Raymond James (NYSE:RJF) Reaches New 1-Year High After Analyst Upgrade

Raymond James (NYSE:RJF)’s stock price hit a new 52-week high on Wednesday after TD Cowen raised their price target on the stock from $128.00 to $150.00. TD Cowen currently has a hold rating on the stock. Raymond James traded as high as $150.94 and last traded at $150.18, with a volume of 23841 shares traded. The stock had previously closed at $149.02.

RJF has been the topic of a number of other reports. Wells Fargo & Company increased their price target on shares of Raymond James from $140.00 to $152.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. UBS Group lowered their price target on shares of Raymond James from $138.00 to $135.00 and set a “neutral” rating on the stock in a report on Tuesday, July 9th. JPMorgan Chase & Co. lowered their price target on shares of Raymond James from $137.00 to $135.00 and set an “overweight” rating on the stock in a report on Thursday, July 25th. Morgan Stanley raised their target price on shares of Raymond James from $132.00 to $145.00 and gave the company an “equal weight” rating in a research note on Tuesday. Finally, Bank of America raised their target price on shares of Raymond James from $136.00 to $152.00 and gave the company a “buy” rating in a research note on Thursday, October 24th. Nine investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, Raymond James has an average rating of “Hold” and a consensus price target of $140.91.

Insider Buying and Selling at Raymond James

In other Raymond James news, CEO Tashtego S. Elwyn sold 31,277 shares of the stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $109.64, for a total transaction of $3,429,210.28. Following the transaction, the chief executive officer now directly owns 35,380 shares in the company, valued at $3,879,063.20. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 9.74% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Wolff Wiese Magana LLC grew its holdings in shares of Raymond James by 3,960.0% in the third quarter. Wolff Wiese Magana LLC now owns 203 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 198 shares during the last quarter. Quarry LP bought a new stake in Raymond James in the second quarter valued at $29,000. Covestor Ltd boosted its holdings in Raymond James by 77.0% in the first quarter. Covestor Ltd now owns 239 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 104 shares in the last quarter. Smithfield Trust Co boosted its holdings in Raymond James by 105.0% in the first quarter. Smithfield Trust Co now owns 246 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 126 shares in the last quarter. Finally, Future Financial Wealth Managment LLC bought a new stake in Raymond James in the third quarter valued at $32,000. Institutional investors own 83.83% of the company’s stock.

Raymond James Trading Up 0.0 %

The firm has a market cap of $30.70 billion, a P/E ratio of 15.35, a PEG ratio of 0.76 and a beta of 1.02. The firm’s fifty day moving average is $126.21 and its two-hundred day moving average is $121.82. The company has a quick ratio of 0.99, a current ratio of 1.02 and a debt-to-equity ratio of 0.41.

Raymond James (NYSE:RJF) last announced its quarterly earnings data on Wednesday, October 23rd. The financial services provider reported $2.95 EPS for the quarter, beating the consensus estimate of $2.41 by $0.54. Raymond James had a return on equity of 19.61% and a net margin of 13.86%. The business had revenue of $3.46 billion during the quarter, compared to analyst estimates of $3.32 billion. During the same quarter last year, the firm posted $2.13 earnings per share. The company’s revenue for the quarter was up 13.4% on a year-over-year basis. Analysts predict that Raymond James will post 10.32 earnings per share for the current fiscal year.

Raymond James Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 1st were issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.21%. The ex-dividend date was Tuesday, October 1st. Raymond James’s dividend payout ratio (DPR) is presently 18.54%.

About Raymond James

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.