“We think this sets RJF up to have a pretty solid F4Q. We are leaving our EPS estimates unchanged for now (FY2016E = $3.50; FY2017E = $4.10; FY2018E = $4.40) but believe the growth in client assets alone is bullish for the outlook.”,” the firm’s analyst commented.
RJF has been the subject of a number of other reports. Zacks Investment Research upgraded shares of Raymond James Financial from a sell rating to a hold rating and set a $65.00 price objective for the company in a research report on Monday, September 5th. Credit Suisse Group AG set a $56.00 price objective on shares of Raymond James Financial and gave the stock a buy rating in a research report on Wednesday, July 20th. Finally, Nomura restated a hold rating on shares of Raymond James Financial in a research report on Monday, July 11th. Six research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The company has a consensus rating of Buy and an average target price of $60.90.
Shares of Raymond James Financial (NYSE:RJF) opened at 58.65 on Thursday. Raymond James Financial has a 52-week low of $39.84 and a 52-week high of $59.81. The firm has a 50-day moving average of $56.86 and a 200 day moving average of $52.30. The stock has a market capitalization of $8.28 billion, a PE ratio of 17.51 and a beta of 1.50.
Raymond James Financial (NYSE:RJF) last posted its quarterly earnings data on Wednesday, July 20th. The company reported $0.93 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.90 by $0.03. The company earned $1.36 billion during 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%. The firm’s revenue for the quarter was up 2.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.91 earnings per share. Equities research analysts forecast that Raymond James Financial will post $3.51 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 17th. Investors of record on Monday, October 3rd will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.36%. The ex-dividend date is Thursday, September 29th. Raymond James Financial’s payout ratio is currently 23.88%.
In related news, CFO Jeffrey P. Julien sold 18,600 shares of the firm’s stock in a transaction dated Thursday, September 1st. The shares were sold at an average price of $57.62, for a total transaction of $1,071,732.00. Following the completion of the sale, the chief financial officer now directly owns 46,407 shares in the company, valued at $2,673,971.34. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider George Catanese sold 4,158 shares of the firm’s stock in a transaction dated Monday, July 25th. The stock was sold at an average price of $53.89, for a total transaction of $224,074.62. Following the sale, the insider now owns 8,739 shares of the company’s stock, valued at $470,944.71. The disclosure for this sale can be found here. Corporate insiders own 11.21% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in RJF. Mizuho Asset Management Co. Ltd. raised 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 valued at $100,000 after buying an additional 1,209 shares during the period. Advisor Group Inc. bought a new position in shares of Raymond James Financial during the second quarter valued at $158,000. Tower Research Capital LLC TRC raised its position in shares of 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 valued at $165,000 after buying an additional 475 shares during the period. Creative Planning raised its position in shares of Raymond James Financial by 4.6% in the second quarter. Creative Planning now owns 3,378 shares of the company’s stock valued at $167,000 after buying an additional 149 shares during the period. Finally, Strs Ohio raised its position in shares of Raymond James Financial by 44.8% in the second quarter. Strs Ohio now owns 3,560 shares of the company’s stock valued at $175,000 after buying an additional 1,101 shares during the period. 70.38% of the stock is owned by institutional investors.
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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