TD Cowen Issues Pessimistic Forecast for Raymond James Financial (NYSE:RJF) Stock Price

Key Points

• TD Cowen cut Raymond James Financial’s price target to $160 from $161 and maintained a “hold” rating, implying 8.49% downside from the stock’s $174.84 price. The broader analyst consensus is also “Hold,” with an average target of $181.46.
• Raymond James exceeded quarterly expectations, reporting $3.14 in EPS versus the $2.91 consensus and $3.93 billion in revenue. Revenue increased 15.6% year over year, while analysts forecast full-year EPS of $12.07.
• Insiders sold 23,270 shares worth approximately $4.09 million during the last quarter, while institutional investors own 83.83% of the company’s stock.

Raymond James Financial (NYSE:RJF - Get Free Report) had its target price cut by investment analysts at TD Cowen from $161.00 to $160.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a "hold" rating on the financial services provider's stock. TD Cowen's price objective would suggest a potential downside of 8.49% from the stock's current price.

Several other brokerages also recently issued reports on RJF. Citizens Jmp raised their price objective on shares of Raymond James Financial from $200.00 to $205.00 and gave the stock a "market outperform" rating in a research report on Thursday, July 23rd. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Raymond James Financial in a report on Monday, August 17th. BMO Capital Markets reiterated a "market perform" rating and set a $175.00 target price (up from $160.00) on shares of Raymond James Financial in a research note on Thursday, July 23rd. Truist Financial set a $188.00 price target on Raymond James Financial and gave the stock a "hold" rating in a report on Tuesday. Finally, JPMorgan Chase & Co. boosted their price target on Raymond James Financial from $175.00 to $179.00 and gave the company a "neutral" rating in a research report on Thursday, July 23rd. Five equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat.com, Raymond James Financial presently has a consensus rating of "Hold" and a consensus target price of $181.46.

Raymond James Financial Price Performance

Shares of NYSE RJF opened at $174.84 on Tuesday. The company has a current ratio of 1.06, a quick ratio of 1.03 and a debt-to-equity ratio of 0.43. Raymond James Financial has a twelve month low of $138.82 and a twelve month high of $182.73. The stock has a 50 day moving average of $170.68 and a two-hundred day moving average of $158.13. The stock has a market cap of $33.63 billion, a P/E ratio of 15.22, a P/E/G ratio of 1.10 and a beta of 0.92.

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, topping analysts' consensus estimates of $2.91 by $0.23. The business had revenue of $3.93 billion for the quarter, compared to analyst estimates of $3.87 billion. Raymond James Financial had a net margin of 13.57% and a return on equity of 19.07%. The company's revenue for the quarter was up 15.6% compared to the same quarter last year. During the same period last year, the firm posted $2.18 earnings per share. On average, research analysts forecast that Raymond James Financial will post 12.07 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Bella Loykhter 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 completion of the sale, the insider 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Tashtego S. Elwyn sold 10,000 shares of Raymond James Financial stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $176.06, for a total transaction of $1,760,600.00. Following the completion of 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. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 23,270 shares of company stock worth $4,090,637. 0.58% of the stock is owned by insiders.

Institutional Investors Weigh In On Raymond James Financial

Institutional investors have recently added to or reduced their stakes in the business. California State Teachers Retirement System lifted its holdings in shares of Raymond James Financial by 14,565.3% in the 2nd quarter. California State Teachers Retirement System now owns 39,471,093 shares of the financial services provider's stock valued at $6,000,790,000 after buying an additional 39,201,946 shares during the period. BlackRock Inc. purchased a new position in Raymond James Financial in the second quarter worth $2,180,699,000. Primecap Management Co. CA purchased a new position in Raymond James Financial in the second quarter worth $1,405,145,000. Bank of America Corp DE acquired a new stake in Raymond James Financial in the second quarter valued at $360,592,000. Finally, Norges Bank purchased a new stake in shares of Raymond James Financial during the 4th quarter worth $324,263,000. Hedge funds and other institutional investors own 83.83% of the company's stock.

Raymond James Financial Company Profile

Raymond James Financial is a diversified financial services firm headquartered in St. Petersburg, Florida. Founded in 1962, the company provides a range of services to individual investors, businesses and institutions through a combination of wealth management, capital markets, investment banking, asset management, banking and trust services. Its business model centers on a network of financial advisors and broker-dealer operations that deliver personalized financial planning, investment advisory services and brokerage solutions.

The firm's core offerings include private client wealth management delivered by independent and employee advisors, equity and fixed-income research, institutional sales and trading, and investment banking services such as mergers and acquisitions advisory and capital raising.

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