Raymond James (NYSE:RJF) Releases Quarterly Earnings Results, Beats Expectations By $0.08 EPS

Raymond James (NYSE:RJF) posted its quarterly earnings data on Wednesday. The financial services provider reported $2.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.31 by $0.08, Zacks reports. Raymond James had a net margin of 12.72% and a return on equity of 17.94%. The business had revenue of $3.23 billion during the quarter, compared to the consensus estimate of $3.24 billion. During the same period in the prior year, the firm earned $1.85 EPS. Raymond James’s quarterly revenue was up 11.1% compared to the same quarter last year.

Raymond James Price Performance

RJF traded up $5.79 during midday trading on Thursday, hitting $118.01. The company had a trading volume of 2,281,922 shares, compared to its average volume of 1,123,724. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.98 and a current ratio of 1.01. The company has a market capitalization of $24.46 billion, a PE ratio of 14.17, a P/E/G ratio of 0.70 and a beta of 1.02. Raymond James has a twelve month low of $91.67 and a twelve month high of $131.19. The firm’s 50-day simple moving average is $119.84 and its 200-day simple moving average is $119.90.

Raymond James Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Monday, July 1st were given a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 1.53%. The ex-dividend date of this dividend was Monday, July 1st. Raymond James’s payout ratio is presently 21.77%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. JPMorgan Chase & Co. reduced their price target on shares of Raymond James from $137.00 to $135.00 and set an “overweight” rating for the company in a report on Thursday. Morgan Stanley increased their price objective on shares of Raymond James from $113.00 to $123.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 9th. Wolfe Research restated a “peer perform” rating on shares of Raymond James in a research note on Monday, July 8th. Keefe, Bruyette & Woods dropped their price objective on shares of Raymond James from $132.00 to $131.00 and set a “market perform” rating for the company in a research note on Thursday, April 25th. Finally, Jefferies Financial Group increased their price objective on shares of Raymond James from $122.00 to $123.00 and gave the company a “hold” rating in a research note on Monday, July 8th. Ten equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $129.89.

Insider Buying and Selling at Raymond James

In other news, insider James E. Bunn sold 11,095 shares of the firm’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $124.44, for a total value of $1,380,661.80. Following the transaction, the insider now owns 46,977 shares of the company’s stock, valued at approximately $5,845,817.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider James E. Bunn sold 11,095 shares of Raymond James stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $124.44, for a total transaction of $1,380,661.80. Following the transaction, the insider now owns 46,977 shares of the company’s stock, valued at approximately $5,845,817.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Steven M. Raney sold 4,174 shares of Raymond James stock in a transaction that occurred on Friday, April 26th. The stock was sold at an average price of $121.01, for a total transaction of $505,095.74. Following the transaction, the chief executive officer now directly owns 51,009 shares in the company, valued at approximately $6,172,599.09. The disclosure for this sale can be found here. Corporate insiders own 9.74% of the company’s stock.

About Raymond James

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.