Zacks Research Comments on Raymond James’ Q3 2024 Earnings (NYSE:RJF)

Raymond James (NYSE:RJF) – Stock analysts at Zacks Research upped their Q3 2024 earnings per share estimates for shares of Raymond James in a note issued to investors on Monday, July 22nd. Zacks Research analyst R. Department now expects that the financial services provider will post earnings per share of $2.26 for the quarter, up from their prior estimate of $2.24. The consensus estimate for Raymond James’ current full-year earnings is $9.56 per share. Zacks Research also issued estimates for Raymond James’ Q4 2024 earnings at $2.46 EPS, FY2024 earnings at $9.44 EPS, Q1 2025 earnings at $2.52 EPS, Q2 2025 earnings at $2.33 EPS, Q3 2025 earnings at $2.57 EPS, Q4 2025 earnings at $2.64 EPS, FY2025 earnings at $10.06 EPS, Q1 2026 earnings at $2.61 EPS, Q2 2026 earnings at $2.59 EPS, Q3 2026 earnings at $2.76 EPS and FY2026 earnings at $10.75 EPS.

Other equities research analysts have also issued reports about the stock. JPMorgan Chase & Co. lowered 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. Jefferies Financial Group lifted their price target on shares of Raymond James from $122.00 to $123.00 and gave the company a “hold” rating in a report on Monday, July 8th. TD Cowen upped their price objective on shares of Raymond James from $130.00 to $133.00 and gave the stock a “hold” rating in a report on Monday, July 8th. Citigroup lifted their target price on shares of Raymond James from $112.00 to $132.00 and gave the company a “neutral” rating in a research note on Thursday, April 11th. Finally, Bank of America lowered their price objective on shares of Raymond James from $145.00 to $141.00 and set a “buy” rating for the company in a report on Thursday, April 25th. Ten investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $129.89.

Raymond James Stock Performance

Shares of RJF stock opened at $118.01 on Wednesday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.98 and a current ratio of 1.01. Raymond James has a fifty-two week low of $91.67 and a fifty-two week high of $131.19. The company has a market capitalization of $24.46 billion, a P/E ratio of 14.27, a PEG ratio of 0.70 and a beta of 1.02. The stock has a 50 day moving average price of $119.69 and a two-hundred day moving average price of $119.89.

Raymond James (NYSE:RJF) last posted its quarterly earnings results on Wednesday, July 24th. The financial services provider reported $2.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.31 by $0.08. 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 analyst estimates of $3.24 billion. During the same period in the prior year, the business posted $1.85 earnings per share. The company’s revenue was up 11.1% on a year-over-year basis.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Turtle Creek Wealth Advisors LLC purchased a new stake in Raymond James during the fourth quarter valued at $30,000. Smithfield Trust Co lifted its holdings in shares of Raymond James by 105.0% in the 1st quarter. Smithfield Trust Co now owns 246 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 126 shares during the last quarter. Covestor Ltd grew its position in Raymond James by 77.0% in the first quarter. Covestor Ltd now owns 239 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 104 shares in the last quarter. OLD Point Trust & Financial Services N A bought a new stake in Raymond James during the fourth quarter worth approximately $33,000. Finally, Future Financial Wealth Managment LLC purchased a new stake in Raymond James during the first quarter valued at approximately $33,000. Institutional investors own 83.83% of the company’s stock.

Insider Buying and Selling

In other news, insider James E. Bunn sold 11,095 shares of the business’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $124.44, for a total value of $1,380,661.80. Following the transaction, the insider now directly owns 46,977 shares in the company, valued at $5,845,817.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 9.74% of the stock is currently owned by insiders.

Raymond James Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Monday, July 1st were paid a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.53%. The ex-dividend date was Monday, July 1st. Raymond James’s dividend payout ratio (DPR) is 21.77%.

Raymond James Company Profile

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.