Raymond James (NYSE:RJF) PT Raised to $123.00 at Morgan Stanley

Raymond James (NYSE:RJF - Free Report) had its target price increased by Morgan Stanley from $113.00 to $123.00 in a research report released on Tuesday morning, Benzinga reports. The firm currently has an equal weight rating on the financial services provider's stock.

Several other brokerages also recently commented on RJF. Jefferies Financial Group restated a hold rating and issued a $117.00 target price (up previously from $112.00) on shares of Raymond James in a research note on Tuesday, January 9th. JPMorgan Chase & Co. raised Raymond James from a neutral rating to an overweight rating and lifted their target price for the company from $110.00 to $135.00 in a report on Wednesday, January 10th. The Goldman Sachs Group reaffirmed a neutral rating and set a $116.00 target price (down previously from $125.00) on shares of Raymond James in a report on Wednesday, January 3rd. TD Cowen lifted their target price on Raymond James from $116.50 to $131.00 and gave the company a market perform rating in a report on Friday, March 22nd. Finally, StockNews.com downgraded Raymond James from a buy rating to a hold rating in a research report on Friday, February 9th. Eight research analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of Hold and an average price target of $121.75.

Raymond James Stock Performance

NYSE:RJF traded down $1.90 during trading on Tuesday, reaching $128.09. The company's stock had a trading volume of 617,617 shares, compared to its average volume of 1,010,028. The firm has a market cap of $26.77 billion, a price-to-earnings ratio of 16.03, a price-to-earnings-growth ratio of 0.91 and a beta of 1.05. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.97 and a current ratio of 0.99. The firm has a 50 day moving average of $120.22 and a 200-day moving average of $110.24. Raymond James has a 12 month low of $82.00 and a 12 month high of $131.19.

Raymond James (NYSE:RJF - Get Free Report) last announced its quarterly earnings data on Tuesday, January 23rd. The financial services provider reported $2.40 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.25 by $0.15. The firm had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $3.01 billion. Raymond James had a return on equity of 17.95% and a net margin of 12.81%. The business's revenue for the quarter was up 8.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.29 EPS. Research analysts expect that Raymond James will post 9.28 EPS for the current fiscal year.

Raymond James Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 15th. Shareholders of record on Monday, April 1st will be given a $0.45 dividend. The ex-dividend date of this dividend is Thursday, March 28th. This represents a $1.80 annualized dividend and a yield of 1.41%. Raymond James's payout ratio is currently 22.56%.

Insider Buying and Selling at Raymond James

In related news, Director Art A. Garcia acquired 879 shares of the stock in a transaction on Friday, February 9th. The stock was purchased at an average price of $112.30 per share, for a total transaction of $98,711.70. Following the completion of the transaction, the director now owns 879 shares of the company's stock, valued at approximately $98,711.70. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, EVP Jonathan N. Santelli sold 1,891 shares of the business's stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $111.91, for a total transaction of $211,621.81. Following the transaction, the executive vice president now directly owns 21,491 shares of the company's stock, valued at $2,405,057.81. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Art A. Garcia bought 879 shares of Raymond James stock in a transaction dated Friday, February 9th. The shares were acquired at an average cost of $112.30 per share, for a total transaction of $98,711.70. Following the completion of the purchase, the director now directly owns 879 shares of the company's stock, valued at approximately $98,711.70. The disclosure for this purchase can be found here. Corporate insiders own 9.74% of the company's stock.

Hedge Funds Weigh In On Raymond James

Several hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. grew its stake in shares of Raymond James by 1.9% in the first quarter. Vanguard Group Inc. now owns 21,689,564 shares of the financial services provider's stock worth $2,383,900,000 after acquiring an additional 410,025 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of Raymond James by 2.2% in the third quarter. Wellington Management Group LLP now owns 11,570,058 shares of the financial services provider's stock worth $1,161,981,000 after acquiring an additional 246,349 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Raymond James by 26.7% during the first quarter. JPMorgan Chase & Co. now owns 6,876,054 shares of the financial services provider's stock valued at $641,330,000 after purchasing an additional 1,448,047 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Raymond James by 1.9% during the first quarter. Geode Capital Management LLC now owns 4,018,058 shares of the financial services provider's stock valued at $373,915,000 after purchasing an additional 76,385 shares in the last quarter. Finally, Morgan Stanley lifted its holdings in shares of Raymond James by 35.1% during the fourth quarter. Morgan Stanley now owns 2,278,272 shares of the financial services provider's stock valued at $243,433,000 after purchasing an additional 591,327 shares in the last quarter. 83.83% of the stock is owned by hedge funds and other institutional investors.

About Raymond James

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.