Raymond James Financial (NYSE:RJF) Hits New 1-Year High - Here's What Happened

Key Points

• Raymond James Financial's stock reached a new 52-week high of $174.36, closing at $174.51 with significant trading volume.
• The company reported $2.18 earnings per share for the last quarter, missing estimates, but showing a revenue increase of 5.3% year-over-year.
• Raymond James Financial announced a quarterly dividend of $0.50 per share, with a dividend yield of 1.1%.

Raymond James Financial, Inc. (NYSE:RJF - Get Free Report) shares reached a new 52-week high during trading on Thursday . The company traded as high as $174.36 and last traded at $174.51, with a volume of 77329 shares trading hands. The stock had previously closed at $170.07.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on RJF shares. Wells Fargo & Company increased their target price 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. JPMorgan Chase & Co. increased their target price on Raymond James Financial from $151.00 to $172.00 and gave the company a "neutral" rating in a research note on Thursday, July 24th. Keefe, Bruyette & Woods increased their target price on Raymond James Financial from $167.00 to $170.00 and gave the company a "market perform" rating in a research note on Thursday, July 24th. Morgan Stanley increased their target price on Raymond James Financial from $136.00 to $180.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 15th. Finally, Citigroup reissued an "outperform" rating on shares of Raymond James Financial in a research note on Monday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $163.80.

Raymond James Financial Stock Up 0.1%

The stock has a 50 day moving average price of $165.82 and a 200-day moving average price of $151.68. The stock has a market capitalization of $34.72 billion, a P/E ratio of 17.07, a PEG ratio of 1.43 and a beta of 1.04. 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 announced its quarterly earnings data 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 net margin of 13.56% and a return on equity of 18.38%. The company had revenue of $3.40 billion for the quarter, compared to the consensus estimate of $3.38 billion. During the same period last year, the business posted $2.39 earnings per share. The firm's quarterly revenue was up 5.3% compared to the same quarter last year. As a group, research analysts expect that Raymond James Financial, Inc. will post 11.17 EPS for the current fiscal year.

Raymond James Financial Announces Dividend

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

Institutional Trading of Raymond James Financial

A number of institutional investors have recently modified their holdings of RJF. Tidal Investments LLC boosted its holdings in shares of Raymond James Financial by 21.1% during the fourth quarter. Tidal Investments LLC now owns 5,134 shares of the financial services provider's stock worth $795,000 after purchasing an additional 893 shares during the period. Woodline Partners LP purchased a new stake in Raymond James Financial in the fourth quarter worth about $1,707,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Raymond James Financial by 17.5% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,519,696 shares of the financial services provider's stock worth $236,054,000 after buying an additional 226,633 shares during the period. Vise Technologies Inc. purchased a new stake in Raymond James Financial in the fourth quarter worth about $316,000. Finally, Formidable Asset Management LLC lifted its holdings in Raymond James Financial by 0.9% in the fourth quarter. Formidable Asset Management LLC now owns 7,901 shares of the financial services provider's stock worth $1,227,000 after buying an additional 67 shares during the period. 83.83% of the stock is currently owned by hedge funds and other institutional investors.

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.