Raymond James (NYSE:RJF) Stock Price Down 6.9% Following Weak Earnings

Raymond James (NYSE:RJF) was down 6.9% during mid-day trading on Thursday following a dissappointing earnings announcement. The stock traded as low as $118.27 and last traded at $118.78. 612,670 shares changed hands during mid-day trading, a decline of 41% from the average daily volume of 1,046,834 shares. The stock had previously closed at $127.54.

The financial services provider reported $2.31 EPS for the quarter, missing the consensus estimate of $2.32 by ($0.01). The firm had revenue of $3.12 billion during the quarter, compared to analyst estimates of $3.15 billion. Raymond James had a return on equity of 18.24% and a net margin of 12.72%. Raymond James’s revenue was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.03 EPS.

Raymond James Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Monday, April 1st were issued a dividend of $0.45 per share. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.48%. Raymond James’s dividend payout ratio (DPR) is 21.77%.

Analysts Set New Price Targets

Several research firms have recently issued reports on RJF. The Goldman Sachs Group reiterated a “neutral” rating and issued a $116.00 price objective (down from $125.00) on shares of Raymond James in a report on Wednesday, January 3rd. Morgan Stanley increased their price objective on Raymond James from $113.00 to $123.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 9th. UBS Group reduced their price objective on Raymond James from $116.00 to $115.00 and set a “neutral” rating for the company in a research report on Thursday, January 25th. Bank of America reduced their price objective on shares of Raymond James from $145.00 to $141.00 and set a “buy” rating for the company in a research note on Thursday. Finally, StockNews.com downgraded shares of Raymond James from a “buy” rating to a “hold” rating in a report on Friday, February 9th. Nine equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $126.22.

Insider Activity at Raymond James

In other news, EVP Jonathan N. Santelli sold 1,891 shares of the business’s stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $111.91, for a total value of $211,621.81. Following the completion of the sale, the executive vice president now owns 21,491 shares of the company’s stock, valued at $2,405,057.81. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Raymond James news, EVP Jonathan N. Santelli sold 1,891 shares of Raymond James stock in a transaction on Monday, January 29th. The stock was sold at an average price of $111.91, for a total value of $211,621.81. Following the completion of the transaction, the executive vice president now directly owns 21,491 shares of the company’s stock, valued at approximately $2,405,057.81. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Art A. Garcia bought 879 shares of the firm’s stock in a transaction on Friday, February 9th. The stock was purchased at an average cost of $112.30 per share, for a total transaction of $98,711.70. Following the completion of the acquisition, the director now owns 879 shares in the company, valued at $98,711.70. The disclosure for this purchase can be found here. 9.74% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Future Financial Wealth Managment LLC acquired a new position in Raymond James in the 1st quarter valued at approximately $33,000. Turtle Creek Wealth Advisors LLC acquired a new position in shares of Raymond James in the 4th quarter valued at about $30,000. OLD Point Trust & Financial Services N A acquired a new stake in Raymond James during the fourth quarter worth approximately $33,000. Addison Advisors LLC increased its holdings in Raymond James by 32.9% in the third quarter. Addison Advisors LLC now owns 416 shares of the financial services provider’s stock worth $42,000 after purchasing an additional 103 shares in the last quarter. Finally, CVA Family Office LLC acquired a new position in Raymond James in the fourth quarter valued at approximately $50,000. 83.83% of the stock is currently owned by institutional investors.

Raymond James Price Performance

The business has a fifty day simple moving average of $123.10 and a 200-day simple moving average of $112.50. The stock has a market capitalization of $25.47 billion, a P/E ratio of 14.74, a PEG ratio of 0.89 and a beta of 1.05. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.97 and a current ratio of 0.99.

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.