Morgan Stanley Forecasts Strong Price Appreciation for Raymond James (NYSE:RJF) Stock

Raymond James (NYSE:RJF) had its target price lifted by Morgan Stanley from $132.00 to $145.00 in a research note released on Tuesday morning, Benzinga reports. They currently have an equal weight rating on the financial services provider’s stock.

Several other research analysts have also recently weighed in on the stock. Wolfe Research reissued a “peer perform” rating on shares of Raymond James in a report on Monday, July 8th. JMP Securities increased their target price on Raymond James from $146.00 to $150.00 and gave the stock a “market outperform” rating in a research note on Thursday, October 24th. The Goldman Sachs Group boosted their price target on Raymond James from $125.00 to $142.00 and gave the company a “neutral” rating in a research note on Thursday, October 24th. Wells Fargo & Company increased their price objective on Raymond James from $140.00 to $152.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. Finally, UBS Group reduced their target price on shares of Raymond James from $138.00 to $135.00 and set a “neutral” rating for the company in a research report on Tuesday, July 9th. Nine analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $140.91.

Raymond James Stock Performance

Shares of NYSE RJF opened at $148.22 on Tuesday. The company has a current ratio of 1.02, a quick ratio of 0.99 and a debt-to-equity ratio of 0.41. The company has a market capitalization of $30.52 billion, a P/E ratio of 15.26, a P/E/G ratio of 0.76 and a beta of 1.02. Raymond James has a 12 month low of $94.53 and a 12 month high of $151.59. The stock has a 50 day moving average of $126.85 and a 200-day moving average of $122.01.

Raymond James (NYSE:RJF) last released its quarterly earnings data on Wednesday, October 23rd. The financial services provider reported $2.95 EPS for the quarter, topping analysts’ consensus estimates of $2.41 by $0.54. The firm had revenue of $3.46 billion during the quarter, compared to analysts’ expectations of $3.32 billion. Raymond James had a net margin of 13.86% and a return on equity of 19.61%. The company’s revenue for the quarter was up 13.4% compared to the same quarter last year. During the same period in the previous year, the business posted $2.13 earnings per share. As a group, equities research analysts predict that Raymond James will post 10.32 EPS for the current year.

Raymond James Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st were paid a dividend of $0.45 per share. The ex-dividend date was Tuesday, October 1st. This represents a $1.80 dividend on an annualized basis and a yield of 1.21%. Raymond James’s payout ratio is 18.54%.

Insider Buying and Selling at Raymond James

In related news, CEO Tashtego S. Elwyn sold 31,277 shares of the stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $109.64, for a total transaction of $3,429,210.28. Following the sale, the chief executive officer now owns 35,380 shares in the company, valued at approximately $3,879,063.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 9.74% of the company’s stock.

Institutional Investors Weigh In On Raymond James

A number of large investors have recently modified their holdings of RJF. Wolff Wiese Magana LLC raised its holdings in shares of Raymond James by 3,960.0% during the 3rd quarter. Wolff Wiese Magana LLC now owns 203 shares of the financial services provider’s stock worth $25,000 after buying an additional 198 shares in the last quarter. Quarry LP bought a new position in Raymond James in the second quarter valued at about $29,000. Smithfield Trust Co raised its stake in Raymond James by 105.0% during the first quarter. Smithfield Trust Co now owns 246 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 126 shares in the last quarter. Covestor Ltd lifted its holdings in shares of 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 during the last quarter. Finally, Future Financial Wealth Managment LLC acquired a new stake in shares of Raymond James in the 3rd quarter valued at approximately $32,000. Institutional investors and hedge funds own 83.83% 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.