Raymond James (NYSE:RJF) Sets New 52-Week High After Analyst Upgrade

Shares of Raymond James (NYSE:RJF) reached a new 52-week high during trading 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 changing hands. The stock had previously closed at $149.02.

A number of other analysts have also recently weighed in on RJF. Morgan Stanley raised their price objective on Raymond James from $132.00 to $145.00 and gave the stock an “equal weight” rating in a research report on Tuesday. JMP Securities upped their price objective 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. UBS Group lowered their target price on shares of Raymond James from $138.00 to $135.00 and set a “neutral” rating for the company in a research note on Tuesday, July 9th. Wolfe Research restated a “peer perform” rating on shares of Raymond James in a research note on Monday, July 8th. Finally, The Goldman Sachs Group boosted their price objective on shares of Raymond James from $125.00 to $142.00 and gave the company a “neutral” rating in a report on Thursday, October 24th. Nine analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $140.91.

Insider Buying and Selling at Raymond James

In other news, CEO Tashtego S. Elwyn sold 31,277 shares of the stock in a transaction dated 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 completion of the sale, the chief executive officer now directly owns 35,380 shares in the company, valued at $3,879,063.20. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 9.74% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Raymond James

A number of hedge funds have recently modified their holdings of RJF. Wolff Wiese Magana LLC boosted its holdings in Raymond James by 3,960.0% in the 3rd quarter. Wolff Wiese Magana LLC now owns 203 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 198 shares during the last quarter. Quarry LP purchased a new position in shares of Raymond James during the 2nd quarter worth $29,000. 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 worth $31,000 after purchasing an additional 104 shares during the last quarter. Smithfield Trust Co lifted its position 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 buying an additional 126 shares during the last quarter. Finally, Future Financial Wealth Managment LLC purchased a new position in Raymond James during the third quarter worth about $32,000. Hedge funds and other institutional investors own 83.83% of the company’s stock.

Raymond James Trading Down 0.6 %

The business’s 50-day simple moving average is $126.85 and its two-hundred day simple moving average is $122.01. The firm has a market capitalization of $30.52 billion, a price-to-earnings ratio of 15.26, a PEG ratio of 0.76 and a beta of 1.02. 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 released its quarterly earnings results on Wednesday, October 23rd. The financial services provider reported $2.95 EPS for the quarter, topping analysts’ consensus estimates of $2.41 by $0.54. The company 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 19.61% and a net margin of 13.86%. The firm’s revenue was up 13.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.13 earnings per share. Equities analysts forecast that Raymond James will post 10.32 earnings per share for the current year.

Raymond James Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st were issued a $0.45 dividend. 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 currently 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.