Wells Fargo & Company Boosts Raymond James (NYSE:RJF) Price Target to $152.00

Raymond James (NYSE:RJF) had its price target upped by Wells Fargo & Company from $140.00 to $152.00 in a research note issued to investors on Thursday, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the financial services provider’s stock.

A number of other research firms also recently commented on RJF. JPMorgan Chase & Co. decreased their target price on Raymond James from $137.00 to $135.00 and set an “overweight” rating on the stock in a research report on Thursday, July 25th. JMP Securities raised Raymond James from a “market perform” rating to a “market outperform” rating and set a $146.00 price objective on the stock in a research note on Wednesday, October 9th. UBS Group lowered their price objective on Raymond James from $138.00 to $135.00 and set a “neutral” rating for the company in a research note on Tuesday, July 9th. TD Cowen raised their price objective on Raymond James from $130.00 to $133.00 and gave the company a “hold” rating in a research note on Monday, July 8th. Finally, Jefferies Financial Group raised their price objective on Raymond James from $123.00 to $126.00 and gave the company a “hold” rating in a research note on Friday, October 4th. Nine analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Raymond James currently has a consensus rating of “Hold” and a consensus target price of $137.36.

Raymond James Stock Down 1.7 %

Shares of NYSE:RJF opened at $144.91 on Thursday. The stock has a market capitalization of $30.04 billion, a price-to-earnings ratio of 17.52, a PEG ratio of 0.95 and a beta of 1.02. The stock has a fifty day simple moving average of $124.23 and a two-hundred day simple moving average of $121.32. Raymond James has a 12-month low of $93.91 and a 12-month high of $148.68. The company has a current ratio of 1.02, a quick ratio of 0.99 and a debt-to-equity ratio of 0.41.

Raymond James (NYSE:RJF) last issued its quarterly earnings data on Wednesday, October 23rd. The financial services provider reported $2.95 EPS for the quarter, topping the consensus estimate of $2.41 by $0.54. Raymond James had a return on equity of 18.44% and a net margin of 13.16%. The company had revenue of $3.46 billion during the quarter, compared to analyst estimates of $3.32 billion. During the same quarter in the previous year, the company posted $2.13 earnings per share. Raymond James’s revenue was up 13.4% compared to the same quarter last year. On average, research analysts anticipate that Raymond James will post 9.55 earnings per share for the current fiscal year.

Raymond James Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 1st were issued a $0.45 dividend. The ex-dividend date of this dividend was Tuesday, October 1st. This represents a $1.80 annualized dividend and a dividend yield of 1.24%. Raymond James’s payout ratio is 21.77%.

Insider Transactions at Raymond James

In other Raymond James news, EVP Bella Loykhter Allaire sold 17,363 shares of the firm’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $115.00, for a total transaction of $1,996,745.00. Following the transaction, the executive vice president now directly owns 75,586 shares in the company, valued at $8,692,390. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Raymond James news, CEO Tashtego S. Elwyn sold 31,277 shares of Raymond James stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $109.64, for a total transaction of $3,429,210.28. Following the completion of the sale, the chief executive officer now owns 35,380 shares of the company’s stock, valued at approximately $3,879,063.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Bella Loykhter Allaire sold 17,363 shares of Raymond James stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $115.00, for a total value of $1,996,745.00. Following the transaction, the executive vice president now owns 75,586 shares of the company’s stock, valued at $8,692,390. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 9.74% of the company’s stock.

Hedge Funds Weigh In On Raymond James

Several institutional investors and hedge funds have recently modified their holdings of the business. Pinnacle Associates Ltd. boosted its holdings in shares of Raymond James by 2.1% during the 3rd quarter. Pinnacle Associates Ltd. now owns 226,342 shares of the financial services provider’s stock worth $25,237,000 after purchasing an additional 4,752 shares during the last quarter. First Trust Direct Indexing L.P. lifted its stake in Raymond James by 32.7% during the third quarter. First Trust Direct Indexing L.P. now owns 6,033 shares of the financial services provider’s stock worth $739,000 after purchasing an additional 1,486 shares in the last quarter. abrdn plc lifted its stake in Raymond James by 28.6% during the third quarter. abrdn plc now owns 54,743 shares of the financial services provider’s stock worth $6,676,000 after purchasing an additional 12,174 shares in the last quarter. Nisa Investment Advisors LLC lifted its stake in Raymond James by 5.8% during the third quarter. Nisa Investment Advisors LLC now owns 92,822 shares of the financial services provider’s stock worth $11,367,000 after purchasing an additional 5,100 shares in the last quarter. Finally, Cavalier Investments LLC increased its position in shares of Raymond James by 6.6% during the third quarter. Cavalier Investments LLC now owns 7,815 shares of the financial services provider’s stock worth $957,000 after acquiring an additional 483 shares during the period. Hedge funds and other institutional investors own 83.83% of the company’s stock.

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.