Citigroup Boosts Raymond James (NYSE:RJF) Price Target to $170.00

Raymond James (NYSE:RJF) had its price target upped by Citigroup from $145.00 to $170.00 in a report released on Friday morning,Benzinga reports. The brokerage currently has a neutral rating on the financial services provider’s stock.

A number of other equities research analysts have also commented on RJF. JPMorgan Chase & Co. restated a “neutral” rating and set a $166.00 price objective (up from $151.00) on shares of Raymond James in a research report on Tuesday. Jefferies Financial Group raised their price target on shares of Raymond James from $123.00 to $126.00 and gave the stock a “hold” rating in a report on Friday, October 4th. Wells Fargo & Company reiterated an “equal weight” rating and issued a $169.00 price objective (up previously from $152.00) on shares of Raymond James in a research note on Thursday, December 12th. Morgan Stanley lifted their target price on shares of Raymond James from $132.00 to $145.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 29th. Finally, The Goldman Sachs Group raised shares of Raymond James from a “neutral” rating to a “buy” rating and upped their price target for the stock from $161.00 to $185.00 in a research note on Monday, January 6th. Nine investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Raymond James has a consensus rating of “Hold” and an average price target of $156.18.

Raymond James Stock Down 3.1 %

RJF stock opened at $154.41 on Friday. 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 market capitalization of $31.51 billion, a P/E ratio of 15.90, a P/E/G ratio of 0.91 and a beta of 1.02. Raymond James has a 52-week low of $104.24 and a 52-week high of $171.38. The company’s 50 day simple moving average is $159.83 and its 200-day simple moving average is $134.90.

Raymond James (NYSE:RJF) last announced its earnings results on Wednesday, October 23rd. The financial services provider reported $2.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.41 by $0.54. The company had revenue of $3.46 billion for the quarter, compared to the consensus estimate of $3.32 billion. Raymond James had a net margin of 13.86% and a return on equity of 19.30%. The company’s revenue was up 13.4% on a year-over-year basis. During the same period in the previous year, the business earned $2.13 EPS. As a group, equities research analysts anticipate that Raymond James will post 10.85 EPS for the current year.

Raymond James Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 16th. Stockholders of record on Thursday, January 2nd will be issued a dividend of $0.50 per share. This is a positive change from Raymond James’s previous quarterly dividend of $0.45. The ex-dividend date is Thursday, January 2nd. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.30%. Raymond James’s dividend payout ratio is currently 20.60%.

Insider Activity at Raymond James

In other news, CEO Paul C. Reilly sold 50,000 shares of Raymond James stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $167.30, for a total value of $8,365,000.00. Following the transaction, the chief executive officer now owns 283,110 shares of the company’s stock, valued at $47,364,303. This trade represents a 15.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Tashtego S. Elwyn sold 10,000 shares of the firm’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 completion of the transaction, the insider now owns 32,688 shares in the company, valued at $5,212,755.36. The trade was a 23.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 64,621 shares of company stock valued at $10,729,488. Corporate insiders own 9.74% of the company’s stock.

Institutional Trading of Raymond James

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Franklin Resources Inc. lifted its position in Raymond James by 1.6% in the third quarter. Franklin Resources Inc. now owns 568,070 shares of the financial services provider’s stock worth $73,940,000 after purchasing an additional 9,217 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its position in shares of Raymond James by 1.5% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 473,140 shares of the financial services provider’s stock valued at $57,941,000 after acquiring an additional 7,028 shares in the last quarter. Banque Cantonale Vaudoise acquired a new stake in shares of Raymond James during the 3rd quarter valued at about $3,561,000. XTX Topco Ltd increased its stake in Raymond James by 390.7% in the second quarter. XTX Topco Ltd now owns 8,351 shares of the financial services provider’s stock valued at $1,032,000 after acquiring an additional 6,649 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its position in Raymond James by 109.3% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 111,462 shares of the financial services provider’s stock worth $13,778,000 after purchasing an additional 58,200 shares in the last quarter. 83.83% of the stock is currently owned by institutional investors and hedge funds.

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.