Raymond James Financial (NYSE:RJF) Hits New 1-Year High - Should You Buy?

Key Points

• Raymond James Financial's stock reached a new 52-week high of $177.66, closing at $175.85 with a trading volume of 907,507 shares.
• Analysts have increased their target prices for the stock, with JMP Securities setting the highest target at $180.00, and the overall consensus target price now at $165.30.
• The company announced a quarterly dividend of $0.50 per share, representing an annualized dividend of $2.00 and a yield of 1.1%, with a payout ratio of 19.61%.

Raymond James Financial, Inc. (NYSE:RJF - Get Free Report)'s share price reached a new 52-week high on Wednesday . The company traded as high as $177.66 and last traded at $175.85, with a volume of 907507 shares. The stock had previously closed at $175.32.

Wall Street Analyst Weigh In

RJF has been the subject of a number of analyst reports. Keefe, Bruyette & Woods increased their target price 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. JMP Securities increased their target price 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. Wells Fargo & Company increased their target price 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. JPMorgan Chase & Co. increased their target price 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. Finally, Citigroup reiterated a "neutral" rating and set a $180.00 target price (up from $170.00) on shares of Raymond James Financial in a report on Monday. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $165.30.

Raymond James Financial Trading Up 0.3%

The company has a market capitalization of $35.06 billion, a P/E ratio of 17.24, a P/E/G ratio of 1.44 and a beta of 1.04. The stock's 50 day moving average is $166.53 and its 200-day moving average is $152.13. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.04 and a quick ratio of 1.02.

Raymond James Financial (NYSE:RJF - Get Free Report) last released 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 company had revenue of $3.40 billion during the quarter, compared to the consensus estimate of $3.38 billion. During the same period in the previous year, the company earned $2.39 earnings per share. Raymond James Financial's quarterly revenue was up 5.3% on a year-over-year basis. As a group, equities research analysts anticipate that Raymond James Financial, Inc. will post 11.17 earnings per share for the current year.

Raymond James Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Wednesday, October 1st will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.1%. Raymond James Financial's dividend payout ratio (DPR) is currently 19.61%.

Hedge Funds Weigh In On Raymond James Financial

Institutional investors and hedge funds have recently made changes to their positions in the business. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Raymond James Financial during the first quarter valued at approximately $25,000. Alpine Bank Wealth Management bought a new position in shares of Raymond James Financial during the first quarter valued at approximately $27,000. Golden State Wealth Management LLC increased its stake in shares of Raymond James Financial by 164.0% during the first quarter. Golden State Wealth Management LLC now owns 198 shares of the financial services provider's stock valued at $28,000 after purchasing an additional 123 shares in the last quarter. Olde Wealth Management LLC bought a new position in shares of Raymond James Financial during the first quarter valued at approximately $33,000. Finally, Princeton Global Asset Management LLC increased its stake in shares of Raymond James Financial by 69.0% during the second quarter. Princeton Global Asset Management LLC now owns 245 shares of the financial services provider's stock valued at $38,000 after purchasing an additional 100 shares in the last quarter. 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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