Raymond James Financial (NYSE:RJF) Sets New 1-Year High – Here’s Why

Raymond James Financial, Inc. (NYSE:RJF) shares hit a new 52-week high during trading on Tuesday . The stock traded as high as $178.17 and last traded at $177.7860, with a volume of 261783 shares trading hands. The stock had previously closed at $173.60.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on RJF shares. Jefferies Financial Group decreased their price target on Raymond James Financial from $165.00 to $145.00 and set a “hold” rating for the company in a research note on Monday, April 6th. Argus boosted their target price on Raymond James Financial from $178.00 to $196.00 and gave the stock a “buy” rating in a research report on Thursday. BMO Capital Markets reaffirmed a “market perform” rating and set a $175.00 price target (up from $160.00) on shares of Raymond James Financial in a report on Thursday, July 23rd. Barclays boosted their price objective on shares of Raymond James Financial from $192.00 to $196.00 and gave the company an “overweight” rating in a report on Thursday, July 23rd. Finally, Citizens Jmp raised their target price on shares of Raymond James Financial from $200.00 to $205.00 and gave the stock a “market outperform” rating in a report on Thursday, July 23rd. Five research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat.com, Raymond James Financial presently has a consensus rating of “Hold” and a consensus target price of $181.00.

Raymond James Financial Stock Up 0.1%

The company has a current ratio of 1.07, a quick ratio of 1.05 and a debt-to-equity ratio of 0.44. The stock has a market cap of $33.98 billion, a P/E ratio of 15.20, a PEG ratio of 1.09 and a beta of 0.93. The company’s 50 day moving average price is $158.34 and its two-hundred day moving average price is $156.70.

Raymond James Financial (NYSE:RJF) last announced its earnings results on Wednesday, July 22nd. The financial services provider reported $3.14 EPS for the quarter, beating analysts’ consensus estimates of $2.91 by $0.23. Raymond James Financial had a net margin of 13.57% and a return on equity of 19.17%. The business had revenue of $3.93 billion during the quarter, compared to analysts’ expectations of $3.87 billion. During the same period in the prior year, the company earned $2.18 earnings per share. The firm’s revenue was up 15.6% on a year-over-year basis. Equities analysts forecast that Raymond James Financial, Inc. will post 12.04 earnings per share for the current year.

Raymond James Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Wednesday, July 1st were issued a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend was Wednesday, July 1st. Raymond James Financial’s dividend payout ratio (DPR) is currently 18.83%.

Insider Activity

In other Raymond James Financial news, insider Tashtego S. Elwyn sold 10,000 shares of the company’s stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $176.06, for a total value of $1,760,600.00. Following the completion of the sale, the insider owned 45,114 shares in the company, valued at $7,942,770.84. This represents a 18.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Steven M. Raney sold 5,770 shares of the firm’s stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $172.97, for a total value of $998,036.90. Following the completion of the transaction, the insider directly owned 43,046 shares in the company, valued at $7,445,666.62. This trade represents a 11.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.58% of the company’s stock.

Institutional Trading of Raymond James Financial

A number of hedge funds and other institutional investors have recently modified their holdings of RJF. Reflection Asset Management purchased a new position in shares of Raymond James Financial during the 4th quarter valued at $28,000. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Raymond James Financial during the fourth quarter valued at about $32,000. Hilton Head Capital Partners LLC purchased a new position in shares of Raymond James Financial in the fourth quarter valued at about $35,000. DV Equities LLC purchased a new position in shares of Raymond James Financial in the fourth quarter valued at about $40,000. Finally, Salomon & Ludwin LLC boosted its stake in shares of Raymond James Financial by 34.8% in the fourth quarter. Salomon & Ludwin LLC now owns 252 shares of the financial services provider’s stock worth $42,000 after acquiring an additional 65 shares during the period. 83.83% of the stock is owned by hedge funds and other institutional investors.

Raymond James Financial Company Profile

Raymond James Financial is a diversified financial services firm headquartered in St. Petersburg, Florida. Founded in 1962, the company provides a range of services to individual investors, businesses and institutions through a combination of wealth management, capital markets, investment banking, asset management, banking and trust services. Its business model centers on a network of financial advisors and broker-dealer operations that deliver personalized financial planning, investment advisory services and brokerage solutions.

The firm’s core offerings include private client wealth management delivered by independent and employee advisors, equity and fixed-income research, institutional sales and trading, and investment banking services such as mergers and acquisitions advisory and capital raising.