Key Points
- Insider sale: Raymond James insider Tashtego Elwyn sold 10,000 shares at an average price of $176.06, totaling $1.76 million. The sale reduced their ownership by 18.14%, leaving 45,114 shares.
- Strong quarterly results: The company reported quarterly EPS of $3.14, beating estimates of $2.91, while revenue rose 15.6% year over year to $3.93 billion.
- Mixed but generally stable outlook: Analysts maintain a consensus “Hold” rating with an average price target of $179.64. Raymond James also pays a quarterly dividend of $0.54, equivalent to a 1.2% annual yield.
Raymond James Financial, Inc. (NYSE:RJF - Get Free Report) insider Tashtego Elwyn sold 10,000 shares of the firm's stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $176.06, for a total value of $1,760,600.00. Following the sale, the insider owned 45,114 shares in the company, valued at $7,942,770.84. This trade represents a 18.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Raymond James Financial Stock Performance
Shares of RJF stock opened at $174.14 on Thursday. The company has a market capitalization of $33.94 billion, a P/E ratio of 15.18, a P/E/G ratio of 1.09 and a beta of 0.93. Raymond James Financial, Inc. has a 12-month low of $138.82 and a 12-month high of $178.28. The business's 50 day moving average is $158.34 and its two-hundred day moving average is $156.70. The company has a current ratio of 1.07, a quick ratio of 1.05 and a debt-to-equity ratio of 0.44.
Raymond James Financial (NYSE:RJF - Get Free Report) last announced its earnings results on Wednesday, July 22nd. The financial services provider reported $3.14 earnings per share for the quarter, topping the consensus estimate of $2.91 by $0.23. The business 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%.The business's quarterly revenue was up 15.6% on a year-over-year basis. During the same period in the prior year, the company posted $2.18 EPS. Analysts expect that Raymond James Financial, Inc. will post 12.04 EPS for the current fiscal year.
Raymond James Financial Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Wednesday, July 1st were paid a $0.54 dividend. The ex-dividend date of this dividend was Wednesday, July 1st. This represents a $2.16 dividend on an annualized basis and a yield of 1.2%. Raymond James Financial's dividend payout ratio (DPR) is currently 18.83%.
Hedge Funds Weigh In On Raymond James Financial
Institutional investors have recently bought and sold shares of the company. Norges Bank acquired a new position in Raymond James Financial in the 4th quarter valued at about $324,263,000. First Trust Advisors LP lifted its holdings in Raymond James Financial by 18.3% in the fourth quarter. First Trust Advisors LP now owns 3,071,996 shares of the financial services provider's stock valued at $493,332,000 after acquiring an additional 474,477 shares during the last quarter. PFA Pension Forsikringsaktieselskab acquired a new position in Raymond James Financial in the fourth quarter valued at approximately $64,640,000. AQR Capital Management LLC grew its position in Raymond James Financial by 40.0% in the fourth quarter. AQR Capital Management LLC now owns 1,096,731 shares of the financial services provider's stock worth $176,124,000 after acquiring an additional 313,587 shares during the period. Finally, Balyasny Asset Management L.P. increased its stake in Raymond James Financial by 7,823.8% during the third quarter. Balyasny Asset Management L.P. now owns 288,583 shares of the financial services provider's stock worth $49,809,000 after acquiring an additional 284,941 shares during the last quarter. 83.83% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several equities analysts have recently weighed in on RJF shares. Citigroup restated a "market outperform" rating on shares of Raymond James Financial in a research report on Thursday, July 23rd. Citizens Jmp upped their target price on shares of Raymond James Financial from $200.00 to $205.00 and gave the stock a "market outperform" rating in a report on Thursday, July 23rd. TD Cowen decreased their price target on shares of Raymond James Financial from $162.00 to $161.00 and set a "hold" rating on the stock in a research note on Thursday, July 23rd. Morgan Stanley upped their price objective on shares of Raymond James Financial from $172.00 to $174.00 and gave the company an "equal weight" rating in a research note on Friday, July 10th. Finally, JPMorgan Chase & Co. boosted their target price on Raymond James Financial from $175.00 to $179.00 and gave the stock a "neutral" rating in a report on Thursday, July 23rd. Four research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $179.64.
View Our Latest Research Report on Raymond James Financial
Raymond James Financial Company Profile
(
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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