Raymond James Financial (NYSE:RJF) Releases Quarterly Earnings Results, Beats Estimates By $0.33 EPS

Key Points

• Raymond James Financial beat quarterly expectations: Earnings per share came in at $3.59, $0.33 above consensus, while revenue reached $4.27 billion versus estimates of $4.20 billion.
• Shares declined 0.5% to $157.34 following the results. The stock has traded between $138.82 and $182.73 over the past year and has a market capitalization of approximately $30.27 billion.
• The company maintains a quarterly dividend of $0.54 per share, equivalent to an annualized $2.16 payout and a 1.4% yield. Analysts have a consensus “Hold” rating and an average price target of $178.67.

Raymond James Financial (NYSE:RJF - Get Free Report) posted its quarterly earnings results on Wednesday. The financial services provider reported $3.59 earnings per share for the quarter, topping analysts' consensus estimates of $3.26 by $0.33, FiscalAI reports. Raymond James Financial had a net margin of 13.57% and a return on equity of 19.07%. The firm had revenue of $4.27 billion for the quarter, compared to analyst estimates of $4.20 billion.

Raymond James Financial Trading Down 0.5%

RJF stock traded down $0.78 during trading on Wednesday, reaching $157.34. 1,782,914 shares of the stock were exchanged, compared to its average volume of 1,345,436. The company has a current ratio of 1.06, a quick ratio of 1.03 and a debt-to-equity ratio of 0.43. The business has a 50 day moving average price of $165.67 and a 200-day moving average price of $160.43. Raymond James Financial has a 1 year low of $138.82 and a 1 year high of $182.73. The firm has a market capitalization of $30.27 billion, a price-to-earnings ratio of 13.72, a P/E/G ratio of 0.81 and a beta of 0.94.

Raymond James Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Thursday, October 1st were paid a dividend of $0.54 per share. The ex-dividend date of this dividend was Thursday, October 1st. This represents a $2.16 dividend on an annualized basis and a yield of 1.4%. Raymond James Financial's payout ratio is 18.83%.

Analyst Upgrades and Downgrades

RJF has been the topic of a number of research reports. Citizens Jmp raised their target price on shares of Raymond James Financial from $200.00 to $205.00 and gave the stock a "market outperform" rating in a research note on Thursday, July 23rd. Barclays restated an "overweight" rating and issued a $197.00 price target (up from $196.00) on shares of Raymond James Financial in a research report on Wednesday, October 7th. TD Cowen cut their price target on Raymond James Financial from $161.00 to $160.00 and set a "hold" rating for the company in a report on Tuesday, September 1st. Morgan Stanley reduced their price objective on Raymond James Financial from $174.00 to $171.00 and set an "equal weight" rating on the stock in a research report on Friday, October 9th. Finally, Weiss Ratings reissued a "buy (b-)" rating on shares of Raymond James Financial in a research note on Monday, August 17th. Five investment 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 $178.67.

Insider Buying and Selling at Raymond James Financial

In other news, insider Bella Allaire sold 7,500 shares of Raymond James Financial stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $177.60, for a total transaction of $1,332,000.00. Following the sale, the insider owned 46,086 shares of the company's stock, valued at approximately $8,184,873.60. The trade was a 14.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.58% of the stock is currently owned by company insiders.

Raymond James Financial Company Profile

Raymond James Financial, Inc is a diversified financial services company serving individuals, corporations, municipalities and institutions. Through its subsidiaries and affiliated advisors, the company provides wealth management, investment advisory, financial planning, securities brokerage, banking and capital markets services.

The company's Private Client Group offers investment management, retirement planning, estate planning and other financial planning services through a network of financial advisors.

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