Raymond James Financial (NYSE:RJF) Stock Price Target Cut by Morgan Stanley

Raymond James Financial (NYSE:RJF) had its price objective decreased by investment analysts at Morgan Stanley from $174.00 to $171.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm presently has an “equal weight” rating on the financial services provider’s stock. Morgan Stanley’s target price points to a potential upside of 7.96% from the stock’s current price.

RJF has been the subject of several other reports. TD Cowen dropped their price target on Raymond James Financial from $161.00 to $160.00 and set a “hold” rating for the company in a research note on Tuesday, September 1st. BMO Capital Markets reduced their price objective on shares of Raymond James Financial from $175.00 to $170.00 and set a “market perform” rating on the stock in a research report on Tuesday. Argus boosted their target price on shares of Raymond James Financial from $178.00 to $196.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. Truist Financial set a $188.00 target price on shares of Raymond James Financial and gave the stock a “hold” rating in a research report on Tuesday, September 1st. Finally, Bank of America reaffirmed 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. Five analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $180.54.

Raymond James Financial Price Performance

Shares of Raymond James Financial stock opened at $158.38 on Friday. The company has a market capitalization of $30.47 billion, a price-to-earnings ratio of 13.81, a PEG ratio of 0.80 and a beta of 0.94. The company has a quick ratio of 1.03, a current ratio of 1.06 and a debt-to-equity ratio of 0.43. The stock’s 50-day simple moving average is $171.40 and its 200-day simple moving average is $160.78. Raymond James Financial has a 52 week low of $138.82 and a 52 week high of $182.73.

Raymond James Financial (NYSE:RJF) last released its earnings results on Wednesday, July 22nd. The financial services provider reported $3.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.91 by $0.23. The firm had revenue of $3.93 billion during the quarter, compared to analysts’ expectations of $3.87 billion. Raymond James Financial had a return on equity of 19.07% and a net margin of 13.57%.The firm’s revenue was up 15.6% on a year-over-year basis. During the same quarter last year, the business posted $2.18 earnings per share. As a group, analysts expect that Raymond James Financial will post 12.12 earnings per share for the current fiscal year.

Insider Activity at Raymond James Financial

In other news, insider Tashtego S. Elwyn sold 10,000 shares of the business’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 directly owned 45,114 shares in the company, valued at $7,942,770.84. The trade was a 18.14% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Steven M. Raney sold 5,770 shares of the company’s stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $172.97, for a total transaction of $998,036.90. Following the sale, the insider owned 43,046 shares in the company, valued at $7,445,666.62. This represents a 11.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 23,270 shares of company stock valued at $4,090,637 over the last 90 days. 0.58% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in RJF. Amundi grew its holdings in shares of Raymond James Financial by 19.3% in the second quarter. Amundi now owns 478,939 shares of the financial services provider’s stock worth $72,813,000 after purchasing an additional 77,638 shares during the last quarter. Bank of America Corp DE purchased a new stake in Raymond James Financial in the 2nd quarter valued at about $360,592,000. Western Wealth Management LLC bought a new position in Raymond James Financial in the 2nd quarter worth about $1,492,000. Basswood Capital Management L.L.C. increased its position in shares of Raymond James Financial by 56.2% during the fourth quarter. Basswood Capital Management L.L.C. now owns 155,430 shares of the financial services provider’s stock worth $24,961,000 after acquiring an additional 55,943 shares during the period. Finally, Peterson Wealth Services raised its stake in shares of Raymond James Financial by 81.2% during the fourth quarter. Peterson Wealth Services now owns 60,930 shares of the financial services provider’s stock valued at $9,785,000 after acquiring an additional 27,313 shares in the last quarter. Hedge funds and other institutional investors own 83.83% of the company’s stock.

Raymond James Financial Company Profile

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.