Raymond James (NYSE:RJF) Earns Overweight Rating from Analysts at Wells Fargo & Company

Wells Fargo & Company assumed coverage on shares of Raymond James (NYSE:RJF) in a report issued on Thursday, Marketbeat Ratings reports. The firm issued an overweight rating and a $138.00 price objective on the financial services provider’s stock.

Several other research analysts have also recently weighed in on RJF. TD Cowen boosted their price objective on Raymond James from $130.00 to $133.00 and gave the stock a hold rating in a research report on Monday, July 8th. UBS Group cut their price objective on Raymond James from $138.00 to $135.00 and set a neutral rating on the stock in a research report on Tuesday, July 9th. Wolfe Research reaffirmed a peer perform rating on shares of Raymond James in a research report on Monday, July 8th. JPMorgan Chase & Co. dropped their price target on Raymond James from $137.00 to $135.00 and set an overweight rating on the stock in a research report on Thursday, July 25th. Finally, Jefferies Financial Group upped their price target on Raymond James from $122.00 to $123.00 and gave the company a hold rating in a research report on Monday, July 8th. Ten analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of Hold and a consensus price target of $130.70.

Raymond James Stock Up 0.8 %

RJF stock opened at $117.89 on Thursday. The stock’s fifty day simple moving average is $115.16 and its two-hundred day simple moving average is $120.29. The company has a current ratio of 1.02, a quick ratio of 0.99 and a debt-to-equity ratio of 0.41. Raymond James has a 1-year low of $91.67 and a 1-year high of $131.19. The stock has a market cap of $24.44 billion, a P/E ratio of 14.26, a P/E/G ratio of 0.79 and a beta of 1.02.

Raymond James (NYSE:RJF) last posted its quarterly earnings data on Wednesday, July 24th. The financial services provider reported $2.39 earnings per share for the quarter, topping the consensus estimate of $2.31 by $0.08. Raymond James had a return on equity of 18.44% and a net margin of 13.16%. The business had revenue of $3.23 billion for the quarter, compared to analysts’ expectations of $3.24 billion. During the same quarter in the previous year, the firm earned $1.85 earnings per share. The business’s revenue was up 11.1% on a year-over-year basis. Analysts expect that Raymond James will post 9.58 EPS for the current year.

Raymond James Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st will be paid a dividend of $0.45 per share. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.53%. Raymond James’s payout ratio is 21.77%.

Insider Activity at Raymond James

In related news, CEO Tashtego S. Elwyn sold 31,277 shares of the business’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $109.64, for a total transaction of $3,429,210.28. Following the sale, the chief executive officer now directly owns 35,380 shares in the company, valued at approximately $3,879,063.20. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Raymond James news, CEO Tashtego S. Elwyn sold 31,277 shares of the company’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $109.64, for a total value of $3,429,210.28. Following the transaction, the chief executive officer now directly owns 35,380 shares in the company, valued at approximately $3,879,063.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Bella Loykhter Allaire sold 17,363 shares of the company’s stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $115.00, for a total value of $1,996,745.00. Following the completion of the transaction, the executive vice president now owns 75,586 shares in the company, valued at $8,692,390. The disclosure for this sale can be found here. 9.74% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Raymond James

Institutional investors have recently added to or reduced their stakes in the business. Quarry LP bought a new position in Raymond James in the 2nd quarter worth about $29,000. Smithfield Trust Co increased its position in shares of Raymond James by 105.0% during the 1st quarter. Smithfield Trust Co now owns 246 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 126 shares during the last quarter. Covestor Ltd increased its position in shares of Raymond James by 77.0% during the 1st quarter. Covestor Ltd now owns 239 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 104 shares during the last quarter. OLD Point Trust & Financial Services N A bought a new position in shares of Raymond James during the 4th quarter valued at about $33,000. Finally, Future Financial Wealth Managment LLC bought a new position in shares of Raymond James during the 1st quarter valued at about $33,000. 83.83% of the stock is currently owned by institutional investors.

Raymond James Company Profile

Raymond James Financial, Inc, a financial holding company, through its subsidiaries, engages in the underwriting, distribution, trading, and brokerage of equity and debt securities, and the sale of mutual funds and other investment products in the United States, Canada, Europe, and internationally. The company operates through Private Client Group, Capital Markets, Asset Management, RJ Bank, and Other segments.