Raymond James (NYSE:RJF) Price Target Raised to $170.00

Raymond James (NYSE:RJF) had its price target hoisted by Keefe, Bruyette & Woods from $143.00 to $170.00 in a report published on Friday,Benzinga reports. They currently have a market perform rating on the financial services provider’s stock.

Other analysts also recently issued research reports about the stock. Wells Fargo & Company restated an “equal weight” rating and set a $169.00 price objective (up previously from $152.00) on shares of Raymond James in a research report on Thursday, December 12th. The Goldman Sachs Group raised their price target on Raymond James from $125.00 to $142.00 and gave the stock a “neutral” rating in a research note on Thursday, October 24th. JMP Securities lifted their target price on shares of Raymond James from $146.00 to $150.00 and gave the company a “market outperform” rating in a report on Thursday, October 24th. TD Cowen upped their price target on shares of Raymond James from $128.00 to $150.00 and gave the company a “hold” rating in a research report on Wednesday, October 30th. Finally, Jefferies Financial Group raised their price objective on shares of Raymond James from $123.00 to $126.00 and gave the stock a “hold” rating in a research report on Friday, October 4th. Ten investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $146.00.

Raymond James Price Performance

Raymond James stock opened at $155.05 on Friday. The stock has a market cap of $31.64 billion, a P/E ratio of 15.97, a price-to-earnings-growth ratio of 0.91 and a beta of 1.00. The company has a fifty day simple moving average of $155.28 and a 200-day simple moving average of $131.25. The company has a current ratio of 1.02, a quick ratio of 1.00 and a debt-to-equity ratio of 0.37. Raymond James has a 12-month low of $104.24 and a 12-month high of $171.38.

Raymond James (NYSE:RJF) last released its quarterly earnings data on Wednesday, October 23rd. The financial services provider reported $2.95 EPS for the quarter, beating analysts’ consensus estimates of $2.41 by $0.54. The business had revenue of $3.46 billion for the quarter, compared to the consensus estimate of $3.32 billion. Raymond James had a return on equity of 19.30% and a net margin of 13.86%. The business’s revenue for the quarter was up 13.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.13 EPS. Equities analysts expect that Raymond James will post 10.85 EPS for the current fiscal year.

Raymond James Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 16th. Investors of record on Thursday, January 2nd will be issued a dividend of $0.50 per share. This is a boost from Raymond James’s previous quarterly dividend of $0.45. This represents a $2.00 annualized dividend and a yield of 1.29%. The ex-dividend date of this dividend is Thursday, January 2nd. Raymond James’s dividend payout ratio is currently 20.60%.

Insider Buying and Selling at Raymond James

In other news, insider Bella Loykhter Allaire sold 1,170 shares of the stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $169.43, for a total value of $198,233.10. Following the completion of the transaction, the insider now owns 80,421 shares in the company, valued at $13,625,730.03. This trade represents a 1.43 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Tashtego S. Elwyn sold 10,000 shares of the business’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $159.47, for a total transaction of $1,594,700.00. Following the sale, the insider now directly owns 32,688 shares in the company, valued at approximately $5,212,755.36. This represents a 23.43 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 64,621 shares of company stock valued at $10,729,488. 9.74% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Raymond James

Hedge funds have recently bought and sold shares of the company. Franklin Resources Inc. increased its holdings in Raymond James by 1.6% during the 3rd quarter. Franklin Resources Inc. now owns 568,070 shares of the financial services provider’s stock valued at $73,940,000 after acquiring an additional 9,217 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its stake in shares of Raymond James by 1.5% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 473,140 shares of the financial services provider’s stock worth $57,941,000 after purchasing an additional 7,028 shares in the last quarter. Banque Cantonale Vaudoise acquired a new position in shares of Raymond James during the 3rd quarter worth approximately $3,561,000. XTX Topco Ltd lifted its stake in Raymond James by 390.7% in the 2nd quarter. XTX Topco Ltd now owns 8,351 shares of the financial services provider’s stock valued at $1,032,000 after buying an additional 6,649 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its holdings in Raymond James by 109.3% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 111,462 shares of the financial services provider’s stock valued at $13,778,000 after buying an additional 58,200 shares during the last quarter. 83.83% of the stock is owned by hedge funds and other institutional investors.

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.