Raymond James Financial (NYSE:RJF) Issues Earnings Results, Beats Estimates By $0.21 EPS

Raymond James Financial (NYSE:RJF) issued its quarterly earnings results on Wednesday. The financial services provider reported $3.14 EPS for the quarter, beating analysts’ consensus estimates of $2.93 by $0.21, FiscalAI reports. The company had revenue of $3.93 billion for the quarter, compared to analyst estimates of $3.87 billion. Raymond James Financial had a return on equity of 17.93% and a net margin of 13.04%.

Raymond James Financial Stock Performance

Raymond James Financial stock traded up $0.42 during trading hours on Wednesday, hitting $168.35. The company had a trading volume of 1,449,488 shares, compared to its average volume of 1,420,509. The firm has a 50-day moving average of $156.19 and a 200 day moving average of $156.45. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.07 and a quick ratio of 1.05. The firm has a market cap of $32.81 billion, a PE ratio of 15.91, a PEG ratio of 1.07 and a beta of 0.93. Raymond James Financial has a one year low of $138.82 and a one year high of $177.66.

Raymond James Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Wednesday, July 1st were paid a $0.54 dividend. The ex-dividend date was Wednesday, July 1st. This represents a $2.16 dividend on an annualized basis and a yield of 1.3%. Raymond James Financial’s dividend payout ratio is 20.42%.

Institutional Investors Weigh In On Raymond James Financial

A number of large investors have recently added to or reduced their stakes in RJF. Empowered Funds LLC raised its holdings in Raymond James Financial by 8.2% in the 1st quarter. Empowered Funds LLC now owns 4,142 shares of the financial services provider’s stock valued at $573,000 after acquiring an additional 314 shares in the last quarter. Woodline Partners LP grew its holdings in shares of Raymond James Financial by 41.8% during the 1st quarter. Woodline Partners LP now owns 15,580 shares of the financial services provider’s stock worth $2,164,000 after purchasing an additional 4,592 shares in the last quarter. EverSource Wealth Advisors LLC increased its position in shares of Raymond James Financial by 137.3% in the second quarter. EverSource Wealth Advisors LLC now owns 1,184 shares of the financial services provider’s stock worth $182,000 after purchasing an additional 685 shares during the period. Brown Advisory Inc. raised its stake in Raymond James Financial by 15.1% in the second quarter. Brown Advisory Inc. now owns 2,268 shares of the financial services provider’s stock valued at $348,000 after purchasing an additional 298 shares in the last quarter. Finally, Cresset Asset Management LLC bought a new stake in Raymond James Financial during the second quarter worth about $363,000. Institutional investors and hedge funds own 83.83% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on RJF shares. Weiss Ratings reissued a “buy (b-)” rating on shares of Raymond James Financial in a research report on Wednesday, May 20th. Barclays raised their target price on shares of Raymond James Financial from $182.00 to $192.00 and gave the company an “overweight” rating in a research report on Thursday, July 9th. UBS Group reissued a “neutral” rating and set a $175.00 price target (up from $166.00) on shares of Raymond James Financial in a research report on Wednesday, July 8th. Jefferies Financial Group dropped their price target on shares of Raymond James Financial from $165.00 to $145.00 and set a “hold” rating on the stock in a research report on Monday, April 6th. Finally, Citigroup restated an “outperform” rating on shares of Raymond James Financial in a research note on Thursday, July 9th. Four investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $176.64.

Raymond James Financial Company Profile

Raymond James Financial is a diversified financial services firm headquartered in St. Petersburg, Florida. Founded in 1962, the company provides a range of services to individual investors, businesses and institutions through a combination of wealth management, capital markets, investment banking, asset management, banking and trust services. Its business model centers on a network of financial advisors and broker-dealer operations that deliver personalized financial planning, investment advisory services and brokerage solutions.

The firm’s core offerings include private client wealth management delivered by independent and employee advisors, equity and fixed-income research, institutional sales and trading, and investment banking services such as mergers and acquisitions advisory and capital raising.