Raymond James Financial (NYSE:RJF) Given New $185.00 Price Target at JPMorgan Chase & Co.

Raymond James Financial (NYSE:RJF) had its price objective raised by JPMorgan Chase & Co. from $179.00 to $185.00 in a research report released on Monday,Benzinga reports. The brokerage currently has a neutral rating on the financial services provider’s stock.

A number of other analysts have also weighed in on the stock. Wells Fargo & Company initiated coverage on shares of Raymond James Financial in a report on Friday. They set an “equal weight” rating and a $172.00 target price on the stock. TD Cowen cut their price target on shares of Raymond James Financial from $161.00 to $160.00 and set a “hold” rating for the company in a report on Tuesday, September 1st. Truist Financial set a $188.00 price target on shares of Raymond James Financial and gave the company a “hold” rating in a research report on Tuesday, September 1st. Morgan Stanley upped 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 report on Friday, July 10th. Finally, BMO Capital Markets reiterated a “market perform” rating and issued a $175.00 price objective (up from $160.00) on shares of Raymond James Financial in a research report on Thursday, July 23rd. Five equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $181.46.

Raymond James Financial Stock Up 1.7%

RJF stock opened at $160.88 on Monday. The stock has a 50-day simple moving average of $172.43 and a two-hundred day simple moving average of $160.46. Raymond James Financial has a twelve month low of $138.82 and a twelve month high of $182.73. The firm has a market capitalization of $30.95 billion, a PE ratio of 14.03, a PEG ratio of 0.91 and a beta of 0.94. The company has a quick ratio of 1.03, a current ratio of 1.06 and a debt-to-equity ratio of 0.43.

Raymond James Financial (NYSE:RJF) last announced its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $3.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.91 by $0.23. Raymond James Financial had a net margin of 13.57% and a return on equity of 19.07%. The firm had revenue of $3.93 billion for the quarter, compared to the consensus estimate of $3.87 billion. During the same period in the prior year, the firm posted $2.18 earnings per share. The company’s revenue for the quarter was up 15.6% on a year-over-year basis. On average, equities analysts predict that Raymond James Financial will post 12.13 EPS for the current fiscal year.

Raymond James Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Thursday, October 1st will be paid a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date of this dividend is Thursday, October 1st. Raymond James Financial’s payout ratio is currently 18.83%.

Insider Transactions at Raymond James Financial

In other news, insider Tashtego S. Elwyn sold 10,000 shares of Raymond James Financial stock in a transaction on 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 completion of the sale, the insider directly owned 45,114 shares of the company’s stock, valued at approximately $7,942,770.84. The trade was a 18.14% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Steven M. Raney sold 5,770 shares of the stock in a transaction on Monday, July 27th. The shares were sold at an average price of $172.97, for a total value of $998,036.90. Following the completion of the transaction, the insider directly owned 43,046 shares in the company, valued at approximately $7,445,666.62. This represents a 11.82% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 23,270 shares of company stock valued at $4,090,637 in the last quarter. Insiders own 0.58% of the company’s stock.

Institutional Investors Weigh In On Raymond James Financial

Several hedge funds have recently added to or reduced their stakes in RJF. QRG Capital Management Inc. boosted its holdings in shares of Raymond James Financial by 12.7% in the 2nd quarter. QRG Capital Management Inc. now owns 39,488 shares of the financial services provider’s stock worth $6,003,000 after purchasing an additional 4,435 shares in the last quarter. State Street Corp raised its holdings in shares of Raymond James Financial by 0.4% during the 2nd quarter. State Street Corp now owns 7,889,824 shares of the financial services provider’s stock valued at $1,199,424,000 after buying an additional 35,294 shares in the last quarter. Security National Bank of SO Dak bought a new stake in Raymond James Financial in the 2nd quarter worth approximately $79,000. Sequoia Financial Advisors LLC lifted its position in Raymond James Financial by 19.0% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 10,707 shares of the financial services provider’s stock worth $1,628,000 after buying an additional 1,706 shares during the last quarter. Finally, Tidal Investments LLC boosted its stake in Raymond James Financial by 5.9% in the second quarter. Tidal Investments LLC now owns 9,306 shares of the financial services provider’s stock worth $1,410,000 after buying an additional 518 shares in the last quarter. 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.