1% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 3,408 shares of the financial services provider’s stock valued at $243,000 after buying an additional 197 shares during the period. ProShare Advisors LLC boosted its stake in shares of Raymond James Financial by 0.6% in the first quarter. ProShare Advisors LLC now owns 29,433 shares of the financial services provider’s stock valued at $2,245,000 after buying an additional 173 shares during the period. Finally, Independent Portfolio Consultants Inc. boosted its stake in shares of Raymond James Financial by 2.3% in the first quarter. Independent Portfolio Consultants Inc. now owns 1,805 shares of the financial services provider’s stock valued at $138,000 after buying an additional 40 shares during the period. 70.03% of the stock is currently owned by hedge funds and other institutional investors.
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.
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