Raymond James (NYSE:RJF) Reaches New 52-Week High After Earnings Beat

Shares of Raymond James (NYSE:RJF) hit a new 52-week high on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $173.63 and last traded at $173.23, with a volume of 87327 shares traded. The stock had previously closed at $171.51.

The financial services provider reported $2.93 EPS for the quarter, topping analysts’ consensus estimates of $2.62 by $0.31. Raymond James had a return on equity of 19.99% and a net margin of 14.06%.

Raymond James Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 16th. Investors of record on Thursday, January 2nd were given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 1.17%. This is a boost from Raymond James’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Thursday, January 2nd. Raymond James’s dividend payout ratio is currently 19.51%.

Wall Street Analyst Weigh In

RJF has been the topic of a number of research reports. Morgan Stanley boosted their target price on shares of Raymond James from $132.00 to $145.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 29th. UBS Group raised Raymond James from a “hold” rating to a “strong-buy” rating in a report on Monday, January 6th. JPMorgan Chase & Co. boosted their price target on Raymond James from $166.00 to $172.00 and gave the stock a “neutral” rating in a report on Thursday. TD Cowen lifted their target price on shares of Raymond James from $128.00 to $150.00 and gave the stock a “hold” rating in a research report on Wednesday, October 30th. Finally, Bank of America raised their price target on shares of Raymond James from $198.00 to $201.00 and gave the company a “buy” rating in a research note on Thursday. Nine analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $166.09.

Insiders Place Their Bets

In related news, insider Bella Loykhter Allaire sold 3,451 shares of the stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $165.62, for a total transaction of $571,554.62. Following the sale, the insider now 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Paul C. Reilly sold 50,000 shares of the business’s stock in a transaction that occurred 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 approximately $47,364,303. This represents a 15.01 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 64,621 shares of company stock valued at $10,729,488. Insiders own 0.54% of the company’s stock.

Hedge Funds Weigh In On Raymond James

A number of large investors have recently modified their holdings of RJF. Wolff Wiese Magana LLC grew its position in Raymond James by 3,960.0% during the 3rd quarter. Wolff Wiese Magana LLC now owns 203 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 198 shares during the last quarter. Y.D. More Investments Ltd boosted its position in 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 buying an additional 127 shares during the period. Quarry LP bought a new stake in Raymond James in the 2nd quarter worth $29,000. Future Financial Wealth Managment LLC bought a new position in shares of Raymond James during the third quarter valued at about $32,000. Finally, Gladius Capital Management LP bought a new stake in shares of Raymond James in the third quarter worth about $34,000. 83.83% of the stock is owned by hedge funds and other institutional investors.

Raymond James Price Performance

The firm has a market cap of $34.85 billion, a P/E ratio of 16.64, a price-to-earnings-growth ratio of 1.05 and a beta of 1.02. The business has a 50-day simple moving average of $162.29 and a 200 day simple moving average of $139.61. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.00 and a current ratio of 1.02.

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.