Raymond James Financial (NYSE:RJF) Price Target Raised to $185.00

Key Points

• JPMorgan raised Raymond James Financial’s price target to $185 from $179 while maintaining a “neutral” rating, implying 16.43% upside from the prior close.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and average price target of $181.31; five analysts rate the stock a Buy and ten rate it a Hold.
• Raymond James reported quarterly EPS of $3.14, beating estimates of $2.91, while revenue rose 15.6% year over year to $3.93 billion. The stock traded at $158.89, up 0.4%.

Raymond James Financial (NYSE:RJF - Get Free Report) had its price target raised by analysts at JPMorgan Chase & Co. from $179.00 to $185.00 in a note issued to investors on Monday, Benzinga reports. The firm currently has a "neutral" rating on the financial services provider's stock. JPMorgan Chase & Co.'s price objective would indicate a potential upside of 16.43% from the stock's previous close.

A number of other research firms have also recently issued reports on RJF. Citigroup restated a "market outperform" rating on shares of Raymond James Financial in a report on Thursday, July 23rd. Truist Financial set a $188.00 target price on Raymond James Financial and gave the stock a "hold" rating in a research report on Tuesday, September 1st. Wells Fargo & Company started coverage on shares of Raymond James Financial in a research note on Friday. They set an "equal weight" rating and a $172.00 target price for the company. Argus upped their price target 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. Finally, Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Raymond James Financial in a research note on Monday, August 17th. Five investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Raymond James Financial presently has a consensus rating of "Hold" and an average price target of $181.31.

Raymond James Financial Trading Up 0.4%

Shares of RJF traded up $0.68 during midday trading on Monday, hitting $158.89. The stock had a trading volume of 152,986 shares, compared to its average volume of 1,353,036. The stock's 50 day moving average is $172.69 and its 200 day moving average is $160.34. The firm has a market cap of $30.56 billion, a PE ratio of 13.86, a price-to-earnings-growth ratio of 0.91 and a beta of 0.94. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.06 and a quick ratio of 1.03. Raymond James Financial has a 1 year low of $138.82 and a 1 year high of $182.73.

Raymond James Financial (NYSE:RJF - Get Free Report) last issued its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $3.14 EPS for the quarter, beating 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 19.07%. The firm's revenue was up 15.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.18 EPS. As a group, analysts forecast that Raymond James Financial will post 12.13 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Tashtego S. Elwyn sold 10,000 shares of the company's stock in a transaction that occurred on 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 completion of the sale, the insider owned 45,114 shares of the company's stock, valued at approximately $7,942,770.84. This represents a 18.14% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Bella Allaire sold 7,500 shares of the stock in a transaction that occurred on 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 transaction, the insider owned 46,086 shares in the company, valued at approximately $8,184,873.60. This represents a 14.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 23,270 shares of company stock worth $4,090,637 in the last three months. Corporate insiders own 0.58% of the company's stock.

Institutional Trading of Raymond James Financial

Hedge funds have recently bought and sold shares of the stock. Reflection Asset Management bought a new position in shares of Raymond James Financial in the 4th quarter worth $28,000. Hilton Head Capital Partners LLC purchased a new position in Raymond James Financial in the fourth quarter valued at about $35,000. Jones Financial Companies Lllp purchased a new position in Raymond James Financial in the second quarter valued at about $36,000. Steigerwald Gordon & Koch Inc. raised its holdings in Raymond James Financial by 760.0% in the first quarter. Steigerwald Gordon & Koch Inc. now owns 258 shares of the financial services provider's stock worth $37,000 after purchasing an additional 228 shares in the last quarter. Finally, Clearstead Trust LLC bought a new position in Raymond James Financial in the second quarter worth about $40,000. 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.

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