Raymond James Financial (NYSE:RJF) Stock Price Target Lowered at Truist Financial

Key Points

• Truist Financial lowered Raymond James Financial’s price target from $188 to $166 and maintained a “hold” rating, implying approximately 4.59% upside from the stock’s current price.
• Analyst sentiment remains cautious, with five “buy” ratings and ten “hold” ratings; the consensus rating is “hold” with an average price target of $178.85.
• Raymond James reported quarterly earnings and revenue above expectations, with EPS of $3.14 and revenue of $3.93 billion, while revenue increased 15.6% year over year.

Raymond James Financial (NYSE:RJF - Get Free Report) had its price target cut by analysts at Truist Financial from $188.00 to $166.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage presently has a "hold" rating on the financial services provider's stock. Truist Financial's price target points to a potential upside of 4.59% from the company's current price.

Several other brokerages have also recently issued reports on RJF. BMO Capital Markets dropped their price objective on Raymond James Financial from $175.00 to $170.00 and set a "market perform" rating on the stock in a research note on Tuesday, October 6th. Wells Fargo & Company initiated coverage on Raymond James Financial in a research report on Friday, October 2nd. They set an "equal weight" rating and a $172.00 target price for the company. JPMorgan Chase & Co. upped their target price on Raymond James Financial from $179.00 to $185.00 and gave the stock a "neutral" rating in a report on Monday, October 5th. Bank of America reissued a "neutral" rating and set a $198.00 price target (up from $196.00) on shares of Raymond James Financial in a research report on Monday, October 5th. Finally, UBS Group set a $179.00 price target on Raymond James Financial and gave the stock a "neutral" rating in a research report on Wednesday, October 7th. Five analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $178.85.

Raymond James Financial Price Performance

Raymond James Financial stock opened at $158.71 on Tuesday. 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 $30.53 billion, a price-to-earnings ratio of 13.84, a price-to-earnings-growth ratio of 0.81 and a beta of 0.94. The firm has a 50-day moving average of $170.67 and a two-hundred day moving average of $160.96. 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 earnings results on Wednesday, July 22nd. The financial services provider reported $3.14 EPS for the quarter, topping 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 business had revenue of $3.93 billion for the quarter, compared to analyst estimates of $3.87 billion. During the same period last year, the company posted $2.18 earnings per share. The company's quarterly revenue was up 15.6% compared to the same quarter last year. On average, research analysts forecast that Raymond James Financial will post 12.12 earnings per share for the current year.

Insider Transactions at Raymond James Financial

In related news, insider Bella Allaire sold 7,500 shares of the company's stock in a transaction on Friday, August 28th. The stock was sold at an average price of $177.60, for a total transaction of $1,332,000.00. Following the completion of the sale, the insider directly owned 46,086 shares in the company, valued at $8,184,873.60. This represents a 14.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Tashtego Elwyn sold 10,000 shares of the firm's stock in a transaction dated 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 sale, the insider directly owned 45,114 shares in the company, valued at approximately $7,942,770.84. The trade was a 18.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 23,270 shares of company stock valued at $4,090,637. Corporate insiders own 0.58% of the company's stock.

Institutional Trading of Raymond James Financial

A number of institutional investors have recently modified their holdings of the company. BlackRock Inc. acquired a new stake in Raymond James Financial during the 2nd quarter worth about $2,180,699,000. Primecap Management Co. CA purchased a new position in shares of Raymond James Financial during the 2nd quarter valued at about $1,405,145,000. State Street Corp boosted its stake in shares of Raymond James Financial by 0.4% in the second quarter. State Street Corp now owns 7,889,824 shares of the financial services provider's stock worth $1,199,424,000 after buying an additional 35,294 shares during the last quarter. Bank of America Corp DE grew its holdings in Raymond James Financial by 9.9% during the first quarter. Bank of America Corp DE now owns 2,449,760 shares of the financial services provider's stock worth $354,701,000 after acquiring an additional 220,227 shares during the period. Finally, Dimensional Fund Advisors LP grew its holdings in Raymond James Financial by 1.8% during the first quarter. Dimensional Fund Advisors LP now owns 2,399,638 shares of the financial services provider's stock worth $347,390,000 after acquiring an additional 41,413 shares during the period. 83.83% of the stock is currently owned by institutional investors.

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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