Bank of America Forecasts Strong Price Appreciation for Raymond James (NYSE:RJF) Stock

Raymond James (NYSE:RJF) had its price objective lifted by equities researchers at Bank of America from $198.00 to $201.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the financial services provider’s stock. Bank of America‘s price objective would suggest a potential upside of 18.12% from the company’s current price.

RJF has been the subject of several other reports. Citigroup raised their target price on Raymond James from $145.00 to $170.00 and gave the company a “neutral” rating in a research note on Friday, January 10th. JPMorgan Chase & Co. lifted their price target on Raymond James from $166.00 to $172.00 and gave the company a “neutral” rating in a research note on Thursday. Jefferies Financial Group lifted their price target on Raymond James from $123.00 to $126.00 and gave the company a “hold” rating in a research note on Friday, October 4th. The Goldman Sachs Group upgraded Raymond James from a “neutral” rating to a “buy” rating and lifted their price target for the company from $161.00 to $185.00 in a research note on Monday, January 6th. Finally, TD Cowen lifted their price target on Raymond James from $128.00 to $150.00 and gave the company a “hold” rating in a research note on Wednesday, October 30th. Nine equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $166.09.

Raymond James Stock Down 1.1 %

Shares of RJF traded down $1.86 during trading hours on Thursday, hitting $170.16. The stock had a trading volume of 1,199,314 shares, compared to its average volume of 1,240,489. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.02 and a quick ratio of 1.00. The firm has a 50 day simple moving average of $162.16 and a 200-day simple moving average of $139.40. The firm has a market capitalization of $34.77 billion, a P/E ratio of 17.55, a price-to-earnings-growth ratio of 1.04 and a beta of 1.02. Raymond James has a 1-year low of $104.24 and a 1-year high of $174.32.

Raymond James (NYSE:RJF) last issued its earnings results on Wednesday, January 29th. The financial services provider reported $2.93 EPS for the quarter, beating the consensus estimate of $2.62 by $0.31. Raymond James had a return on equity of 19.30% and a net margin of 13.86%. Sell-side analysts predict that Raymond James will post 11.02 EPS for the current fiscal year.

Insider Buying and Selling at Raymond James

In other Raymond James news, CEO Paul C. Reilly sold 50,000 shares of the business’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $167.30, for a total transaction of $8,365,000.00. Following the sale, the chief executive officer now owns 283,110 shares of the company’s stock, valued at $47,364,303. The trade was a 15.01 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Tashtego S. Elwyn sold 10,000 shares of the business’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $159.47, for a total transaction of $1,594,700.00. Following the transaction, the insider now owns 32,688 shares of the company’s stock, valued at $5,212,755.36. This trade represents a 23.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 64,621 shares of company stock valued at $10,729,488 in the last 90 days. 0.54% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP lifted its stake in Raymond James by 31.4% in the third quarter. Wellington Management Group LLP now owns 12,114,502 shares of the financial services provider’s stock worth $1,483,542,000 after purchasing an additional 2,898,242 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Raymond James by 12.0% in the third quarter. JPMorgan Chase & Co. now owns 4,544,610 shares of the financial services provider’s stock worth $556,533,000 after purchasing an additional 488,245 shares during the last quarter. Ceredex Value Advisors LLC lifted its stake in Raymond James by 191.3% in the third quarter. Ceredex Value Advisors LLC now owns 722,393 shares of the financial services provider’s stock worth $88,464,000 after purchasing an additional 474,443 shares during the last quarter. Two Sigma Advisers LP bought a new stake in Raymond James in the third quarter worth $34,105,000. Finally, Worldquant Millennium Advisors LLC bought a new stake in Raymond James in the third quarter worth $28,985,000. 83.83% of the stock is currently owned by hedge funds and other institutional investors.

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.