Raymond James Financial (NYSE:RJF) Posts Quarterly Earnings Results, Beats Estimates By $0.21 EPS

Key Points

• Raymond James Financial reported quarterly EPS of $3.14, topping analyst estimates by $0.21. Revenue also came in above expectations at $3.93 billion versus the forecasted $3.87 billion.
• The stock traded slightly higher after the report, rising about 0.3% to $168.35. Raymond James has a market cap of about $32.81 billion and a dividend yield of 1.3%.
• Wall Street sentiment remains cautious overall: the stock carries a Hold consensus rating, with a consensus price target of $176.64. Analysts are split, with some firms raising targets while others cut them.

Raymond James Financial (NYSE:RJF - Get Free Report) released its earnings results on Wednesday. The financial services provider reported $3.14 earnings per share for the quarter, beating the consensus estimate of $2.93 by $0.21, FiscalAI reports. Raymond James Financial had a net margin of 13.04% and a return on equity of 17.93%. The business had revenue of $3.93 billion during the quarter, compared to analysts' expectations of $3.87 billion.

Raymond James Financial Trading Up 0.3%

NYSE RJF traded up $0.42 on Wednesday, reaching $168.35. The company had a trading volume of 1,449,488 shares, compared to its average volume of 1,420,509. Raymond James Financial has a 52 week low of $138.82 and a 52 week high of $177.66. The stock's 50 day moving average is $156.19 and its 200-day moving average is $156.45. The company has a quick ratio of 1.05, a current ratio of 1.07 and a debt-to-equity ratio of 0.44. The stock has a market cap of $32.81 billion, a price-to-earnings ratio of 15.91, a PEG ratio of 1.07 and a beta of 0.93.

Raymond James Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Wednesday, July 1st were issued a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date was Wednesday, July 1st. Raymond James Financial's dividend payout ratio is currently 20.42%.

Hedge Funds Weigh In On Raymond James Financial

Hedge funds and other institutional investors have recently made changes to their positions in the company. Empowered Funds LLC increased its position in shares of Raymond James Financial by 8.2% in the 1st quarter. Empowered Funds LLC now owns 4,142 shares of the financial services provider's stock valued at $573,000 after buying an additional 314 shares in the last quarter. Woodline Partners LP lifted its holdings in shares of Raymond James Financial by 41.8% during the 1st quarter. Woodline Partners LP now owns 15,580 shares of the financial services provider's stock valued at $2,164,000 after purchasing an additional 4,592 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in shares of Raymond James Financial by 137.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,184 shares of the financial services provider's stock valued at $182,000 after purchasing an additional 685 shares during the period. Brown Advisory Inc. grew its position in shares of Raymond James Financial by 15.1% in the 2nd quarter. Brown Advisory Inc. now owns 2,268 shares of the financial services provider's stock valued at $348,000 after purchasing an additional 298 shares during the period. Finally, Cresset Asset Management LLC bought a new stake in Raymond James Financial during the 2nd quarter worth approximately $363,000. 83.83% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages recently issued reports on RJF. Jefferies Financial Group lowered their price target on Raymond James Financial from $165.00 to $145.00 and set a "hold" rating on the stock in a research note on Monday, April 6th. Weiss Ratings reissued a "buy (b-)" rating on shares of Raymond James Financial in a research note on Wednesday, May 20th. BMO Capital Markets increased their price target on shares of Raymond James Financial from $152.00 to $165.00 and gave the stock a "market perform" rating in a research report on Thursday, April 23rd. Citizens Jmp raised their price target on shares of Raymond James Financial from $190.00 to $200.00 and gave the stock a "market outperform" rating in a research note on Thursday, July 9th. Finally, TD Cowen cut their price target on shares of Raymond James Financial from $159.00 to $155.00 and set a "hold" rating for the company in a research note on Thursday, May 28th. Four investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $176.64.

Raymond James Financial Company Profile

Raymond James Financial is a diversified financial services firm headquartered in St. Petersburg, Florida. Founded in 1962, the company provides a range of services to individual investors, businesses and institutions through a combination of wealth management, capital markets, investment banking, asset management, banking and trust services. Its business model centers on a network of financial advisors and broker-dealer operations that deliver personalized financial planning, investment advisory services and brokerage solutions.

The firm's core offerings include private client wealth management delivered by independent and employee advisors, equity and fixed-income research, institutional sales and trading, and investment banking services such as mergers and acquisitions advisory and capital raising.

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