Raymond James (NYSE:RJF) Downgraded by Bank of America to "Neutral"

Raymond James (NYSE:RJF - Get Free Report) was downgraded by Bank of America from a "buy" rating to a "neutral" rating in a report issued on Wednesday, Marketbeat.com reports. They currently have a $159.00 price target on the financial services provider's stock. Bank of America's price objective indicates a potential upside of 11.42% from the company's previous close.

Several other brokerages also recently issued reports on RJF. JPMorgan Chase & Co. lowered their price objective on shares of Raymond James from $149.00 to $143.00 and set a "neutral" rating on the stock in a research report on Thursday, April 24th. UBS Group upgraded Raymond James from a "hold" rating to a "strong-buy" rating in a research report on Monday, January 6th. Morgan Stanley increased their price objective on Raymond James from $149.00 to $161.00 and gave the stock an "equal weight" rating in a research report on Tuesday, March 4th. The Goldman Sachs Group dropped their target price on Raymond James from $198.00 to $173.00 and set a "buy" rating on the stock in a report on Thursday, April 3rd. Finally, Wells Fargo & Company decreased their price target on Raymond James from $176.00 to $143.00 and set an "equal weight" rating for the company in a report on Tuesday, April 8th. Eleven equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $153.82.

Raymond James Stock Up 0.7 %

Shares of Raymond James stock traded up $0.94 during trading on Wednesday, hitting $142.70. 234,624 shares of the stock were exchanged, compared to its average volume of 1,292,472. The stock has a market cap of $29.24 billion, a price-to-earnings ratio of 13.94, a price-to-earnings-growth ratio of 0.90 and a beta of 1.02. The firm's 50-day moving average price is $138.90 and its 200 day moving average price is $152.19. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.03 and a quick ratio of 1.01. Raymond James has a 12-month low of $104.24 and a 12-month high of $174.32.

Raymond James (NYSE:RJF - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The financial services provider reported $2.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.44 by ($0.02). Raymond James had a return on equity of 19.71% and a net margin of 14.06%. The firm had revenue of $3.40 billion for the quarter, compared to analysts' expectations of $3.46 billion. During the same period in the previous year, the business posted $2.31 EPS. The business's revenue for the quarter was up 9.0% compared to the same quarter last year. As a group, analysts forecast that Raymond James will post 11.17 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Raymond James news, insider James E. Bunn sold 3,650 shares of the company's stock in a transaction dated Monday, April 28th. The shares were sold at an average price of $136.49, for a total value of $498,188.50. Following the sale, the insider now owns 78,227 shares of the company's stock, valued at $10,677,203.23. This represents a 4.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.54% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Raymond James

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Assetmark Inc. raised its holdings in Raymond James by 43.8% in the 4th quarter. Assetmark Inc. now owns 453 shares of the financial services provider's stock valued at $70,000 after acquiring an additional 138 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in Raymond James during the fourth quarter worth approximately $105,701,000. Franklin Resources Inc. raised its position in Raymond James by 1.6% in the third quarter. Franklin Resources Inc. now owns 568,070 shares of the financial services provider's stock valued at $73,940,000 after purchasing an additional 9,217 shares during the period. J.W. Cole Advisors Inc. acquired a new position in Raymond James during the 4th quarter worth approximately $511,000. Finally, Proficio Capital Partners LLC acquired a new position in shares of Raymond James during the fourth quarter worth $21,334,000. Hedge funds and other institutional investors own 83.83% of the company's stock.

Raymond James 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.