Raymond James Financial (NYSE:RJF) Price Target Cut to $170.00 by Analysts at BMO Capital Markets

Raymond James Financial (NYSE:RJF) had its price target decreased by BMO Capital Markets from $175.00 to $170.00 in a research report released on Tuesday morning, Marketbeat Ratings reports. BMO Capital Markets currently has a market perform rating on the financial services provider’s stock.

Several other equities analysts have also weighed in on the stock. Truist Financial set a $188.00 price objective on shares of Raymond James Financial and gave the company a “hold” rating in a research report on Tuesday, September 1st. Barclays upped their price target on shares of Raymond James Financial from $192.00 to $196.00 and gave the company an “overweight” rating in a research note on Thursday, July 23rd. TD Cowen decreased their target price on Raymond James Financial from $161.00 to $160.00 and set a “hold” rating on the stock in a research report on Tuesday, September 1st. Bank of America reiterated a “neutral” rating and set a $198.00 target price (up from $196.00) on shares of Raymond James Financial in a research note on Monday. Finally, Wells Fargo & Company began coverage on Raymond James Financial in a report on Friday, October 2nd. They set an “equal weight” rating and a $172.00 price target for the company. Five equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $181.08.

Raymond James Financial Stock Down 0.8%

RJF stock opened at $159.53 on Tuesday. The company has a current ratio of 1.06, a quick ratio of 1.03 and a debt-to-equity ratio of 0.43. The firm has a market capitalization of $30.69 billion, a PE ratio of 13.91, a PEG ratio of 0.91 and a beta of 0.94. Raymond James Financial has a 1-year low of $138.82 and a 1-year high of $182.73. The business’s 50 day simple moving average is $172.07 and its 200 day simple moving average is $160.57.

Raymond James Financial (NYSE:RJF) last announced its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $3.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.91 by $0.23. Raymond James Financial had a return on equity of 19.07% and a net margin of 13.57%.The business had revenue of $3.93 billion during the quarter, compared to the consensus estimate of $3.87 billion. During the same quarter last year, the firm posted $2.18 EPS. The company’s quarterly revenue was up 15.6% on a year-over-year basis. As a group, research analysts anticipate that Raymond James Financial will post 12.13 EPS for the current year.

Raymond James Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Thursday, October 1st will be paid a $0.54 dividend. The ex-dividend date is Thursday, October 1st. This represents a $2.16 annualized dividend and a yield of 1.4%. Raymond James Financial’s payout ratio is 18.83%.

Insider Buying and Selling at Raymond James Financial

In other Raymond James Financial news, insider Tashtego Elwyn sold 10,000 shares of the stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $176.06, for a total transaction of $1,760,600.00. Following the transaction, the insider owned 45,114 shares in the company, valued at $7,942,770.84. This represents a 18.14% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Bella Allaire sold 7,500 shares of the firm’s stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $177.60, for a total transaction of $1,332,000.00. Following the transaction, the insider directly owned 46,086 shares in the company, valued at $8,184,873.60. This represents a 14.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 23,270 shares of company stock valued at $4,090,637 in the last quarter. Company insiders own 0.58% of the company’s stock.

Hedge Funds Weigh In On Raymond James Financial

A number of hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new stake in shares of Raymond James Financial during the 2nd quarter valued at $2,180,699,000. Primecap Management Co. CA bought a new position in shares of Raymond James Financial in the second quarter worth $1,405,145,000. State Street Corp raised its stake in Raymond James Financial by 0.4% in the second quarter. State Street Corp now owns 7,889,824 shares of the financial services provider’s stock valued at $1,199,424,000 after purchasing an additional 35,294 shares in the last quarter. Victory Capital Management Inc. raised its stake in Raymond James Financial by 0.8% in the fourth quarter. Victory Capital Management Inc. now owns 2,785,857 shares of the financial services provider’s stock valued at $447,381,000 after purchasing an additional 21,856 shares in the last quarter. Finally, Bank of America Corp DE lifted its position in Raymond James Financial by 9.9% during the first quarter. Bank of America Corp DE now owns 2,449,760 shares of the financial services provider’s stock worth $354,701,000 after purchasing an additional 220,227 shares during the period. Institutional investors own 83.83% of the company’s stock.

About Raymond James Financial

Raymond James Financial, Inc is a diversified financial services company headquartered in St. Petersburg, Florida. Through its subsidiaries and affiliated advisors, the company provides wealth management, investment banking, capital markets, asset management, and banking services to individuals, corporations, institutions, and municipalities.

Its wealth management operations serve clients through employee advisors and independent financial advisors, offering investment planning, brokerage, retirement planning, insurance, and related advisory services.