Raymond James Financial, Inc. (NYSE:RJF) Stock Has Consensus Price Target of $181.58 According to Analysts

Key Points

• Analysts maintain a “Hold” consensus on Raymond James Financial, with nine hold ratings and five buys. The average 12-month price target is $181.58, above the reported opening price of $159.84.
• Raymond James exceeded quarterly expectations, reporting $3.14 in EPS versus the $2.91 consensus and $3.93 billion in revenue, up 15.6% year over year.
• The company declared a quarterly dividend of $0.54 per share, equivalent to a $2.16 annualized payout and 1.4% yield; institutional investors own 83.83% of the stock, while insiders sold shares during the quarter.

Shares of Raymond James Financial, Inc. (NYSE:RJF - Get Free Report) have earned a consensus recommendation of "Hold" from the fourteen brokerages that are presently covering the firm, Marketbeat.com reports. Nine research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $181.58.

Several analysts have recently commented on RJF shares. JPMorgan Chase & Co. increased their target price on shares of Raymond James Financial from $175.00 to $179.00 and gave the company a "neutral" rating in a report on Thursday, July 23rd. Citizens Jmp boosted their price target on shares of Raymond James Financial from $200.00 to $205.00 and gave the stock a "market outperform" rating in a report on Thursday, July 23rd. Truist Financial set a $188.00 price objective on shares of Raymond James Financial and gave the company a "hold" rating in a research note on Tuesday, September 1st. BMO Capital Markets reissued a "market perform" rating and set a $175.00 target price (up from $160.00) on shares of Raymond James Financial in a research report on Thursday, July 23rd. Finally, Weiss Ratings restated a "buy (b-)" rating on shares of Raymond James Financial in a research note on Monday, August 17th.

Raymond James Financial Stock Up 0.7%

Shares of NYSE RJF opened at $159.84 on Friday. 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 company has a 50-day moving average price of $173.55 and a 200-day moving average price of $159.82. The stock has a market capitalization of $30.75 billion, a P/E ratio of 13.94, a P/E/G ratio of 0.97 and a beta of 0.91. 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 announced its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $3.14 earnings per share for the quarter, beating the consensus estimate 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 analysts' expectations of $3.87 billion. During the same quarter last year, the firm earned $2.18 EPS. The firm's revenue for the quarter was up 15.6% compared to the same quarter last year. On average, equities research analysts forecast that Raymond James Financial will post 12.08 EPS for the current fiscal year.

Raymond James Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Thursday, October 1st will be given a $0.54 dividend. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $2.16 annualized dividend and a yield of 1.4%. Raymond James Financial's payout ratio is currently 18.83%.

Insiders Place Their Bets

In other Raymond James Financial news, insider Steven Raney sold 5,770 shares of the company's stock in a transaction on Monday, July 27th. The stock was sold at an average price of $172.97, for a total value of $998,036.90. Following the completion of the transaction, the insider owned 43,046 shares in the company, valued at $7,445,666.62. This represents a 11.82% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 of the company's stock, valued at approximately $8,184,873.60. This represents a 14.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, 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

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new position in shares of Raymond James Financial during the 2nd quarter valued at $2,180,699,000. Primecap Management Co. CA purchased a new stake in Raymond James Financial in the 2nd quarter worth about $1,405,145,000. Bank of America Corp DE bought a new stake in Raymond James Financial in the 2nd quarter valued at about $360,592,000. Norges Bank bought a new stake in Raymond James Financial in the 4th quarter valued at about $324,263,000. Finally, Bank of New York Mellon Corp purchased a new stake in Raymond James Financial during the second quarter valued at about $182,254,000. 83.83% of the stock is currently owned by hedge funds and other institutional investors.

About Raymond James Financial

Raymond James Financial, Inc is a diversified financial services company headquartered in St. Petersburg, Florida. Founded in 1962, the company provides investment, wealth management and financial planning services to individuals, corporations, institutions and municipalities.

Through its principal businesses, Raymond James offers securities brokerage, investment advisory, retirement planning, trust services and banking products. Its operations also include equity and debt capital markets, investment banking, institutional sales and trading, research, and asset management.

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