Raymond James (NYSE:RJF) Given New $168.00 Price Target at Wells Fargo & Company

Raymond James (NYSE:RJF) had its price objective reduced by equities researchers at Wells Fargo & Company from $169.00 to $168.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price target would suggest a potential upside of 3.99% from the company’s current price.

Other research analysts have also issued research reports about the company. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $166.00 price target (up previously from $151.00) on shares of Raymond James in a research report on Tuesday, January 7th. Bank of America increased their price target on shares of Raymond James from $136.00 to $152.00 and gave the stock a “buy” rating in a research note on Thursday, October 24th. The Goldman Sachs Group raised shares of Raymond James from a “neutral” rating to a “buy” rating and upped their target price for the company from $161.00 to $185.00 in a report on Monday, January 6th. JMP Securities raised their price target on Raymond James from $146.00 to $150.00 and gave the stock a “market outperform” rating in a report on Thursday, October 24th. Finally, Citigroup boosted their price target on Raymond James from $145.00 to $170.00 and gave the company a “neutral” rating in a research report on Friday, January 10th. Nine equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $156.09.

Raymond James Stock Up 3.1 %

Shares of NYSE:RJF opened at $161.55 on Tuesday. The company has a current ratio of 1.02, a quick ratio of 1.00 and a debt-to-equity ratio of 0.37. The firm has a 50 day simple moving average of $160.42 and a 200-day simple moving average of $135.78. The company has a market capitalization of $33.01 billion, a PE ratio of 16.64, a P/E/G ratio of 0.91 and a beta of 1.02. Raymond James has a twelve month low of $104.24 and a twelve month high of $171.38.

Raymond James (NYSE:RJF) last announced 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. Raymond James had a net margin of 13.86% and a return on equity of 19.30%. The firm had revenue of $3.46 billion during the quarter, compared to analysts’ expectations of $3.32 billion. During the same period in the previous year, the company earned $2.13 earnings per share. Raymond James’s quarterly revenue was up 13.4% compared to the same quarter last year. On average, equities analysts predict that Raymond James will post 10.85 EPS for the current fiscal year.

Insider Activity

In other news, CEO Paul C. Reilly sold 50,000 shares of the company’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $167.30, for a total transaction of $8,365,000.00. Following the transaction, the chief executive officer now directly owns 283,110 shares of the company’s stock, valued at $47,364,303. This represents a 15.01 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Tashtego S. Elwyn sold 10,000 shares of the firm’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $159.47, for a total transaction of $1,594,700.00. Following the completion of the sale, the insider now owns 32,688 shares of the company’s stock, valued at $5,212,755.36. This trade represents a 23.43 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 64,621 shares of company stock valued at $10,729,488 in the last three months. 9.74% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. HB Wealth Management LLC purchased a new stake in shares of Raymond James during the 4th quarter worth approximately $223,000. Sax Wealth Advisors LLC purchased a new stake in Raymond James during the fourth quarter worth $200,000. Wealthcare Advisory Partners LLC purchased a new position in shares of Raymond James in the fourth quarter valued at $378,000. Hennion & Walsh Asset Management Inc. raised its stake in shares of Raymond James by 2.3% during the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 29,494 shares of the financial services provider’s stock worth $4,581,000 after buying an additional 674 shares during the last quarter. Finally, Moseley Investment Management Inc. acquired a new position in shares of Raymond James during the 4th quarter worth $221,000. 83.83% of the stock is currently owned by institutional investors and hedge funds.

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.