Raymond James Financial (NYSE:RJF) Price Target Raised to $185.00

Raymond James Financial (NYSE:RJF) had its target price lifted by JPMorgan Chase & Co. from $179.00 to $185.00 in a report issued on Monday,Benzinga reports. They currently have a neutral rating on the financial services provider’s stock.

RJF has been the topic of a number of other reports. UBS Group set a $184.00 price target on shares of Raymond James Financial and gave the stock a “neutral” rating in a research report on Monday, July 27th. Citigroup reiterated a “market outperform” rating on shares of Raymond James Financial in a report on Thursday, July 23rd. Bank of America reissued a “neutral” rating and issued a $198.00 target price (up from $196.00) on shares of Raymond James Financial in a research note on Monday. Citizens Jmp boosted their target price on Raymond James Financial from $200.00 to $205.00 and gave the stock a “market outperform” rating in a report on Thursday, July 23rd. Finally, TD Cowen dropped their price target on Raymond James Financial from $161.00 to $160.00 and set a “hold” rating for the company in a research report on Tuesday, September 1st. Five analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. According to MarketBeat.com, Raymond James Financial currently has a consensus rating of “Hold” and a consensus target price of $180.77.

Raymond James Financial Trading Down 1.3%

Shares of RJF stock opened at $157.38 on Monday. The stock’s fifty day moving average is $171.74 and its two-hundred day moving average is $160.68. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.03 and a current ratio of 1.06. The firm has a market capitalization of $30.27 billion, a P/E ratio of 13.72, a PEG ratio of 0.89 and a beta of 0.94. Raymond James Financial has a fifty-two week low of $138.82 and a fifty-two week high of $182.73.

Raymond James Financial (NYSE:RJF) last announced its earnings results on Wednesday, July 22nd. The financial services provider reported $3.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.91 by $0.23. The company had revenue of $3.93 billion for the quarter, compared to analysts’ expectations of $3.87 billion. Raymond James Financial had a net margin of 13.57% and a return on equity of 19.07%. The firm’s quarterly revenue was up 15.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.18 EPS. Research analysts expect that Raymond James Financial will post 12.13 earnings per share for the current fiscal year.

Raymond James Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Thursday, October 1st will be given a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend is Thursday, October 1st. Raymond James Financial’s dividend payout ratio (DPR) is presently 18.83%.

Insider Activity at Raymond James Financial

In other Raymond James Financial news, insider Steven M. Raney sold 5,770 shares of Raymond James Financial stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $172.97, for a total transaction of $998,036.90. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Bella Allaire sold 7,500 shares of Raymond James Financial stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $177.60, for a total transaction of $1,332,000.00. Following the sale, the insider owned 46,086 shares of the company’s stock, valued at approximately $8,184,873.60. This represents a 14.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 23,270 shares of company stock worth $4,090,637. Company insiders own 0.58% of the company’s stock.

Hedge Funds Weigh In On Raymond James Financial

Several large investors have recently made changes to their positions in RJF. BlackRock Inc. purchased a new position in shares of Raymond James Financial during the second quarter worth $2,180,699,000. Primecap Management Co. CA purchased a new stake in shares of Raymond James Financial in the 2nd quarter valued at $1,405,145,000. Bank of America Corp DE purchased a new stake in shares of Raymond James Financial in the 2nd quarter valued at $360,592,000. Bank of New York Mellon Corp acquired a new position in Raymond James Financial during the 2nd quarter worth about $182,254,000. Finally, Legal & General Group Plc acquired a new position in Raymond James Financial during the 2nd quarter worth about $181,811,000. 83.83% of the stock is currently owned by institutional investors and hedge funds.

Raymond James Financial Company Profile

Raymond James Financial, Inc is a diversified financial services company headquartered in St. Petersburg, Florida. Through its subsidiaries and affiliated advisors, the company provides wealth management, investment banking, capital markets, asset management, and banking services to individuals, corporations, institutions, and municipalities.

Its wealth management operations serve clients through employee advisors and independent financial advisors, offering investment planning, brokerage, retirement planning, insurance, and related advisory services.