Raymond James (NYSE:RJF) Cut to Neutral at Bank of America

Raymond James (NYSE:RJF - Get Free Report) was downgraded by investment analysts at Bank of America from a "buy" rating to a "neutral" rating in a report released on Wednesday, MarketBeat Ratings reports. They currently have a $159.00 price objective on the financial services provider's stock. Bank of America's target price would suggest a potential upside of 12.14% from the stock's previous close.

Several other brokerages have also issued reports on RJF. JPMorgan Chase & Co. decreased their price target on shares of Raymond James from $149.00 to $143.00 and set a "neutral" rating for the company in a report on Thursday, April 24th. JMP Securities restated a "market outperform" rating and issued a $175.00 price target on shares of Raymond James in a report on Thursday, April 24th. Cowen reiterated a "hold" rating on shares of Raymond James in a report on Thursday, April 24th. Keefe, Bruyette & Woods increased their target price on Raymond James from $170.00 to $177.00 and gave the stock a "market perform" rating in a research note on Thursday, January 30th. Finally, StockNews.com lowered shares of Raymond James from a "buy" rating to a "hold" rating in a research note on Monday, February 10th. Eleven 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 company's stock. According to data from MarketBeat, Raymond James currently has a consensus rating of "Hold" and an average target price of $153.82.

Raymond James Trading Up 3.0 %

NYSE RJF traded up $4.08 during trading hours on Wednesday, hitting $141.79. The company's stock had a trading volume of 780,418 shares, compared to its average volume of 1,293,993. Raymond James has a twelve month low of $104.24 and a twelve month high of $174.32. The firm has a market capitalization of $29.05 billion, a P/E ratio of 13.83, a PEG ratio of 0.90 and a beta of 0.94. The company has a quick ratio of 1.01, a current ratio of 1.03 and a debt-to-equity ratio of 0.35. The stock has a fifty day moving average of $138.90 and a 200 day moving average of $151.98.

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

Insider Buying and Selling at Raymond James

In related news, insider James E. Bunn sold 3,650 shares of the stock in a transaction on Monday, April 28th. The stock was 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 in the company, valued at approximately $10,677,203.23. This represents a 4.46 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.54% of the company's stock.

Hedge Funds Weigh In On Raymond James

Several institutional investors and hedge funds have recently modified their holdings of RJF. CX Institutional raised its holdings in Raymond James by 2.9% in the 4th quarter. CX Institutional now owns 2,323 shares of the financial services provider's stock valued at $361,000 after acquiring an additional 66 shares during the period. Crestwood Advisors Group LLC boosted its stake in Raymond James by 3.5% in the 4th quarter. Crestwood Advisors Group LLC now owns 1,982 shares of the financial services provider's stock valued at $308,000 after purchasing an additional 67 shares during the period. Formidable Asset Management LLC grew its holdings in Raymond James by 0.9% in the 4th quarter. Formidable Asset Management LLC now owns 7,901 shares of the financial services provider's stock valued at $1,227,000 after buying an additional 67 shares in the last quarter. Stablepoint Partners LLC increased its position in Raymond James by 0.5% during the 4th quarter. Stablepoint Partners LLC now owns 14,651 shares of the financial services provider's stock worth $2,276,000 after buying an additional 73 shares during the period. Finally, Keybank National Association OH boosted its position in shares of Raymond James by 0.7% in the fourth quarter. Keybank National Association OH now owns 11,248 shares of the financial services provider's stock valued at $1,747,000 after acquiring an additional 76 shares during the period. 83.83% of the stock is currently owned by institutional investors and hedge funds.

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.