Raymond James (NYSE:RJF) Hits New 1-Year High – Should You Buy?

Raymond James (NYSE:RJF)’s share price reached a new 52-week high on Wednesday . The company traded as high as $157.63 and last traded at $157.63, with a volume of 1593 shares trading hands. The stock had previously closed at $146.45.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Wells Fargo & Company raised their target price on Raymond James from $140.00 to $152.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. JPMorgan Chase & Co. lowered their price target on shares of Raymond James from $137.00 to $135.00 and set an “overweight” rating on the stock in a research report on Thursday, July 25th. Jefferies Financial Group raised their price objective on shares of Raymond James from $123.00 to $126.00 and gave the stock a “hold” rating in a report on Friday, October 4th. TD Cowen boosted their target price on shares of Raymond James from $128.00 to $150.00 and gave the company a “hold” rating in a report on Wednesday, October 30th. Finally, The Goldman Sachs Group raised their price target on Raymond James from $125.00 to $142.00 and gave the stock a “neutral” rating in a report on Thursday, October 24th. Nine research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $140.91.

Raymond James Stock Performance

The company has a 50 day simple moving average of $130.14 and a 200-day simple moving average of $122.99. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.02 and a quick ratio of 0.99. The stock has a market cap of $32.69 billion, a P/E ratio of 16.28, a price-to-earnings-growth ratio of 0.81 and a beta of 0.99.

Raymond James (NYSE:RJF) last issued its earnings results on Wednesday, October 23rd. The financial services provider reported $2.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.41 by $0.54. The business had revenue of $3.46 billion during the quarter, compared to analyst estimates of $3.32 billion. Raymond James had a return on equity of 19.61% and a net margin of 13.86%. Raymond James’s revenue for the quarter was up 13.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.13 earnings per share. On average, equities analysts expect that Raymond James will post 10.73 earnings per share for the current fiscal year.

Raymond James Dividend Announcement

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 $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 1.13%. The ex-dividend date was Tuesday, October 1st. Raymond James’s payout ratio is presently 18.54%.

Insiders Place Their Bets

In other 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 value of $3,429,210.28. Following the transaction, the chief executive officer now owns 35,380 shares in the company, valued at approximately $3,879,063.20. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 9.74% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Raymond James

Institutional investors and hedge funds have recently bought and sold shares of the stock. Wolff Wiese Magana LLC boosted its stake in shares of Raymond James by 3,960.0% during the third 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 period. Quarry LP bought a new stake in Raymond James during the 2nd quarter valued at $29,000. Smithfield Trust Co boosted its position 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 buying an additional 126 shares during the period. Covestor Ltd grew its holdings in Raymond James by 77.0% in the 1st quarter. Covestor Ltd now owns 239 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 104 shares during the last quarter. Finally, Future Financial Wealth Managment LLC purchased a new position in shares of Raymond James in the third quarter valued at about $32,000. 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.