Raymond James (NYSE:RJF) Upgraded by JMP Securities to “Market Outperform”

JMP Securities upgraded shares of Raymond James (NYSE:RJF) from a market perform rating to a market outperform rating in a report issued on Wednesday morning, MarketBeat Ratings reports. They currently have $146.00 target price on the financial services provider’s stock.

A number of other equities analysts have also recently weighed in on the stock. Jefferies Financial Group increased 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. Wells Fargo & Company initiated coverage on Raymond James in a research report on Thursday, September 12th. They set an overweight rating and a $138.00 price target for the company. 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 report on Tuesday, July 9th. Wolfe Research restated a peer perform rating on shares of Raymond James in a report on Monday, July 8th. Finally, TD Cowen lifted their target price on Raymond James from $130.00 to $133.00 and gave the company a hold rating in a research report on Monday, July 8th. Nine investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, Raymond James presently has an average rating of Hold and a consensus target price of $133.36.

Raymond James Price Performance

RJF stock opened at $129.95 on Wednesday. Raymond James has a 52-week low of $91.67 and a 52-week high of $131.19. The company has a quick ratio of 0.99, a current ratio of 1.02 and a debt-to-equity ratio of 0.41. The stock has a market cap of $26.76 billion, a price-to-earnings ratio of 14.65, a price-to-earnings-growth ratio of 0.89 and a beta of 1.02. The business has a fifty day moving average of $118.82 and a two-hundred day moving average of $120.66.

Raymond James (NYSE:RJF) last issued its quarterly earnings data on Wednesday, July 24th. The financial services provider reported $2.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.31 by $0.08. Raymond James had a return on equity of 18.44% and a net margin of 13.16%. The firm had revenue of $3.23 billion during the quarter, compared to the consensus estimate of $3.24 billion. During the same period last year, the company earned $1.85 EPS. The company’s quarterly revenue was up 11.1% on a year-over-year basis. As a group, research analysts anticipate that Raymond James will post 9.57 earnings per share for the current year.

Raymond James Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st will be issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 1.39%. The ex-dividend date is Tuesday, October 1st. Raymond James’s dividend payout ratio (DPR) is 20.29%.

Insider Transactions at Raymond James

In other news, EVP Bella Loykhter Allaire sold 17,363 shares of the firm’s stock in a transaction dated 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 sale, the executive vice president now owns 75,586 shares of the company’s stock, valued at approximately $8,692,390. 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 related news, EVP Bella Loykhter Allaire sold 17,363 shares of the business’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $115.00, for a total value 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. The trade was 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. Also, CEO Tashtego S. Elwyn sold 31,277 shares of the firm’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 trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 9.74% of the company’s stock.

Hedge Funds Weigh In On Raymond James

A number of hedge funds have recently modified their holdings of RJF. Quarry LP acquired a new stake in Raymond James during the 2nd quarter worth $29,000. Covestor Ltd increased its position in Raymond James by 77.0% in the 1st quarter. Covestor Ltd now owns 239 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 104 shares during the period. Smithfield Trust Co raised its stake in 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 acquiring an additional 126 shares during the last quarter. Future Financial Wealth Managment LLC acquired a new stake in Raymond James during the 1st quarter worth approximately $33,000. Finally, FinTrust Capital Advisors LLC grew its stake in shares of Raymond James by 46.9% in the 1st quarter. FinTrust Capital Advisors LLC now owns 429 shares of the financial services provider’s stock valued at $55,000 after purchasing an additional 137 shares during the last quarter. 83.83% of the stock is currently 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.