Raymond James Financial Inc. (NYSE:RJF)‘s stock had its “hold” rating restated by analysts at Nomura in a report released on Friday. They currently have a $62.00 target price on the stock. Nomura’s target price points to a potential upside of 9.44% from the company’s previous close.
Other equities research analysts have also recently issued research reports about the stock. Wells Fargo & Co. reaffirmed a “hold” rating on shares of Raymond James Financial in a report on Thursday, September 22nd. Zacks Investment Research cut shares of Raymond James Financial from a “buy” rating to a “hold” rating in a report on Wednesday, June 22nd. Finally, Credit Suisse Group AG set a $56.00 price target on shares of Raymond James Financial and gave the stock a “buy” rating in a report on Wednesday, July 20th. Six equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Raymond James Financial currently has a consensus rating of “Buy” and a consensus target price of $60.22.
Shares of Raymond James Financial (NYSE:RJF) traded up 2.22% during midday trading on Friday, hitting $57.91. The company’s stock had a trading volume of 161,733 shares. The stock’s 50 day moving average is $57.10 and its 200-day moving average is $52.70. Raymond James Financial has a 52-week low of $39.84 and a 52-week high of $59.81. The firm has a market cap of $8.17 billion, a P/E ratio of 17.29 and a beta of 1.50.
Raymond James Financial (NYSE:RJF) last posted its quarterly earnings results on Wednesday, July 20th. The company reported $0.93 EPS for the quarter, topping analysts’ consensus estimates of $0.90 by $0.03. The company had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.32 billion. Raymond James Financial had a net margin of 9.02% and a return on equity of 10.20%. Raymond James Financial’s revenue was up 2.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.91 EPS. Equities analysts predict that Raymond James Financial will post $3.51 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Stockholders of record on Monday, October 3rd will be issued a $0.20 dividend. The ex-dividend date of this dividend is Thursday, September 29th. This represents a $0.80 annualized dividend and a dividend yield of 1.41%. Raymond James Financial’s payout ratio is currently 23.88%.
In other news, insider Tashtego S. Elwyn sold 3,791 shares of the company’s stock in a transaction on Wednesday, August 17th. The shares were sold at an average price of $56.72, for a total value of $215,025.52. Following the transaction, the insider now owns 12,434 shares of the company’s stock, valued at $705,256.48. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Jeffrey P. Julien sold 18,600 shares of the company’s stock in a transaction on Thursday, September 1st. The stock was sold at an average price of $57.62, for a total transaction of $1,071,732.00. Following the completion of the transaction, the chief financial officer now directly owns 46,407 shares in the company, valued at approximately $2,673,971.34. The disclosure for this sale can be found here. 11.21% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Mason Street Advisors LLC purchased a new position in Raymond James Financial during the second quarter valued at $2,832,000. Public Employees Retirement System of Ohio boosted its position in Raymond James Financial by 0.6% in the second quarter. Public Employees Retirement System of Ohio now owns 164,178 shares of the company’s stock valued at $8,094,000 after buying an additional 1,018 shares during the last quarter. Sterling Capital Management LLC purchased a new position in Raymond James Financial during the second quarter valued at $227,000. Blue Chip Partners Inc. boosted its position in Raymond James Financial by 0.4% in the second quarter. Blue Chip Partners Inc. now owns 4,876 shares of the company’s stock valued at $240,000 after buying an additional 20 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. boosted its position in Raymond James Financial by 5.8% in the second quarter. Schwab Charles Investment Management Inc. now owns 384,487 shares of the company’s stock valued at $18,956,000 after buying an additional 21,148 shares during the last quarter. 70.38% of the stock is currently owned by hedge funds and other institutional investors.
Raymond James Financial Company Profile
Raymond James Financial, Inc, is a financial services company providing private client, capital markets, asset management, banking and other services to individuals, corporations and municipalities. The Company operates in five reportable segments: Private Client Group; Capital Markets; Asset Management; RJ Bank, and the Other Segment.
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