Raymond James Financial (NYSE:RJF) Stock Crosses Above Fifty Day Moving Average - Here's What Happened

Key Points

• Raymond James shares rose 3% and crossed above their 50-day moving average of $163.18, trading as high as $168.83.
• The company reported quarterly earnings of $3.59 per share, topping the $3.26 consensus estimate, while revenue of $4.27 billion beat forecasts and increased 14.5% year over year.
• Analysts maintain a consensus Hold rating, with an average price target of $181.46; six analysts rate the stock Buy and nine rate it Hold.

Raymond James Financial, Inc. (NYSE:RJF - Get Free Report)'s share price crossed above its 50 day moving average during trading on Monday. The stock has a 50 day moving average of $163.18 and traded as high as $168.83. Raymond James Financial shares last traded at $167.6680, with a volume of 1,461,333 shares traded.

Analysts Set New Price Targets

Several analysts have issued reports on RJF shares. Bank of America restated a "neutral" rating and issued a $198.00 price objective (up from $196.00) on shares of Raymond James Financial in a research note on Monday, October 5th. TD Cowen cut their price objective on Raymond James Financial from $161.00 to $160.00 and set a "hold" rating for the company in a research report on Tuesday, September 1st. Argus lifted their target price on Raymond James Financial from $178.00 to $196.00 and gave the stock a "buy" rating in a research note on Thursday, July 30th. Truist Financial set a $165.00 target price on Raymond James Financial and gave the stock a "hold" rating in a report on Friday, October 30th. Finally, The Goldman Sachs Group boosted their target price on Raymond James Financial from $199.00 to $209.00 and gave the stock a "buy" rating in a report on Friday, October 2nd. Six investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. According to data from MarketBeat, Raymond James Financial presently has a consensus rating of "Hold" and an average price target of $181.46.

Raymond James Financial Stock Up 3.0%

The firm has a market cap of $32.25 billion, a P/E ratio of 14.07, a P/E/G ratio of 0.90 and a beta of 0.94. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.03 and a current ratio of 1.06. The firm's fifty day moving average is $163.18 and its 200 day moving average is $160.11.

Raymond James Financial (NYSE:RJF - Get Free Report) last announced its quarterly earnings results on Wednesday, October 28th. The financial services provider reported $3.59 EPS for the quarter, beating analysts' consensus estimates of $3.26 by $0.33. The business had revenue of $4.27 billion for the quarter, compared to analyst estimates of $4.20 billion. Raymond James Financial had a net margin of 13.50% and a return on equity of 19.52%. Raymond James Financial's quarterly revenue was up 14.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.11 EPS. As a group, equities research analysts anticipate that Raymond James Financial, Inc. will post 14.17 earnings per share for the current fiscal year.

Raymond James Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Thursday, October 1st were given a $0.54 dividend. The ex-dividend date of this dividend was Thursday, October 1st. This represents a $2.16 annualized dividend and a dividend yield of 1.3%. Raymond James Financial's dividend payout ratio is presently 18.12%.

Insider Buying and Selling at Raymond James Financial

In other news, insider Bella Allaire sold 7,500 shares of the stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $177.60, for a total transaction of $1,332,000.00. Following the transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.58% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Jones Financial Companies Lllp acquired a new position in shares of Raymond James Financial in the second quarter valued at about $36,000. Clearstead Trust LLC bought a new position in Raymond James Financial during the second quarter worth about $40,000. Caitlin John LLC bought a new position in Raymond James Financial during the second quarter worth about $42,000. Laurel Wealth Advisors LLC acquired a new stake in Raymond James Financial in the 3rd quarter worth about $58,000. Finally, Osterweis Capital Management Inc. acquired a new stake in Raymond James Financial in the 2nd quarter worth about $68,000. 83.83% of the stock is owned by institutional investors and hedge funds.

Raymond James Financial Company Profile

Raymond James Financial, Inc is a diversified financial services company that provides wealth management, investment banking, asset management and banking services. Through its financial advisors and related businesses, it serves individuals, families, businesses and institutions.

The company offers financial planning, investment advisory and brokerage services, along with corporate finance, equity and fixed-income capital markets services. Its asset management business provides investment strategies and portfolio solutions, while Raymond James Bank offers banking and lending services.

Founded in 1962 by Robert A.

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