Raymond James Financial (NYSE:RJF) Price Target Raised to $196.00 at Argus

Key Points

• Argus raised Raymond James Financial’s price target from $178 to $196 and maintained a “buy” rating, implying 13.27% upside from the previous close.
• Raymond James reported quarterly earnings of $3.14 per share, beating estimates of $2.91, while revenue rose 15.6% year over year to $3.93 billion.
• Despite the bullish Argus view, analyst sentiment remains mixed, with five “buy” ratings and eight “hold” ratings producing a consensus rating of “hold” and an average target of $181.

Raymond James Financial (NYSE:RJF - Get Free Report) had its target price boosted by research analysts at Argus from $178.00 to $196.00 in a research report issued on Thursday,Benzinga reports. The firm currently has a "buy" rating on the financial services provider's stock. Argus' price target points to a potential upside of 13.27% from the company's previous close.

Several other equities research analysts also recently issued reports on RJF. BMO Capital Markets restated a "market perform" rating and set a $175.00 price objective (up from $160.00) on shares of Raymond James Financial in a report on Thursday, July 23rd. TD Cowen reduced their target price on Raymond James Financial from $162.00 to $161.00 and set a "hold" rating for the company in a research note on Thursday, July 23rd. Morgan Stanley raised their price target on shares of Raymond James Financial from $172.00 to $174.00 and gave the stock an "equal weight" rating in a research report on Friday, July 10th. Citizens Jmp lifted their price target on shares of Raymond James Financial from $200.00 to $205.00 and gave the stock a "market outperform" rating in a research note on Thursday, July 23rd. Finally, UBS Group set a $184.00 price target on shares of Raymond James Financial and gave the stock a "neutral" rating in a research note on Monday. Five equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $181.00.

Raymond James Financial Trading Down 0.6%

RJF traded down $1.13 on Thursday, reaching $173.03. 272,417 shares of the company's stock were exchanged, compared to its average volume of 1,417,416. The company's 50 day moving average is $158.34 and its 200-day moving average is $156.70. The company has a market cap of $33.72 billion, a price-to-earnings ratio of 15.07, a PEG ratio of 1.09 and a beta of 0.93. Raymond James Financial has a twelve month low of $138.82 and a twelve month high of $178.28. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.05 and a current ratio of 1.07.

Raymond James Financial (NYSE:RJF - Get Free Report) last announced its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $3.14 earnings per share for the quarter, beating analysts' consensus estimates of $2.91 by $0.23. Raymond James Financial had a net margin of 13.57% and a return on equity of 19.17%. The firm had revenue of $3.93 billion for the quarter, compared to analysts' expectations of $3.87 billion. During the same period in the previous year, the company posted $2.18 earnings per share. Raymond James Financial's revenue was up 15.6% compared to the same quarter last year. Equities analysts predict that Raymond James Financial will post 12.04 earnings per share for the current year.

Insider Activity at Raymond James Financial

In related news, insider Tashtego S. Elwyn sold 10,000 shares of the business's stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $176.06, for a total transaction of $1,760,600.00. Following the completion of the transaction, the insider owned 45,114 shares in the company, valued at $7,942,770.84. The trade was a 18.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Steven M. Raney sold 5,770 shares of the company's stock in a transaction on Monday, July 27th. The stock was sold at an average price of $172.97, for a total value of $998,036.90. Following the transaction, the insider owned 43,046 shares of the company's stock, valued at approximately $7,445,666.62. The trade was a 11.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.58% of the company's stock.

Institutional Trading of Raymond James Financial

A number of large investors have recently modified their holdings of RJF. Great Valley Advisor Group Inc. boosted its stake in Raymond James Financial by 1.5% during the 2nd quarter. Great Valley Advisor Group Inc. now owns 4,076 shares of the financial services provider's stock valued at $625,000 after purchasing an additional 61 shares during the period. Collective Family Office LLC increased its stake in shares of Raymond James Financial by 3.0% in the second quarter. Collective Family Office LLC now owns 2,124 shares of the financial services provider's stock valued at $323,000 after purchasing an additional 62 shares during the period. Salomon & Ludwin LLC raised its holdings in shares of Raymond James Financial by 34.8% during the fourth quarter. Salomon & Ludwin LLC now owns 252 shares of the financial services provider's stock valued at $42,000 after buying an additional 65 shares during the last quarter. Bridgewater Advisors Inc. boosted its position in shares of Raymond James Financial by 1.3% during the fourth quarter. Bridgewater Advisors Inc. now owns 5,261 shares of the financial services provider's stock worth $892,000 after buying an additional 68 shares during the period. Finally, MassMutual Private Wealth & Trust FSB boosted its position in shares of Raymond James Financial by 10.2% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 765 shares of the financial services provider's stock worth $116,000 after buying an additional 71 shares during the period. Institutional investors and hedge funds own 83.83% of the company's stock.

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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