The Goldman Sachs Group Trims Raymond James (NYSE:RJF) Target Price to $125.00

Raymond James (NYSE:RJF) had its target price cut by The Goldman Sachs Group from $127.00 to $125.00 in a report released on Thursday, Benzinga reports. They currently have a neutral rating on the financial services provider’s stock.

RJF has been the subject of a number of other reports. 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 note on Monday, July 8th. Jefferies Financial Group upped their price objective on Raymond James from $122.00 to $123.00 and gave the stock a hold rating in a research note on Monday, July 8th. UBS Group reduced their price target on shares of Raymond James from $138.00 to $135.00 and set a neutral rating for the company in a report on Tuesday, July 9th. Wells Fargo & Company initiated coverage on shares of Raymond James in a report on Thursday, September 12th. They issued an overweight rating and a $138.00 price objective on the stock. Finally, Wolfe Research reissued a peer perform rating on shares of Raymond James in a research note on Monday, July 8th. Ten equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, Raymond James presently has a consensus rating of Hold and a consensus target price of $131.60.

Raymond James Price Performance

Shares of RJF opened at $122.46 on Thursday. Raymond James has a 52 week low of $91.67 and a 52 week high of $131.19. The company has a current ratio of 1.02, a quick ratio of 0.99 and a debt-to-equity ratio of 0.41. The firm has a market cap of $25.22 billion, a price-to-earnings ratio of 14.81, a PEG ratio of 0.84 and a beta of 1.02. The stock has a 50 day moving average of $116.43 and a 200-day moving average of $120.47.

Raymond James (NYSE:RJF) last posted its quarterly earnings results 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 net margin of 13.16% and a return on equity of 18.44%. The company had revenue of $3.23 billion for the quarter, compared to the consensus estimate of $3.24 billion. During the same period last year, the firm posted $1.85 EPS. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. As a group, analysts forecast that Raymond James will post 9.58 EPS for the current year.

Raymond James Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st will be paid a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 1.47%. The ex-dividend date of this dividend is Tuesday, October 1st. Raymond James’s payout ratio is currently 21.77%.

Insider Transactions at Raymond James

In related news, CEO Tashtego S. Elwyn sold 31,277 shares of Raymond James 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 of the company’s stock, valued at $3,879,063.20. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, CEO Tashtego S. Elwyn sold 31,277 shares of the firm’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $109.64, for a total transaction of $3,429,210.28. Following the completion of the transaction, the chief executive officer now owns 35,380 shares in the company, valued at approximately $3,879,063.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Bella Loykhter Allaire sold 17,363 shares of the business’s stock in a transaction that occurred on 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 completion of the sale, the executive vice president now owns 75,586 shares in the company, valued at $8,692,390. The disclosure for this sale can be found here. Company insiders own 9.74% of the company’s stock.

Institutional Investors Weigh In On Raymond James

A number of institutional investors and hedge funds have recently modified their holdings of RJF. AGF Management Ltd. increased its stake in Raymond James by 17.2% in the 2nd quarter. AGF Management Ltd. now owns 2,580,467 shares of the financial services provider’s stock worth $318,972,000 after purchasing an additional 378,033 shares in the last quarter. Earnest Partners LLC boosted its holdings in shares of Raymond James by 1.5% in the second quarter. Earnest Partners LLC now owns 2,505,369 shares of the financial services provider’s stock worth $309,689,000 after buying an additional 37,173 shares during the period. Massachusetts Financial Services Co. MA increased its position in shares of Raymond James by 1.2% in the second quarter. Massachusetts Financial Services Co. MA now owns 2,215,996 shares of the financial services provider’s stock worth $273,919,000 after acquiring an additional 25,494 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Raymond James by 6.0% during the second quarter. Dimensional Fund Advisors LP now owns 2,024,612 shares of the financial services provider’s stock valued at $250,238,000 after acquiring an additional 113,826 shares during the period. Finally, APG Asset Management N.V. lifted its position in shares of Raymond James by 2.1% in the 2nd quarter. APG Asset Management N.V. now owns 1,874,140 shares of the financial services provider’s stock valued at $216,153,000 after acquiring an additional 38,695 shares in the last quarter. 83.83% of the stock is owned by institutional investors and hedge funds.

Raymond James Company Profile

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.