Brokerages Set Raymond James Financial, Inc. (NYSE:RJF) Target Price at $163.80

Key Points

• Raymond James Financial has received a consensus recommendation of "Hold" from twelve research firms, with an average target price of $163.80.
• The company reported $2.18 EPS for the last quarter, missing estimates by $0.18, but its revenue of $3.40 billion exceeded analyst expectations.
• Raymond James recently declared a quarterly dividend of $0.50 per share, representing an annualized yield of 1.2%.

Raymond James Financial, Inc. (NYSE:RJF - Get Free Report) has received a consensus rating of "Hold" from the twelve brokerages that are presently covering the stock, MarketBeat.com reports. Eight research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating on the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $163.80.

RJF has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. increased their price target on shares of Raymond James Financial from $151.00 to $172.00 and gave the stock a "neutral" rating in a report on Thursday, July 24th. Wells Fargo & Company increased their price target on shares of Raymond James Financial from $155.00 to $163.00 and gave the stock an "equal weight" rating in a report on Friday, July 11th. Bank of America downgraded shares of Raymond James Financial from a "buy" rating to a "neutral" rating and set a $159.00 price target on the stock. in a report on Wednesday, April 30th. JMP Securities increased their price target on shares of Raymond James Financial from $175.00 to $180.00 and gave the stock a "market outperform" rating in a report on Monday, July 14th. Finally, Keefe, Bruyette & Woods increased their price target on shares of Raymond James Financial from $167.00 to $170.00 and gave the stock a "market perform" rating in a report on Thursday, July 24th.

Insider Transactions at Raymond James Financial

In other Raymond James Financial news, insider Bella Loykhter Allaire sold 6,570 shares of the stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $146.61, for a total transaction of $963,227.70. Following the transaction, the insider directly owned 74,586 shares of the company's stock, valued at $10,935,053.46. This trade represents a 8.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.54% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Raymond James Financial

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Norges Bank purchased a new position in shares of Raymond James Financial in the second quarter worth about $354,446,000. Victory Capital Management Inc. lifted its stake in shares of Raymond James Financial by 1,502.0% in 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 stake in shares of Raymond James Financial by 41.6% in 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 shares of Raymond James Financial in the first quarter worth about $111,368,000. Finally, First Trust Advisors LP lifted its stake in shares of Raymond James Financial by 39.9% in 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. 83.83% of the stock is owned by hedge funds and other institutional investors.

Raymond James Financial Stock Performance

Shares of NYSE:RJF traded up $0.21 during midday trading on Friday, reaching $168.17. The company's stock had a trading volume of 590,169 shares, compared to its average volume of 900,051. The firm has a market capitalization of $33.53 billion, a PE ratio of 16.49, a P/E/G ratio of 1.38 and a beta of 1.05. Raymond James Financial has a twelve month low of $113.91 and a twelve month high of $174.32. The stock has a fifty day moving average of $161.03 and a 200 day moving average of $150.08. The company has a quick ratio of 1.02, a current ratio of 1.04 and a debt-to-equity ratio of 0.33.

Raymond James Financial (NYSE:RJF - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The financial services provider reported $2.18 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.36 by ($0.18). Raymond James Financial had a return on equity of 18.38% and a net margin of 13.56%.The firm had revenue of $3.40 billion for the quarter, compared to analysts' expectations of $3.38 billion. During the same period last year, the company posted $2.39 earnings per share. The business's quarterly revenue was up 5.3% on a year-over-year basis. On average, equities analysts expect that Raymond James Financial will post 11.17 EPS for the current fiscal year.

Raymond James Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Wednesday, October 1st will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend is Wednesday, October 1st. Raymond James Financial's dividend payout ratio (DPR) is presently 19.61%.

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.