Brokerages Set Raymond James (NYSE:RJF) PT at $131.60

06 Oct 2024, 07:20 by Michael Walen · The Markets Daily

Shares of Raymond James (NYSE:RJF – Get Free Report) have received an average rating of “Hold” from the twelve analysts that are covering the stock, MarketBeat reports. Nine research analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $131.90.

Several research firms have recently weighed in on RJF. The Goldman Sachs Group lowered their price objective on Raymond James from $127.00 to $125.00 and set a “neutral” rating on the stock in a research note on Thursday, September 26th. Wells Fargo & Company began coverage on Raymond James in a research report on Thursday, September 12th. They set an “overweight” rating and a $138.00 price target on the stock. Wolfe Research restated a “peer perform” rating on shares of Raymond James in a research report on Monday, July 8th. Jefferies Financial Group increased their price target on Raymond James from $123.00 to $126.00 and gave the stock a “hold” rating in a research report on Friday. Finally, TD Cowen increased their price target on Raymond James from $130.00 to $133.00 and gave the stock a “hold” rating in a research report on Monday, July 8th.

Get Our Latest Stock Analysis on Raymond James

Raymond James Trading Up 1.9 %

RJF stock opened at $127.13 on Tuesday. Raymond James has a 1-year low of $91.67 and a 1-year high of $131.19. The firm has a market cap of $26.18 billion, a P/E ratio of 15.37, a P/E/G ratio of 0.79 and a beta of 1.02. The business’s 50 day moving average is $117.48 and its 200-day moving average is $120.60. The company has a current ratio of 1.02, a quick ratio of 0.99 and a debt-to-equity ratio of 0.41.

Raymond James (NYSE:RJF – Get Free Report) last released its quarterly earnings data on Wednesday, July 24th. The financial services provider reported $2.39 earnings per share for the quarter, beating the consensus estimate of $2.31 by $0.08. Raymond James had a return on equity of 18.44% and a net margin of 13.16%. The company had revenue of $3.23 billion for the quarter, compared to analyst estimates of $3.24 billion. During the same period in the prior year, the company posted $1.85 EPS. The company’s revenue was up 11.1% compared to the same quarter last year. Equities analysts anticipate that Raymond James will post 9.58 earnings per share for the current fiscal year.

Raymond James Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st will be given a $0.45 dividend. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $1.80 dividend on an annualized basis and a yield of 1.42%. Raymond James’s payout ratio is 21.77%.

Insider Buying and Selling at Raymond James

In other Raymond James news, CEO Tashtego S. Elwyn sold 31,277 shares of the stock in a transaction on Monday, August 12th. The stock was sold at an average price of $109.64, for a total value of $3,429,210.28. Following the transaction, the chief executive officer now directly 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Tashtego S. Elwyn sold 31,277 shares of the stock in a transaction on Monday, August 12th. The stock was sold at an average price of $109.64, for a total value of $3,429,210.28. Following the transaction, the chief executive officer now owns 35,380 shares of the company’s stock, valued at $3,879,063.20. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Bella Loykhter Allaire sold 17,363 shares of the stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $115.00, for a total value of $1,996,745.00. Following the completion of the transaction, the executive vice president now directly owns 75,586 shares in the company, valued at approximately $8,692,390. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 9.74% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. AGF Management Ltd. raised its stake in Raymond James by 17.2% during the 2nd quarter. AGF Management Ltd. now owns 2,580,467 shares of the financial services provider’s stock worth $318,972,000 after buying an additional 378,033 shares during the period. Earnest Partners LLC raised its stake in Raymond James by 1.5% during the 2nd quarter. Earnest Partners LLC now owns 2,505,369 shares of the financial services provider’s stock worth $309,689,000 after buying an additional 37,173 shares during the period. Massachusetts Financial Services Co. MA raised its stake in Raymond James by 1.2% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,215,996 shares of the financial services provider’s stock worth $273,919,000 after buying an additional 25,494 shares during the period. Dimensional Fund Advisors LP raised its stake in Raymond James by 6.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,024,612 shares of the financial services provider’s stock worth $250,238,000 after buying an additional 113,826 shares during the period. Finally, APG Asset Management N.V. raised its stake in Raymond James by 2.1% during the 2nd quarter. APG Asset Management N.V. now owns 1,874,140 shares of the financial services provider’s stock worth $216,153,000 after buying an additional 38,695 shares during the period. Institutional investors and hedge funds own 83.83% of the company’s stock.

About Raymond James

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