Raymond James Financial, Inc. (NYSE:RJF) Receives Average Rating of “Hold” from Brokerages

Shares of Raymond James Financial, Inc. (NYSE:RJF) have earned an average rating of “Hold” from the thirteen analysts that are covering the stock, MarketBeat Ratings reports. Nine research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating on the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $172.20.

RJF has been the topic of several recent analyst reports. BMO Capital Markets initiated coverage on shares of Raymond James Financial in a research report on Friday, October 3rd. They set a “market perform” rating and a $180.00 price objective on the stock. Weiss Ratings reiterated a “hold (c+)” rating on shares of Raymond James Financial in a report on Wednesday. Citigroup reiterated an “outperform” rating on shares of Raymond James Financial in a report on Thursday. Morgan Stanley lifted their price target on shares of Raymond James Financial from $176.00 to $184.00 and gave the company an “equal weight” rating in a report on Wednesday, October 1st. Finally, JPMorgan Chase & Co. lifted their price target on shares of Raymond James Financial from $172.00 to $178.00 and gave the company a “neutral” rating in a report on Tuesday.

Institutional Trading of Raymond James Financial

Institutional investors and hedge funds have recently bought and sold shares of the stock. Norges Bank purchased a new position in shares of Raymond James Financial in the 2nd quarter worth $354,446,000. Victory Capital Management Inc. grew its stake in shares of Raymond James Financial by 1,502.0% in the 1st quarter. Victory Capital Management Inc. now owns 1,883,139 shares of the financial services provider’s stock worth $261,587,000 after buying an additional 1,765,588 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Raymond James Financial by 41.6% in the 2nd quarter. JPMorgan Chase & Co. now owns 5,616,998 shares of the financial services provider’s stock worth $861,479,000 after buying an additional 1,651,380 shares in the last quarter. Nuveen LLC purchased a new position in shares of Raymond James Financial in the 1st quarter worth $111,368,000. Finally, First Trust Advisors LP grew its stake in shares of Raymond James Financial by 39.9% in the 2nd quarter. First Trust Advisors LP now owns 2,485,569 shares of the financial services provider’s stock worth $381,212,000 after buying an additional 709,315 shares in the last quarter. 83.83% of the stock is currently owned by institutional investors.

Raymond James Financial Stock Down 2.3%

Shares of RJF stock opened at $160.36 on Friday. The company has a market capitalization of $31.97 billion, a price-to-earnings ratio of 15.72, a PEG ratio of 1.26 and a beta of 1.03. Raymond James Financial has a one year low of $117.57 and a one year high of $177.66. The company’s fifty day moving average price is $167.78 and its 200-day moving average price is $154.40. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.04 and a quick ratio of 1.02.

Raymond James Financial (NYSE:RJF) last announced its quarterly earnings data on Wednesday, July 23rd. The financial services provider reported $2.18 EPS for the quarter, missing the consensus estimate of $2.36 by ($0.18). The firm had revenue of $3.40 billion for the quarter, compared to the consensus estimate of $3.38 billion. Raymond James Financial had a net margin of 13.56% and a return on equity of 18.38%. The firm’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.39 earnings per share. Sell-side analysts expect that Raymond James Financial will post 11.17 EPS for the current fiscal year.

Raymond James Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Wednesday, October 1st will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Wednesday, October 1st. Raymond James Financial’s payout ratio is currently 19.61%.

About Raymond James Financial

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.