Raymond James (NYSE:RJF) Given Consensus Recommendation of “Hold” by Brokerages

Raymond James (NYSE:RJF) has earned an average recommendation of “Hold” from the ten research firms that are currently covering the stock, MarketBeat.com reports. Eight research analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $126.22.

RJF has been the topic of a number of recent research reports. TD Cowen lowered their target price on Raymond James from $131.00 to $126.00 and set a “hold” rating on the stock in a research note on Thursday, April 25th. Citigroup lifted their target price on shares of Raymond James from $112.00 to $132.00 and gave the company a “neutral” rating in a report on Thursday, April 11th. JMP Securities restated a “market perform” rating on shares of Raymond James in a research report on Tuesday, April 9th. Morgan Stanley increased their target price on shares of Raymond James from $113.00 to $123.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 9th. Finally, Bank of America dropped their target price on Raymond James from $145.00 to $141.00 and set a “buy” rating on the stock in a research report on Thursday, April 25th.

Raymond James Trading Up 1.4 %

Raymond James stock opened at $120.69 on Friday. The stock has a 50-day moving average price of $122.69 and a 200 day moving average price of $118.67. The company has a market capitalization of $25.02 billion, a price-to-earnings ratio of 14.59, a price-to-earnings-growth ratio of 0.81 and a beta of 1.01. Raymond James has a 52 week low of $91.67 and a 52 week high of $131.19. The company has a quick ratio of 0.98, a current ratio of 1.01 and a debt-to-equity ratio of 0.43.

Raymond James (NYSE:RJF) last released its quarterly earnings data on Wednesday, April 24th. The financial services provider reported $2.31 EPS for the quarter, missing the consensus estimate of $2.32 by ($0.01). Raymond James had a net margin of 12.72% and a return on equity of 17.94%. The business had revenue of $3.12 billion during the quarter, compared to analysts’ expectations of $3.15 billion. During the same period last year, the company earned $2.03 earnings per share. The firm’s revenue was up 8.6% on a year-over-year basis. Sell-side analysts anticipate that Raymond James will post 9.55 EPS for the current year.

Raymond James Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Monday, July 1st will be issued a $0.45 dividend. The ex-dividend date of this dividend is Monday, July 1st. This represents a $1.80 annualized dividend and a dividend yield of 1.49%. Raymond James’s dividend payout ratio is presently 21.77%.

Insiders Place Their Bets

In other Raymond James news, insider James E. Bunn sold 11,095 shares of the firm’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $124.44, for a total value of $1,380,661.80. Following the completion of the sale, the insider now directly owns 46,977 shares of the company’s stock, valued at approximately $5,845,817.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Raymond James news, insider James E. Bunn sold 11,095 shares of Raymond James stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $124.44, for a total value of $1,380,661.80. Following the sale, the insider now owns 46,977 shares in the company, valued at $5,845,817.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Steven M. Raney sold 4,174 shares of the company’s stock in a transaction on Friday, April 26th. The shares were sold at an average price of $121.01, for a total value of $505,095.74. Following the completion of the transaction, the chief executive officer now directly owns 51,009 shares in the company, valued at approximately $6,172,599.09. The disclosure for this sale can be found here. 9.74% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of RJF. Covestor Ltd boosted its position in shares of Raymond James by 77.0% during the 1st 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. Smithfield Trust Co raised its holdings in shares of Raymond James by 105.0% in 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. Future Financial Wealth Managment LLC acquired a new position in Raymond James during the 1st quarter worth about $33,000. Turtle Creek Wealth Advisors LLC acquired a new position in Raymond James in the 4th quarter valued at about $30,000. Finally, OLD Point Trust & Financial Services N A purchased a new stake in Raymond James during the fourth quarter worth about $33,000. Hedge funds and other institutional investors own 83.83% of the company’s stock.

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.