Raymond James Financial (NYSE:RJF) Upgraded to "Hold" at Wells Fargo & Company

Key Points

• Wells Fargo upgraded Raymond James Financial to “Hold” and set a $172 price target, implying 8.75% upside from the prior close.
• Analyst sentiment remains cautious, with a consensus “Hold” rating and an average target price of $180.85; five analysts rate the stock a Buy while ten rate it a Hold.
• Raymond James exceeded quarterly expectations, reporting $3.14 in EPS versus the $2.91 estimate and $3.93 billion in revenue, up 15.6% year over year. However, insiders sold 23,270 shares worth about $4.1 million over the past three months.

Raymond James Financial (NYSE:RJF - Get Free Report) was upgraded by equities researchers at Wells Fargo & Company to a "hold" rating in a research report issued on Friday, MarketBeat.com reports. The brokerage presently has a $172.00 price target on the financial services provider's stock. Wells Fargo & Company's price target indicates a potential upside of 8.75% from the stock's previous close.

Several other brokerages have also recently issued reports on RJF. Truist Financial set a $188.00 price target on shares of Raymond James Financial and gave the stock a "hold" rating in a research report on Tuesday, September 1st. Morgan Stanley upped their target price on shares of Raymond James Financial from $172.00 to $174.00 and gave the stock an "equal weight" rating in a research note on Friday, July 10th. Barclays raised their price target on shares of Raymond James Financial from $192.00 to $196.00 and gave the company an "overweight" rating in a research report on Thursday, July 23rd. TD Cowen cut their price objective on Raymond James Financial from $161.00 to $160.00 and set a "hold" rating on the stock in a research report on Tuesday, September 1st. Finally, Citigroup reiterated a "market outperform" rating on shares of Raymond James Financial in a report on Thursday, July 23rd. Five analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $180.85.

Raymond James Financial Stock Down 1.0%

Shares of NYSE RJF opened at $158.17 on Friday. The company has a quick ratio of 1.03, a current ratio of 1.06 and a debt-to-equity ratio of 0.43. The business's 50 day moving average is $172.69 and its two-hundred day moving average is $160.22. Raymond James Financial has a 52-week low of $138.82 and a 52-week high of $182.73. The firm has a market cap of $30.43 billion, a price-to-earnings ratio of 13.79, a PEG ratio of 0.92 and a beta of 0.94.

Raymond James Financial (NYSE:RJF - Get Free Report) last posted its quarterly earnings data 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 return on equity of 19.07% and a net margin of 13.57%.The firm had revenue of $3.93 billion for the quarter, compared to the consensus estimate of $3.87 billion. During the same quarter in the previous year, the business earned $2.18 EPS. The company's quarterly revenue was up 15.6% compared to the same quarter last year. Research analysts predict that Raymond James Financial will post 12.08 EPS for the current year.

Insider Buying and Selling at Raymond James Financial

In other news, insider Bella Allaire sold 7,500 shares of the firm's stock in a transaction 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 sale, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Steven Raney sold 5,770 shares of the business's stock in a transaction on Monday, July 27th. The stock was sold at an average price of $172.97, for a total transaction of $998,036.90. Following the transaction, the insider owned 43,046 shares of the company's stock, valued at approximately $7,445,666.62. The trade was a 11.82% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have 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

Institutional investors and hedge funds have recently made changes to their positions in the business. Reflection Asset Management purchased a new stake in Raymond James Financial during the 4th quarter valued at approximately $28,000. Hilton Head Capital Partners LLC purchased a new position in shares of Raymond James Financial in the 4th quarter valued at approximately $35,000. Jones Financial Companies Lllp purchased a new position in shares of Raymond James Financial in the 2nd quarter valued at approximately $36,000. Steigerwald Gordon & Koch Inc. increased its holdings in shares of 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 valued at $37,000 after purchasing an additional 228 shares during the period. Finally, Clearstead Trust LLC acquired a new position in shares of Raymond James Financial in the second quarter valued at approximately $40,000. 83.83% of the stock is owned by institutional investors and hedge funds.

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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