Raymond James Financial (NYSE:RJF) Stock Price Down 3.6% - What's Next?

Key Points

• Raymond James Financial shares fell 3.6% to about $159.31, on trading volume that was 87% below the daily average.
• The company 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.
• Analysts maintain a “Hold” consensus with an average price target of $181.58, while the company declared a quarterly dividend of $0.54 per share, representing a 1.4% yield.

Raymond James Financial, Inc. (NYSE:RJF - Get Free Report) shares dropped 3.6% on Tuesday . The stock traded as low as $160.80 and last traded at $159.3080. Approximately 170,358 shares changed hands during mid-day trading, a decline of 87% from the average daily volume of 1,355,670 shares. The stock had previously closed at $165.19.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on RJF shares. Barclays lifted their target price on shares of Raymond James Financial from $192.00 to $196.00 and gave the company an "overweight" rating in a research note on Thursday, July 23rd. Citizens Jmp raised their price target on Raymond James Financial from $200.00 to $205.00 and gave the company a "market outperform" rating in a report on Thursday, July 23rd. Morgan Stanley lifted their price objective on Raymond James Financial from $172.00 to $174.00 and gave the company an "equal weight" rating in a research report on Friday, July 10th. UBS Group set a $184.00 price objective on Raymond James Financial and gave the stock a "neutral" rating in a research note on Monday, July 27th. Finally, Weiss Ratings restated a "buy (b-)" rating on shares of Raymond James Financial in a report on Monday, August 17th. Five investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $181.58.

Raymond James Financial Price Performance

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 firm has a market capitalization of $30.07 billion, a P/E ratio of 13.63, a PEG ratio of 1.01 and a beta of 0.91. The company's 50 day moving average price is $174.35 and its 200 day moving average price is $159.74.

Raymond James Financial (NYSE:RJF - Get Free Report) last posted its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $3.14 earnings per share for the quarter, topping the consensus estimate of $2.91 by $0.23. The firm had revenue of $3.93 billion during the quarter, compared to analysts' expectations of $3.87 billion. Raymond James Financial had a net margin of 13.57% and a return on equity of 19.07%. Raymond James Financial's revenue was up 15.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.18 EPS. As a group, sell-side analysts anticipate that Raymond James Financial, Inc. will post 12.08 EPS for the current fiscal year.

Raymond James Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Thursday, October 1st will be paid 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 dividend payout ratio is presently 18.83%.

Insider Activity at Raymond James Financial

In related news, insider Steven Raney sold 5,770 shares of the business's stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $172.97, for a total transaction of $998,036.90. Following the completion of the transaction, the insider owned 43,046 shares in the company, valued at approximately $7,445,666.62. The trade was a 11.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Tashtego Elwyn sold 10,000 shares of the company's stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $176.06, for a total transaction of $1,760,600.00. Following the completion of the sale, the insider directly owned 45,114 shares of the company's stock, valued at $7,942,770.84. The trade was a 18.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 23,270 shares of company stock worth $4,090,637 in the last ninety days. Company insiders own 0.58% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in shares of Raymond James Financial in the 2nd quarter valued at approximately $2,180,699,000. Primecap Management Co. CA bought a new stake in Raymond James Financial in the 2nd quarter valued at $1,405,145,000. Victory Capital Management Inc. boosted its position in shares of Raymond James Financial by 0.8% during the fourth quarter. Victory Capital Management Inc. now owns 2,785,857 shares of the financial services provider's stock worth $447,381,000 after buying an additional 21,856 shares during the period. Bank of America Corp DE boosted its position in Raymond James Financial by 9.9% during the 1st quarter. Bank of America Corp DE now owns 2,449,760 shares of the financial services provider's stock worth $354,701,000 after acquiring an additional 220,227 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Raymond James Financial by 1.8% in the first quarter. Dimensional Fund Advisors LP now owns 2,399,638 shares of the financial services provider's stock valued at $347,390,000 after purchasing an additional 41,413 shares in the last quarter. 83.83% of the stock is owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.