BMO Capital Markets Cuts Raymond James Financial (NYSE:RJF) Price Target to $170.00

Raymond James Financial (NYSE:RJF) had its target price reduced by BMO Capital Markets from $175.00 to $170.00 in a report published on Tuesday morning, Marketbeat reports. They currently have a market perform rating on the financial services provider’s stock.

A number of other brokerages have also recently commented on RJF. Citigroup reissued a “market outperform” rating on shares of Raymond James Financial in a research note on Thursday, July 23rd. Citizens Jmp increased their target price on Raymond James Financial from $200.00 to $205.00 and gave the stock a “market outperform” rating in a report on Thursday, July 23rd. Barclays boosted their price target on shares of Raymond James Financial from $192.00 to $196.00 and gave the company an “overweight” rating in a research note on Thursday, July 23rd. Weiss Ratings restated a “buy (b-)” rating on shares of Raymond James Financial in a report on Monday, August 17th. Finally, Morgan Stanley raised their price objective on shares of Raymond James Financial from $172.00 to $174.00 and gave the company an “equal weight” rating in a research note on Friday, July 10th. Five analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $180.77.

Raymond James Financial Price Performance

RJF stock opened at $158.38 on Tuesday. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.06 and a quick ratio of 1.03. The company’s 50-day moving average is $171.40 and its 200-day moving average is $160.78. The stock has a market capitalization of $30.47 billion, a PE ratio of 13.81, a price-to-earnings-growth ratio of 0.80 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, beating analysts’ consensus estimates 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 business had revenue of $3.93 billion during the quarter, compared to analyst estimates of $3.87 billion. During the same period in the previous year, the company posted $2.18 EPS. The firm’s revenue was up 15.6% compared to the same quarter last year. Equities research analysts expect that Raymond James Financial will post 12.12 EPS for the current fiscal 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. The ex-dividend date is Thursday, October 1st. This represents a $2.16 annualized dividend and a dividend yield of 1.4%. Raymond James Financial’s dividend payout ratio is presently 18.83%.

Insider Activity

In other Raymond James Financial news, insider Tashtego S. Elwyn sold 10,000 shares of the company’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $176.06, for a total value of $1,760,600.00. Following the completion of the sale, the insider directly owned 45,114 shares of the company’s stock, valued at approximately $7,942,770.84. This represents a 18.14% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Steven M. 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 of the company’s stock, valued at approximately $7,445,666.62. This trade represents a 11.82% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 23,270 shares of company stock worth $4,090,637 over the last quarter. Insiders own 0.58% of the company’s stock.

Hedge Funds Weigh In On Raymond James Financial

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Amundi raised its stake in shares of Raymond James Financial by 19.3% in the second quarter. Amundi now owns 478,939 shares of the financial services provider’s stock valued at $72,813,000 after buying an additional 77,638 shares during the period. Bank of America Corp DE purchased a new position in shares of Raymond James Financial during the 2nd quarter valued at $360,592,000. Western Wealth Management LLC bought a new position in shares of Raymond James Financial during the 2nd quarter worth $1,492,000. Basswood Capital Management L.L.C. grew its stake in shares of Raymond James Financial by 56.2% during the 4th quarter. Basswood Capital Management L.L.C. now owns 155,430 shares of the financial services provider’s stock worth $24,961,000 after acquiring an additional 55,943 shares during the period. Finally, Peterson Wealth Services increased its holdings in Raymond James Financial by 81.2% in the 4th quarter. Peterson Wealth Services now owns 60,930 shares of the financial services provider’s stock worth $9,785,000 after acquiring an additional 27,313 shares during the last quarter. Hedge funds and other 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.