Raymond James Financial (NYSE:RJF) Releases Quarterly Earnings Results, Beats Estimates By $0.28 EPS

Key Points

• Raymond James Financial reported earnings of $3.11 per share, exceeding analysts' expectations by $0.41 EPS.
• The company declared a quarterly dividend of $0.50, with a dividend yield of 1.2% and a payout ratio of 19.61%.
• Institutional investors own 83.83% of Raymond James Financial's stock, indicating strong confidence in the firm.

Raymond James Financial (NYSE:RJF - Get Free Report) posted its earnings results on Wednesday. The financial services provider reported $3.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.83 by $0.28, Zacks reports. Raymond James Financial had a return on equity of 18.38% and a net margin of 13.56%.The firm had revenue of $3.73 billion for the quarter, compared to analyst estimates of $3.64 billion. During the same quarter in the prior year, the company earned $2.95 EPS. Raymond James Financial's revenue was up 7.7% on a year-over-year basis.

Raymond James Financial Price Performance

RJF stock opened at $165.90 on Thursday. The stock has a 50-day moving average price of $167.38 and a two-hundred day moving average price of $155.82. Raymond James Financial has a 12-month low of $117.57 and a 12-month high of $177.66. The company has a current ratio of 1.04, a quick ratio of 1.02 and a debt-to-equity ratio of 0.33. The company has a market cap of $33.08 billion, a PE ratio of 16.26, a price-to-earnings-growth ratio of 1.26 and a beta of 1.03.

Raymond James Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Wednesday, October 1st were given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend was Wednesday, October 1st. Raymond James Financial's payout ratio is 19.61%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of RJF. AQR Capital Management LLC lifted its stake in shares of Raymond James Financial by 38.5% during the second quarter. AQR Capital Management LLC now owns 540,592 shares of the financial services provider's stock worth $82,911,000 after purchasing an additional 150,378 shares in the last quarter. Alliancebernstein L.P. lifted its stake in shares of Raymond James Financial by 24.6% in the second quarter. Alliancebernstein L.P. now owns 283,885 shares of the financial services provider's stock worth $43,539,000 after acquiring an additional 56,048 shares in the last quarter. Adage Capital Partners GP L.L.C. lifted its stake in shares of Raymond James Financial by 32.5% in the second quarter. Adage Capital Partners GP L.L.C. now owns 126,350 shares of the financial services provider's stock worth $19,378,000 after acquiring an additional 31,000 shares in the last quarter. Quantinno Capital Management LP lifted its stake in shares of Raymond James Financial by 56.0% in the second quarter. Quantinno Capital Management LP now owns 84,110 shares of the financial services provider's stock worth $12,900,000 after acquiring an additional 30,196 shares in the last quarter. Finally, Brevan Howard Capital Management LP acquired a new position in shares of Raymond James Financial in the second quarter worth about $3,552,000. Institutional investors and hedge funds own 83.83% of the company's stock.

Analyst Upgrades and Downgrades

RJF has been the topic of several recent research reports. JPMorgan Chase & Co. upped their price target on Raymond James Financial from $172.00 to $178.00 and gave the stock a "neutral" rating in a report on Tuesday, October 7th. Keefe, Bruyette & Woods raised their price target on Raymond James Financial from $167.00 to $170.00 and gave the company a "market perform" rating in a report on Thursday, July 24th. Wells Fargo & Company raised their price objective on Raymond James Financial from $155.00 to $163.00 and gave the company an "equal weight" rating in a research note on Friday, July 11th. Weiss Ratings reissued a "hold (c+)" rating on shares of Raymond James Financial in a research report on Wednesday, October 8th. Finally, BMO Capital Markets assumed coverage on Raymond James Financial in a research report on Friday, October 3rd. They set a "market perform" rating and a $180.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and nine have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $172.20.

Raymond James Financial Company Profile

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.