Wells Fargo & Co Reaffirms Outperform Rating for Raymond James Financial (RJF)
Wells Fargo & Co reissued their outperform rating on shares of Raymond James Financial (NYSE:RJF) in a research report report published on Thursday, The Fly reports. Wells Fargo & Co currently has a $110.00 target price on the financial services provider’s stock, up from their previous target price of $94.00.
Other equities analysts also recently issued research reports about the stock. Buckingham Research boosted their price target on shares of Raymond James Financial from $92.00 to $96.00 and gave the stock a buy rating in a research note on Friday, October 27th. Keefe, Bruyette & Woods restated a hold rating and issued a $85.00 price target on shares of Raymond James Financial in a research note on Tuesday, October 3rd. Finally, Credit Suisse Group restated a hold rating and issued a $82.00 price target on shares of Raymond James Financial in a research note on Wednesday, January 3rd. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The company currently has a consensus rating of Buy and an average price target of $91.43.
Shares of Raymond James Financial (NYSE:RJF) opened at $90.95 on Thursday. Raymond James Financial has a 1-year low of $70.74 and a 1-year high of $91.66. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.16 and a quick ratio of 1.14. The firm has a market cap of $13,133.22, a P/E ratio of 17.90, a P/E/G ratio of 0.79 and a beta of 1.71.
Raymond James Financial (NYSE:RJF) last posted its earnings results on Wednesday, October 25th. The financial services provider reported $1.47 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.32 by $0.15. Raymond James Financial had a net margin of 9.75% and a return on equity of 13.75%. The firm had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.67 billion. During the same quarter last year, the firm earned $1.28 EPS. The firm’s revenue for the quarter was up 15.8% on a year-over-year basis. equities analysts expect that Raymond James Financial will post 6.78 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 17th. Shareholders of record on Wednesday, January 3rd will be paid a $0.25 dividend. This is an increase from Raymond James Financial’s previous quarterly dividend of $0.22. The ex-dividend date is Tuesday, January 2nd. This represents a $1.00 annualized dividend and a dividend yield of 1.10%. Raymond James Financial’s payout ratio is 23.09%.
In related news, Vice Chairman Francis S. Godbold sold 45,000 shares of the business’s stock in a transaction on Tuesday, November 21st. The shares were sold at an average price of $85.51, for a total transaction of $3,847,950.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP George Catanese sold 506 shares of the business’s stock in a transaction on Friday, December 15th. The stock was sold at an average price of $88.29, for a total transaction of $44,674.74. Following the transaction, the senior vice president now owns 5,884 shares of the company’s stock, valued at approximately $519,498.36. The disclosure for this sale can be found here. In the last 90 days, insiders sold 318,204 shares of company stock valued at $27,453,239. Insiders own 11.18% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. YorkBridge Wealth Partners LLC grew its stake in shares of Raymond James Financial by 4.9% during the second quarter. YorkBridge Wealth Partners LLC now owns 1,413 shares of the financial services provider’s stock worth $115,000 after purchasing an additional 66 shares in the last quarter. Noesis Capital Mangement Corp acquired a new position in shares of Raymond James Financial during the third quarter worth $210,000. Sterling Capital Management LLC acquired a new position in shares of Raymond James Financial during the third quarter worth $219,000. Visionary Asset Management Inc. acquired a new position in shares of Raymond James Financial during the third quarter worth $220,000. Finally, Pacer Advisors Inc. grew its stake in shares of Raymond James Financial by 8.2% during the second quarter. Pacer Advisors Inc. now owns 2,714 shares of the financial services provider’s stock worth $218,000 after purchasing an additional 206 shares in the last quarter. Hedge funds and other institutional investors own 69.79% of the company’s stock.
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Raymond James Financial Company Profile
Raymond James Financial, Inc (RJF) is a financial holding company. The Company’s subsidiaries include Raymond James & Associates, Inc (RJ&A), Raymond James Financial Services, Inc (RJFS), Raymond James Financial Services Advisors, Inc (RJFSA), Raymond James Ltd. (RJ Ltd.), Eagle Asset Management, Inc (Eagle), and Raymond James Bank, N.A.
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