Raymond James Financial (NYSE:RJF) Stock Rating Raised to “Hold” at Wells Fargo & Company

Wells Fargo & Company upgraded shares of Raymond James Financial (NYSE:RJF) to a hold rating in a report published on Friday morning, MarketBeat.com reports. The brokerage currently has $172.00 target price on the financial services provider’s stock.

A number of other equities analysts have also recently issued reports on RJF. Citigroup restated a “market outperform” rating on shares of Raymond James Financial in a research note on Thursday, July 23rd. JPMorgan Chase & Co. upped their target price on shares of Raymond James Financial from $175.00 to $179.00 and gave the company a “neutral” rating in a research note on Thursday, July 23rd. Morgan Stanley increased their price target on shares of Raymond James Financial from $172.00 to $174.00 and gave the stock an “equal weight” rating in a research report on Friday, July 10th. Citizens Jmp raised their price target on shares of Raymond James Financial from $200.00 to $205.00 and gave the stock a “market outperform” rating in a research note on Thursday, July 23rd. Finally, TD Cowen decreased their price objective on Raymond James Financial from $161.00 to $160.00 and set a “hold” rating on the stock in a report on Tuesday, September 1st. Five analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $180.85.

Raymond James Financial Price Performance

Shares of NYSE:RJF opened at $158.17 on Friday. The business’s 50 day moving average is $172.69 and its 200-day moving average is $160.22. The company has a current ratio of 1.06, a quick ratio of 1.03 and a debt-to-equity ratio of 0.43. The firm has a market capitalization of $30.43 billion, a PE ratio of 13.79, a PEG ratio of 0.92 and a beta of 0.94. Raymond James Financial has a 1-year low of $138.82 and a 1-year high of $182.73.

Raymond James Financial (NYSE:RJF) last issued its earnings results on Wednesday, July 22nd. The financial services provider reported $3.14 EPS for the quarter, topping the consensus estimate of $2.91 by $0.23. Raymond James Financial had a return on equity of 19.07% and a net margin of 13.57%.The firm had revenue of $3.93 billion during the quarter, compared to analysts’ expectations of $3.87 billion. During the same period last year, the business earned $2.18 earnings per share. Raymond James Financial’s quarterly revenue was up 15.6% compared to the same quarter last year. Sell-side analysts predict that Raymond James Financial will post 12.08 earnings per share for the current year.

Raymond James Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Thursday, October 1st will be paid a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 1.4%. The ex-dividend date is Thursday, October 1st. Raymond James Financial’s payout ratio is currently 18.83%.

Insider Transactions at Raymond James Financial

In related news, insider Steven Raney sold 5,770 shares of the stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $172.97, for a total transaction of $998,036.90. Following the completion of the sale, the insider owned 43,046 shares in the company, valued at $7,445,666.62. This trade represents a 11.82% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Tashtego Elwyn sold 10,000 shares of Raymond James Financial stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $176.06, for a total transaction of $1,760,600.00. Following the transaction, the insider directly owned 45,114 shares of the company’s stock, valued at $7,942,770.84. This represents a 18.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 23,270 shares of company stock valued at $4,090,637. 0.58% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the company. BlackRock Inc. acquired a new stake in Raymond James Financial during the 2nd quarter worth $2,180,699,000. Primecap Management Co. CA acquired a new position in shares of Raymond James Financial in the 2nd quarter valued at $1,405,145,000. Bank of America Corp DE acquired a new position in shares of Raymond James Financial in the 2nd quarter valued at $360,592,000. Bank of New York Mellon Corp bought a new position in shares of Raymond James Financial in the 2nd quarter worth $182,254,000. Finally, Legal & General Group Plc bought a new position in shares of Raymond James Financial in the 2nd quarter worth $181,811,000. Institutional investors own 83.83% of the company’s stock.

Raymond James Financial Company Profile

Raymond James Financial, Inc is a diversified financial services company headquartered in St. Petersburg, Florida. Through its subsidiaries and affiliated advisors, the company provides wealth management, investment banking, capital markets, asset management, and banking services to individuals, corporations, institutions, and municipalities.

Its wealth management operations serve clients through employee advisors and independent financial advisors, offering investment planning, brokerage, retirement planning, insurance, and related advisory services.