BMO Capital Markets Cuts Raymond James Financial (NYSE:RJF) Price Target to $170.00

Key Points

• BMO Capital Markets lowered Raymond James Financial’s price target from $175 to $170 while maintaining a “market perform” rating, implying 5.67% upside from the prior close.
• Analyst sentiment remains cautious: the stock has a consensus “Hold” rating from 15 analysts, with an average price target of $181.08.
• Raymond James exceeded quarterly expectations, reporting $3.14 in EPS versus a $2.91 estimate and $3.93 billion in revenue, up 15.6% year over year.

Raymond James Financial (NYSE:RJF - Get Free Report) had its price target decreased by research analysts at BMO Capital Markets from $175.00 to $170.00 in a research note issued on Tuesday, Benzinga reports. The brokerage presently has a "market perform" rating on the financial services provider's stock. BMO Capital Markets' price objective would suggest a potential upside of 5.67% from the stock's previous close.

Other analysts have also issued reports about the stock. TD Cowen reduced their price target on shares of Raymond James Financial from $161.00 to $160.00 and set a "hold" rating for the company in a research report on Tuesday, September 1st. Argus boosted their price objective on shares of Raymond James Financial from $178.00 to $196.00 and gave the company a "buy" rating in a research report on Thursday, July 30th. Citigroup reaffirmed a "market outperform" rating on shares of Raymond James Financial in a research note on Thursday, July 23rd. Wells Fargo & Company started coverage on Raymond James Financial in a research report on Friday. They set an "equal weight" rating and a $172.00 price objective for the company. Finally, UBS Group set a $184.00 target price on Raymond James Financial and gave the company a "neutral" rating in a research note on Monday, July 27th. Five equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $181.08.

Raymond James Financial Stock Performance

Shares of RJF opened at $160.88 on Tuesday. Raymond James Financial has a one year low of $138.82 and a one year high of $182.73. The company has a 50-day moving average of $172.43 and a two-hundred day moving average of $160.46. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.06 and a quick ratio of 1.03. The stock has a market cap of $30.95 billion, a price-to-earnings ratio of 14.03, a PEG ratio of 0.91 and a beta of 0.94.

Raymond James Financial (NYSE:RJF - Get Free Report) last announced its 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 net margin of 13.57% and a return on equity of 19.07%. The company had revenue of $3.93 billion for the quarter, compared to the consensus estimate of $3.87 billion. During the same period in the previous year, the business earned $2.18 EPS. The company's revenue was up 15.6% on a year-over-year basis. On average, equities research analysts expect that Raymond James Financial will post 12.13 earnings per share for the current year.

Insider Transactions at Raymond James Financial

In other news, insider Bella Allaire sold 7,500 shares of Raymond James Financial stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $177.60, for a total transaction of $1,332,000.00. Following the sale, the insider directly owned 46,086 shares in the company, valued at approximately $8,184,873.60. The trade was a 14.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Steven Raney sold 5,770 shares of Raymond James Financial stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $172.97, for a total value of $998,036.90. Following the sale, the insider directly owned 43,046 shares in the company, valued at $7,445,666.62. The trade was a 11.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 23,270 shares of company stock valued at $4,090,637. 0.58% of the stock is owned by corporate insiders.

Institutional Trading of Raymond James Financial

Several large investors have recently made changes to their positions in the business. Collective Family Office LLC lifted its holdings in shares of Raymond James Financial by 3.0% in the 2nd quarter. Collective Family Office LLC now owns 2,124 shares of the financial services provider's stock valued at $323,000 after acquiring an additional 62 shares during the last quarter. MassMutual Private Wealth & Trust FSB raised its position in Raymond James Financial by 10.2% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 765 shares of the financial services provider's stock valued at $116,000 after purchasing an additional 71 shares during the period. Meeder Advisory Services Inc. lifted its stake in shares of Raymond James Financial by 3.0% in the 1st quarter. Meeder Advisory Services Inc. now owns 2,469 shares of the financial services provider's stock valued at $358,000 after purchasing an additional 72 shares during the last quarter. Root Financial Partners LLC boosted its holdings in shares of Raymond James Financial by 23.2% in the 1st quarter. Root Financial Partners LLC now owns 404 shares of the financial services provider's stock worth $58,000 after purchasing an additional 76 shares during the period. Finally, EverSource Wealth Advisors LLC increased its position in shares of Raymond James Financial by 8.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,455 shares of the financial services provider's stock valued at $211,000 after purchasing an additional 113 shares during the last quarter. 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.

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