TD Cowen Issues Positive Forecast for Raymond James (NYSE:RJF) Stock Price

Raymond James (NYSE:RJF) had its target price upped by TD Cowen from $128.00 to $150.00 in a report published on Wednesday morning, Benzinga reports. They currently have a hold rating on the financial services provider’s stock.

Several other analysts have also weighed in on the company. JMP Securities upped their target price on Raymond James from $146.00 to $150.00 and gave the company a “market outperform” rating in a report on Thursday, October 24th. The Goldman Sachs Group upped their target price on Raymond James from $125.00 to $142.00 and gave the company a “neutral” rating in a report on Thursday, October 24th. Wells Fargo & Company upped their target price on Raymond James from $140.00 to $152.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. Jefferies Financial Group upped their target price on Raymond James from $123.00 to $126.00 and gave the company a “hold” rating in a report on Friday, October 4th. Finally, Bank of America upped their target price on Raymond James from $136.00 to $152.00 and gave the company a “buy” rating in a report on Thursday, October 24th. Nine research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Raymond James has an average rating of “Hold” and a consensus price target of $140.91.

Raymond James Stock Up 0.0 %

Raymond James stock opened at $149.07 on Wednesday. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.02 and a quick ratio of 0.99. Raymond James has a 1-year low of $94.53 and a 1-year high of $150.94. The company has a market cap of $30.70 billion, a PE ratio of 15.35, a price-to-earnings-growth ratio of 0.76 and a beta of 1.02. The stock’s 50 day moving average price is $126.21 and its 200 day moving average price is $121.82.

Raymond James (NYSE:RJF) last posted its quarterly earnings results on Wednesday, October 23rd. The financial services provider reported $2.95 earnings per share for the quarter, beating analysts’ consensus estimates of $2.41 by $0.54. The firm 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 19.61% and a net margin of 13.86%. The company’s revenue for the quarter was up 13.4% compared to the same quarter last year. During the same period in the previous year, the business earned $2.13 earnings per share. On average, sell-side analysts predict that Raymond James will post 10.32 EPS for the current fiscal year.

Raymond James Announces Dividend

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

Insider Buying and Selling

In related news, CEO Tashtego S. Elwyn sold 31,277 shares of the stock in a transaction dated 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 represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 9.74% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Raymond James

Several large investors have recently added to or reduced their stakes in RJF. First Trust Direct Indexing L.P. raised its holdings in shares of Raymond James by 6.3% in the 1st quarter. First Trust Direct Indexing L.P. now owns 3,843 shares of the financial services provider’s stock worth $494,000 after purchasing an additional 227 shares during the period. Norden Group LLC grew its stake in Raymond James by 75.5% during the 1st quarter. Norden Group LLC now owns 4,439 shares of the financial services provider’s stock valued at $570,000 after purchasing an additional 1,909 shares in the last quarter. Retirement Systems of Alabama grew its stake in Raymond James by 0.3% during the 1st quarter. Retirement Systems of Alabama now owns 41,523 shares of the financial services provider’s stock valued at $5,332,000 after purchasing an additional 107 shares in the last quarter. Private Advisor Group LLC grew its stake in Raymond James by 3.6% during the 1st quarter. Private Advisor Group LLC now owns 2,682 shares of the financial services provider’s stock valued at $344,000 after purchasing an additional 93 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its stake in Raymond James by 10.6% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 27,227 shares of the financial services provider’s stock valued at $3,496,000 after purchasing an additional 2,616 shares in 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.