Bank of America Forecasts Strong Price Appreciation for Raymond James (NYSE:RJF) Stock

Raymond James (NYSE:RJF) had its price objective boosted by equities research analysts at Bank of America from $198.00 to $201.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the financial services provider’s stock. Bank of America‘s target price points to a potential upside of 19.35% from the company’s previous close.

A number of other equities analysts have also recently weighed in on the stock. JMP Securities upped their price target on shares of Raymond James from $175.00 to $190.00 and gave the stock a “market outperform” rating in a research note on Thursday. Jefferies Financial Group upped their target price on shares of Raymond James from $123.00 to $126.00 and gave the stock a “hold” rating in a research report on Friday, October 4th. Morgan Stanley lifted their price target on shares of Raymond James from $132.00 to $145.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 29th. TD Cowen lifted their price objective on Raymond James from $128.00 to $150.00 and gave the stock a “hold” rating in a report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. upped their target price on Raymond James from $166.00 to $172.00 and gave the company a “neutral” rating in a report on Thursday. Eight investment analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Raymond James currently has an average rating of “Hold” and an average price target of $166.09.

Raymond James Stock Down 1.3 %

Shares of NYSE:RJF opened at $168.41 on Thursday. The company has a market cap of $34.42 billion, a price-to-earnings ratio of 16.43, a PEG ratio of 1.05 and a beta of 1.02. Raymond James has a fifty-two week low of $104.24 and a fifty-two week high of $174.32. The firm’s 50-day simple moving average is $162.36 and its 200-day simple moving average is $139.94. The company has a quick ratio of 1.00, a current ratio of 1.02 and a debt-to-equity ratio of 0.37.

Raymond James (NYSE:RJF) last released its earnings results on Wednesday, January 29th. The financial services provider reported $2.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.62 by $0.31. Raymond James had a return on equity of 19.99% and a net margin of 14.06%. As a group, equities research analysts predict that Raymond James will post 11.02 earnings per share for the current year.

Insider Activity

In other Raymond James news, CEO Paul C. Reilly sold 50,000 shares of the firm’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $167.30, for a total value of $8,365,000.00. Following the sale, the chief executive officer now directly owns 283,110 shares of the company’s stock, valued at approximately $47,364,303. This trade represents a 15.01 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Bella Loykhter Allaire sold 3,451 shares of the company’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $165.62, for a total transaction of $571,554.62. Following the transaction, the insider now directly owns 80,421 shares of the company’s stock, valued at approximately $13,319,326.02. This represents a 4.11 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 64,621 shares of company stock valued at $10,729,488 over the last 90 days. Insiders own 0.54% of the company’s stock.

Institutional Investors Weigh In On Raymond James

Several hedge funds have recently modified their holdings of RJF. Wolff Wiese Magana LLC raised its stake in 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 worth $25,000 after purchasing an additional 198 shares during the period. Quarry LP acquired a new stake in shares of Raymond James during the 2nd quarter worth $29,000. Future Financial Wealth Managment LLC purchased a new position in shares of Raymond James in the 3rd quarter worth about $32,000. Gladius Capital Management LP purchased a new position in Raymond James in the third quarter valued at approximately $34,000. Finally, Y.D. More Investments Ltd lifted its holdings in shares of Raymond James by 121.0% during the 4th quarter. Y.D. More Investments Ltd now owns 232 shares of the financial services provider’s stock valued at $36,000 after acquiring an additional 127 shares in the last quarter. 83.83% of the stock is 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.