Raymond James (NYSE:RJF) Forecasted to Earn FY2024 Earnings of $9.50 Per Share

Raymond James (NYSE:RJF) – Investment analysts at Seaport Res Ptn upped their FY2024 earnings per share estimates for shares of Raymond James in a research report issued to clients and investors on Tuesday, July 2nd. Seaport Res Ptn analyst J. Mitchell now expects that the financial services provider will post earnings of $9.50 per share for the year, up from their prior forecast of $9.45. The consensus estimate for Raymond James’ current full-year earnings is $9.55 per share. Seaport Res Ptn also issued estimates for Raymond James’ Q1 2025 earnings at $2.66 EPS, Q2 2025 earnings at $2.32 EPS and FY2025 earnings at $10.05 EPS.

Raymond James (NYSE:RJF) last issued its earnings results on Wednesday, April 24th. The financial services provider reported $2.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.32 by ($0.01). The company had revenue of $3.12 billion during the quarter, compared to analyst estimates of $3.15 billion. Raymond James had a return on equity of 17.94% and a net margin of 12.72%. The business’s revenue was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.03 earnings per share.

A number of other brokerages have also recently issued reports on RJF. Morgan Stanley lifted their target price on Raymond James from $113.00 to $123.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 9th. TD Cowen decreased their target price on Raymond James from $131.00 to $126.00 and set a “hold” rating for the company in a research report on Thursday, April 25th. JMP Securities reaffirmed a “market perform” rating on shares of Raymond James in a research report on Tuesday, April 9th. Keefe, Bruyette & Woods decreased their target price on Raymond James from $132.00 to $131.00 and set a “market perform” rating for the company in a research report on Thursday, April 25th. Finally, Citigroup raised their target price on Raymond James from $112.00 to $132.00 and gave the stock a “neutral” rating in a research report on Thursday, April 11th. Nine investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $126.22.

Raymond James Stock Performance

Shares of NYSE RJF opened at $120.73 on Wednesday. The company has a quick ratio of 0.98, a current ratio of 1.01 and a debt-to-equity ratio of 0.43. The stock has a market capitalization of $25.02 billion, a price-to-earnings ratio of 14.60, a PEG ratio of 0.83 and a beta of 1.02. The stock’s fifty day simple moving average is $122.37 and its 200 day simple moving average is $119.47. Raymond James has a 52-week low of $91.67 and a 52-week high of $131.19.

Raymond James Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Monday, July 1st will be given a dividend of $0.45 per share. The ex-dividend date is Monday, July 1st. This represents a $1.80 dividend on an annualized basis and a yield of 1.49%. Raymond James’s payout ratio is 21.77%.

Insider Activity at Raymond James

In other Raymond James news, insider James E. Bunn sold 11,095 shares of the firm’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $124.44, for a total transaction of $1,380,661.80. Following the transaction, the insider now directly owns 46,977 shares in the company, valued at $5,845,817.88. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Raymond James news, insider James E. Bunn sold 11,095 shares of the firm’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $124.44, for a total transaction of $1,380,661.80. Following the transaction, the insider now directly owns 46,977 shares in the company, valued at $5,845,817.88. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Steven M. Raney sold 4,174 shares of the firm’s stock in a transaction dated Friday, April 26th. The shares were sold at an average price of $121.01, for a total value of $505,095.74. Following the transaction, the chief executive officer now owns 51,009 shares in the company, valued at $6,172,599.09. 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 institutional investors have recently made changes to their positions in RJF. Turtle Creek Wealth Advisors LLC bought a new position in shares of Raymond James in the fourth quarter worth about $30,000. Smithfield Trust Co increased its stake in shares of Raymond James by 105.0% in the first quarter. Smithfield Trust Co now owns 246 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 126 shares during the period. Covestor Ltd increased its stake in shares of Raymond James by 77.0% in the first 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 period. OLD Point Trust & Financial Services N A bought a new position in shares of Raymond James in the fourth quarter worth about $33,000. Finally, Future Financial Wealth Managment LLC bought a new position in shares of Raymond James in the first quarter worth about $33,000. 83.83% of the stock is currently owned by 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.