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

Key Points

• Morgan Stanley cut Raymond James Financial’s price target to $171 from $174 while maintaining an “equal weight” rating, implying about 8% upside from the stock’s $158.38 opening price.
• Analyst sentiment remains mixed, with five Buy ratings and ten Holds producing a consensus “Hold” rating and average price target of $180.54.
• 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.

Raymond James Financial (NYSE:RJF - Get Free Report) had its target price reduced by equities researchers at Morgan Stanley from $174.00 to $171.00 in a research note issued on Friday, Benzinga reports. The firm currently has an "equal weight" rating on the financial services provider's stock. Morgan Stanley's target price would indicate a potential upside of 7.96% from the company's current price.

RJF has been the topic of a number of other reports. Citigroup reissued a "market outperform" rating on shares of Raymond James Financial in a research note on Thursday, July 23rd. Bank of America reaffirmed a "neutral" rating and set a $198.00 price objective (up from $196.00) on shares of Raymond James Financial in a research report on Monday. UBS Group set a $179.00 price target on shares of Raymond James Financial and gave the stock a "neutral" rating in a research note on Wednesday. Citizens Jmp boosted their price objective on shares of Raymond James Financial from $200.00 to $205.00 and gave the company a "market outperform" rating in a report on Thursday, July 23rd. Finally, Truist Financial set a $188.00 price objective on shares of Raymond James Financial and gave the company a "hold" rating in a research report on Tuesday, September 1st. Five research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat.com, Raymond James Financial presently has a consensus rating of "Hold" and an average target price of $180.54.

Raymond James Financial Trading Up 0.7%

RJF opened at $158.38 on Friday. The stock has a market cap of $30.47 billion, a PE ratio of 13.81, a PEG ratio of 0.80 and a beta of 0.94. The business has a 50 day moving average of $171.40 and a 200-day moving average of $160.78. Raymond James Financial has a 52 week low of $138.82 and a 52 week high of $182.73. The company has a quick ratio of 1.03, a current ratio of 1.06 and a debt-to-equity ratio of 0.43.

Raymond James Financial (NYSE:RJF - Get Free Report) last announced its earnings results on Wednesday, July 22nd. The financial services provider reported $3.14 EPS for the quarter, beating analysts' consensus estimates 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 firm had revenue of $3.93 billion for the quarter, compared to analysts' expectations of $3.87 billion. During the same quarter in the previous year, the business posted $2.18 EPS. The company's quarterly revenue was up 15.6% on a year-over-year basis. Equities research analysts predict that Raymond James Financial will post 12.12 earnings per share for the current fiscal year.

Insider Buying and Selling at Raymond James Financial

In other Raymond James Financial news, 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 value of $1,332,000.00. Following the transaction, the insider directly owned 46,086 shares in the company, valued at approximately $8,184,873.60. This trade represents a 14.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Tashtego Elwyn sold 10,000 shares of the firm's stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $176.06, for a total value of $1,760,600.00. Following the completion of the transaction, the insider directly owned 45,114 shares in the company, valued at approximately $7,942,770.84. This represents a 18.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 23,270 shares of company stock valued at $4,090,637. Insiders own 0.58% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Moody National Bank Trust Division grew its stake in shares of Raymond James Financial by 14.2% during the 3rd quarter. Moody National Bank Trust Division now owns 6,208 shares of the financial services provider's stock valued at $981,000 after acquiring an additional 774 shares during the period. QRG Capital Management Inc. raised its stake in Raymond James Financial by 12.7% during the 2nd quarter. QRG Capital Management Inc. now owns 39,488 shares of the financial services provider's stock worth $6,003,000 after acquiring an additional 4,435 shares during the period. State Street Corp lifted its holdings in Raymond James Financial by 0.4% during the second quarter. State Street Corp now owns 7,889,824 shares of the financial services provider's stock valued at $1,199,424,000 after purchasing an additional 35,294 shares in the last quarter. Security National Bank of SO Dak bought a new position in shares of Raymond James Financial in the second quarter worth approximately $79,000. Finally, Sequoia Financial Advisors LLC boosted its position in shares of Raymond James Financial by 19.0% in the second quarter. Sequoia Financial Advisors LLC now owns 10,707 shares of the financial services provider's stock worth $1,628,000 after purchasing an additional 1,706 shares during the period. 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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