Raymond James Financial Inc. (NYSE:RJF) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.
According to Zacks, “Raymond James’ shares have outperformed the Zacks categorized Investment Brokers industry year to date. The company remains well positioned to grow via acquisitions, supported by a strong liquidity position. Notably, the acquisition of U.S. Private Client Services unit of Deutsche Asset & Wealth Management along with two announced deals are expected to aid the company expand its market share. However, elevated expenses due to regulatory changes and a highly competitive environment. Further, the financial reform law is expected to hurt its profitability in the near term.”
RJF has been the subject of a number of other reports. JMP Securities lowered shares of Raymond James Financial from an “outperform” rating to a “market perform” rating in a report on Friday, October 28th. They noted that the move was a valuation call. Nomura restated a “hold” rating and issued a $62.00 price objective on shares of Raymond James Financial in a report on Friday, September 30th. Wells Fargo & Co. restated a “hold” rating on shares of Raymond James Financial in a report on Thursday, September 22nd. Finally, Keefe, Bruyette & Woods lowered shares of Raymond James Financial from an “outperform” rating to a “market perform” rating and upped their price target for the company from $70.00 to $74.00 in a report on Monday. Seven investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $62.17.
Raymond James Financial (NYSE:RJF) opened at 73.99 on Wednesday. The firm has a 50 day moving average of $66.95 and a 200-day moving average of $58.01. Raymond James Financial has a 1-year low of $39.84 and a 1-year high of $74.70. The company has a market capitalization of $10.13 billion, a price-to-earnings ratio of 20.25 and a beta of 1.58.
Raymond James Financial (NYSE:RJF) last announced its quarterly earnings data on Wednesday, October 26th. The company reported $1.28 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.99 by $0.29. The firm earned $1.46 billion during the quarter. Raymond James Financial had a net margin of 9.59% and a return on equity of 11.26%. The company’s revenue was up 8.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.88 earnings per share. On average, equities research analysts anticipate that Raymond James Financial will post $4.32 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 17th. Shareholders of record on Tuesday, January 3rd will be given a dividend of $0.22 per share. This is an increase from Raymond James Financial’s previous quarterly dividend of $0.20. This represents a $0.88 dividend on an annualized basis and a yield of 1.19%. The ex-dividend date of this dividend is Thursday, December 29th. Raymond James Financial’s payout ratio is presently 21.86%.
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In other Raymond James Financial news, CEO Steven M. Raney sold 11,310 shares of the business’s stock in a transaction on Wednesday, December 7th. The shares were sold at an average price of $73.19, for a total transaction of $827,778.90. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Paul C. Reilly sold 50,000 shares of the business’s stock in a transaction on Tuesday, November 29th. The shares were sold at an average price of $71.26, for a total transaction of $3,563,000.00. Following the transaction, the chief executive officer now directly owns 125,052 shares in the company, valued at $8,911,205.52. The disclosure for this sale can be found here. Company insiders own 11.21% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Mizuho Asset Management Co. Ltd. increased its position in shares of Raymond James Financial by 148.0% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 2,026 shares of the company’s stock worth $100,000 after buying an additional 1,209 shares during the last quarter. Robecosam AG increased its stake in Raymond James Financial by 29.0% in the third quarter. Robecosam AG now owns 2,000 shares of the company’s stock worth $113,000 after buying an additional 450 shares in the last quarter. TLP Group LLC acquired a new stake in Raymond James Financial during the third quarter worth $133,000. Advisor Group Inc. acquired a new stake in Raymond James Financial during the second quarter worth $158,000. Finally, Tower Research Capital LLC TRC increased its stake in Raymond James Financial by 16.6% in the second quarter. Tower Research Capital LLC TRC now owns 3,333 shares of the company’s stock worth $165,000 after buying an additional 475 shares in the last quarter. 68.81% of the stock is currently owned by institutional investors and hedge funds.
About Raymond James Financial
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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