Raymond James Financial (NYSE:RJF) Hits New 1-Year High – Still a Buy?

Raymond James Financial, Inc. (NYSE:RJF) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $178.17 and last traded at $177.7860, with a volume of 261783 shares trading hands. The stock had previously closed at $173.60.

Analyst Upgrades and Downgrades

RJF has been the topic of a number of research analyst reports. Weiss Ratings reiterated a “buy (b-)” rating on shares of Raymond James Financial in a research report on Wednesday, May 20th. BMO Capital Markets reissued a “market perform” rating and issued a $175.00 target price (up from $160.00) on shares of Raymond James Financial in a report on Thursday, July 23rd. Jefferies Financial Group decreased their target price on Raymond James Financial from $165.00 to $145.00 and set a “hold” rating for the company in a research report on Monday, April 6th. UBS Group set a $184.00 price target on Raymond James Financial and gave the stock a “neutral” rating in a research note on Monday. Finally, Morgan Stanley lifted their price target on Raymond James Financial from $172.00 to $174.00 and gave the stock an “equal weight” rating in a research report on Friday, July 10th. Four equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $179.64.

Raymond James Financial Stock Performance

The stock has a market cap of $34.35 billion, a PE ratio of 15.35, a P/E/G ratio of 1.06 and a beta of 0.93. The firm’s 50-day moving average is $157.38 and its 200 day moving average is $156.57. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.05 and a current ratio of 1.07.

Raymond James Financial (NYSE:RJF) last issued its quarterly earnings data 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 company had revenue of $3.93 billion for the quarter, compared to the consensus estimate of $3.87 billion. Raymond James Financial had a net margin of 13.57% and a return on equity of 19.17%. Raymond James Financial’s revenue for the quarter was up 15.6% on a year-over-year basis. During the same period last year, the firm posted $2.18 EPS. As a group, research analysts anticipate that Raymond James Financial, Inc. will post 12.01 EPS for the current 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 paid a dividend of $0.54 per share. The ex-dividend date was Wednesday, July 1st. This represents a $2.16 annualized dividend and a dividend yield of 1.2%. Raymond James Financial’s dividend payout ratio is 18.83%.

Hedge Funds Weigh In On Raymond James Financial

Several institutional investors have recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in Raymond James Financial during the 4th quarter valued at approximately $324,263,000. First Trust Advisors LP increased its holdings in shares of 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 purchasing an additional 474,477 shares during the period. PFA Pension Forsikringsaktieselskab acquired a new position in shares of Raymond James Financial in the fourth quarter valued at approximately $64,640,000. AQR Capital Management LLC raised its stake in shares of Raymond James Financial by 40.0% during 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 purchasing an additional 313,587 shares during the last quarter. Finally, Balyasny Asset Management L.P. raised its stake in shares of 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 purchasing an additional 284,941 shares during the last quarter. Institutional investors and hedge funds own 83.83% of the company’s stock.

Raymond James Financial Company Profile

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.