Key Points
- Insider sale: Raymond James Financial insider Steven Raney sold 5,770 shares for approximately $998,037, reducing his position by 11.82% to 43,046 shares.
- Strong quarterly results: The company reported adjusted earnings of $3.14 per share, beating estimates by $0.23, while revenue rose 15.6% year over year to $3.93 billion.
- Mixed analyst outlook: Analysts maintain a consensus “Hold” rating with an average price target of $179.64; RJF recently traded at $177.50, near its 12-month high of $178.28.
Raymond James Financial, Inc. (NYSE:RJF - Get Free Report) insider Steven Raney sold 5,770 shares of the business's stock in a transaction on Monday, July 27th. The stock was sold at an average price of $172.97, for a total transaction of $998,036.90. Following the transaction, the insider owned 43,046 shares of the company's stock, valued at approximately $7,445,666.62. The trade was a 11.82% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink.
Raymond James Financial Stock Performance
NYSE:RJF opened at $177.50 on Wednesday. Raymond James Financial, Inc. has a 12 month low of $138.82 and a 12 month high of $178.28. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.07 and a quick ratio of 1.05. The firm has a market capitalization of $34.59 billion, a PE ratio of 15.48, a price-to-earnings-growth ratio of 1.09 and a beta of 0.93. The business's fifty day moving average price is $157.90 and its 200 day moving average price is $156.66.
Raymond James Financial (NYSE:RJF - Get Free Report) last announced its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $3.14 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.91 by $0.23. The company had revenue of $3.93 billion during the quarter, compared to the consensus estimate of $3.87 billion. Raymond James Financial had a return on equity of 19.17% and a net margin of 13.57%.Raymond James Financial's revenue for the quarter was up 15.6% on a year-over-year basis. During the same period in the previous year, the business earned $2.18 EPS. On average, sell-side analysts anticipate that Raymond James Financial, Inc. will post 12.04 earnings per share for the current fiscal year.
Raymond James Financial Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Wednesday, July 1st were given a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend was Wednesday, July 1st. Raymond James Financial's dividend payout ratio (DPR) is 18.83%.
Analysts Set New Price Targets
RJF has been the subject of a number of research analyst reports. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Raymond James Financial in a report on Wednesday, May 20th. BMO Capital Markets reissued a "market perform" rating and set a $175.00 price objective (up from $160.00) on shares of Raymond James Financial in a report on Thursday, July 23rd. Citizens Jmp boosted their price objective on shares of Raymond James Financial from $200.00 to $205.00 and gave the stock a "market outperform" rating in a research report on Thursday, July 23rd. TD Cowen lowered their target price on shares of Raymond James Financial from $162.00 to $161.00 and set a "hold" rating for the company in a report on Thursday, July 23rd. Finally, Barclays lifted their price target on shares of Raymond James Financial from $192.00 to $196.00 and gave the stock an "overweight" rating in a research note on Thursday, July 23rd. Four investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. Based on data from MarketBeat, Raymond James Financial has an average rating of "Hold" and a consensus price target of $179.64.
Get Our Latest Stock Analysis on Raymond James Financial
Institutional Inflows and Outflows
Several institutional investors have recently added to or reduced their stakes in RJF. Empowered Funds LLC grew its position in shares of Raymond James Financial by 8.2% during the first quarter. Empowered Funds LLC now owns 4,142 shares of the financial services provider's stock worth $573,000 after acquiring an additional 314 shares during the last quarter. Woodline Partners LP boosted its stake in Raymond James Financial by 41.8% during the 1st quarter. Woodline Partners LP now owns 15,580 shares of the financial services provider's stock worth $2,164,000 after purchasing an additional 4,592 shares during the period. EverSource Wealth Advisors LLC boosted its stake in Raymond James Financial by 137.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,184 shares of the financial services provider's stock worth $182,000 after purchasing an additional 685 shares during the period. Brown Advisory Inc. grew its position in Raymond James Financial by 15.1% during the 2nd quarter. Brown Advisory Inc. now owns 2,268 shares of the financial services provider's stock worth $348,000 after purchasing an additional 298 shares during the last quarter. Finally, Cresset Asset Management LLC acquired a new position in Raymond James Financial in the second quarter valued at $363,000. Institutional investors and hedge funds own 83.83% of the company's stock.
About Raymond James Financial
(
Get Free Report)
Raymond James Financial is a diversified financial services firm headquartered in St. Petersburg, Florida. Founded in 1962, the company provides a range of services to individual investors, businesses and institutions through a combination of wealth management, capital markets, investment banking, asset management, banking and trust services. Its business model centers on a network of financial advisors and broker-dealer operations that deliver personalized financial planning, investment advisory services and brokerage solutions.
The firm's core offerings include private client wealth management delivered by independent and employee advisors, equity and fixed-income research, institutional sales and trading, and investment banking services such as mergers and acquisitions advisory and capital raising.
Further Reading
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