Raymond James (NYSE:RJF) Hits New 52-Week High on Earnings Beat

Raymond James (NYSE:RJF) shares reached a new 52-week high during trading on Thursday following a better than expected earnings announcement. The stock traded as high as $147.80 and last traded at $147.80, with a volume of 43586 shares trading hands. The stock had previously closed at $137.36.

The financial services provider reported $2.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.41 by $0.54. The firm had revenue of $3.46 billion for the quarter, compared to analysts’ expectations of $3.32 billion. Raymond James had a return on equity of 18.44% and a net margin of 13.16%. The company’s revenue for the quarter was up 13.4% compared to the same quarter last year. During the same period in the prior year, the business earned $2.13 EPS.

Raymond James Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders 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 1.22%. The ex-dividend date was Tuesday, October 1st. Raymond James’s payout ratio is 20.29%.

Wall Street Analysts Forecast Growth

RJF has been the topic of a number of research analyst reports. Bank of America increased their price target on Raymond James from $136.00 to $152.00 and gave the stock a “buy” rating in a report on Thursday. Wolfe Research restated a “peer perform” rating on shares of Raymond James in a report on Monday, July 8th. Jefferies Financial Group increased their target price on Raymond James from $123.00 to $126.00 and gave the stock a “hold” rating in a report on Friday, October 4th. JMP Securities increased their target price on Raymond James from $146.00 to $150.00 and gave the stock a “market outperform” rating in a report on Thursday. Finally, JPMorgan Chase & Co. cut their target price on Raymond James from $137.00 to $135.00 and set an “overweight” rating on the stock in a report on Thursday, July 25th. Nine investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Raymond James presently has an average rating of “Hold” and a consensus price target of $137.36.

Insider Buying and Selling at Raymond James

In other Raymond James news, CEO Tashtego S. Elwyn sold 31,277 shares of the firm’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 transaction, the chief executive officer now directly owns 35,380 shares in the company, valued at approximately $3,879,063.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Bella Loykhter Allaire sold 17,363 shares of the firm’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $115.00, for a total transaction of $1,996,745.00. Following the completion of the sale, the executive vice president now directly owns 75,586 shares of the company’s stock, valued at $8,692,390. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Tashtego S. Elwyn sold 31,277 shares of the firm’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $109.64, for a total value of $3,429,210.28. Following the sale, the chief executive officer now directly owns 35,380 shares of the company’s stock, valued at approximately $3,879,063.20. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 9.74% of the company’s stock.

Institutional Investors Weigh In On Raymond James

Large investors have recently made changes to their positions in the business. Heritage Wealth Advisors increased its holdings in Raymond James by 3,480.7% in the 1st quarter. Heritage Wealth Advisors now owns 488,258 shares of the financial services provider’s stock worth $62,702,000 after acquiring an additional 474,622 shares during the last quarter. AGF Management Ltd. increased its holdings in Raymond James by 17.2% in the 2nd quarter. AGF Management Ltd. now owns 2,580,467 shares of the financial services provider’s stock worth $318,972,000 after acquiring an additional 378,033 shares during the last quarter. SG Americas Securities LLC increased its holdings in Raymond James by 820.2% in the 1st quarter. SG Americas Securities LLC now owns 197,695 shares of the financial services provider’s stock worth $25,388,000 after acquiring an additional 176,210 shares during the last quarter. Avity Investment Management Inc. purchased a new stake in Raymond James in the 1st quarter worth about $18,548,000. Finally, Earnest Partners LLC increased its holdings in Raymond James by 5.9% in the 1st quarter. Earnest Partners LLC now owns 2,468,196 shares of the financial services provider’s stock worth $316,966,000 after acquiring an additional 138,075 shares during the last quarter. 83.83% of the stock is owned by hedge funds and other institutional investors.

Raymond James Trading Up 7.3 %

The firm has a fifty day moving average of $123.66 and a two-hundred day moving average of $121.26. The company has a market cap of $30.35 billion, a PE ratio of 16.61, a price-to-earnings-growth ratio of 0.95 and a beta of 1.02. The company has a current ratio of 1.02, a quick ratio of 0.99 and a debt-to-equity ratio of 0.41.

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.