Keefe, Bruyette & Woods Forecasts Strong Price Appreciation for Raymond James Financial (NYSE:RJF) Stock

Key Points

• Keefe, Bruyette & Woods has raised the target price for Raymond James Financial (NYSE:RJF) from $174.00 to $181.00, indicating a potential upside of 10.87% from the stock's previous close.
• Other analysts also increased their target prices, with JMP Securities setting it at $190.00 and BMO Capital Markets at $182.00, reflecting strong confidence in the stock.
• Raymond James Financial reported a 3.11 EPS for the quarter, surpassing the consensus estimate of $2.83, alongside a revenue increase of 7.7% compared to the same period last year.

Raymond James Financial (NYSE:RJF - Get Free Report) had its target price raised by Keefe, Bruyette & Woods from $174.00 to $181.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a "market perform" rating on the financial services provider's stock. Keefe, Bruyette & Woods' target price suggests a potential upside of 10.87% from the stock's previous close.

RJF has been the topic of several other reports. JMP Securities raised their target price on Raymond James Financial from $185.00 to $190.00 and gave the stock a "market outperform" rating in a report on Thursday. BMO Capital Markets raised their price objective on Raymond James Financial from $180.00 to $182.00 and gave the company a "market perform" rating in a report on Thursday. TD Cowen raised their price objective on Raymond James Financial from $175.00 to $180.00 and gave the company a "hold" rating in a report on Thursday. Cowen reissued a "hold" rating on shares of Raymond James Financial in a report on Thursday. Finally, Citigroup reissued an "outperform" rating on shares of Raymond James Financial in a report on Thursday, October 9th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat.com, Raymond James Financial has a consensus rating of "Hold" and an average price target of $177.20.

Raymond James Financial Stock Performance

Raymond James Financial stock traded down $2.78 during midday trading on Thursday, hitting $163.26. 1,548,205 shares of the company were exchanged, compared to its average volume of 1,273,876. The firm has a market capitalization of $32.55 billion, a PE ratio of 16.02, a price-to-earnings-growth ratio of 1.26 and a beta of 1.03. Raymond James Financial has a fifty-two week low of $117.57 and a fifty-two week high of $177.66. The business has a fifty day simple moving average of $167.38 and a two-hundred day simple moving average of $155.82. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.02 and a current ratio of 1.04.

Raymond James Financial (NYSE:RJF - Get Free Report) last posted its earnings results on Wednesday, October 22nd. The financial services provider reported $3.11 EPS for the quarter, topping the consensus estimate of $2.83 by $0.28. The firm had revenue of $3.73 billion for the quarter, compared to analyst estimates of $3.64 billion. Raymond James Financial had a return on equity of 18.38% and a net margin of 13.56%.Raymond James Financial's revenue for the quarter was up 7.7% compared to the same quarter last year. During the same period last year, the company earned $2.95 earnings per share. On average, sell-side analysts forecast that Raymond James Financial will post 11.17 earnings per share for the current year.

Hedge Funds Weigh In On Raymond James Financial

Several hedge funds and other institutional investors have recently made changes to their positions in RJF. Norges Bank purchased a new position in shares of Raymond James Financial in the second quarter valued at approximately $354,446,000. Victory Capital Management Inc. lifted its position in Raymond James Financial by 1,502.0% during the first quarter. Victory Capital Management Inc. now owns 1,883,139 shares of the financial services provider's stock worth $261,587,000 after buying an additional 1,765,588 shares in the last quarter. JPMorgan Chase & Co. lifted its position in Raymond James Financial by 41.6% during the second quarter. JPMorgan Chase & Co. now owns 5,616,998 shares of the financial services provider's stock worth $861,479,000 after buying an additional 1,651,380 shares in the last quarter. Nuveen LLC purchased a new position in Raymond James Financial during the first quarter worth approximately $111,368,000. Finally, First Trust Advisors LP lifted its position in Raymond James Financial by 39.9% during the second quarter. First Trust Advisors LP now owns 2,485,569 shares of the financial services provider's stock worth $381,212,000 after buying an additional 709,315 shares in the last quarter. Hedge funds and other institutional investors own 83.83% of the company's stock.

About Raymond James Financial

Raymond James Financial, Inc, a financial holding company, through its subsidiaries, engages in the underwriting, distribution, trading, and brokerage of equity and debt securities, and the sale of mutual funds and other investment products in the United States, Canada, Europe, and internationally. The company operates through Private Client Group, Capital Markets, Asset Management, RJ Bank, and Other segments.

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