Raymond James (NYSE:RJF) Research Coverage Started at JPMorgan Chase & Co.

Equities researchers at JPMorgan Chase & Co. initiated coverage on shares of Raymond James (NYSE:RJF) in a research note issued to investors on Tuesday, FlyOnTheWall reports. The brokerage set a “neutral” rating on the financial services provider’s stock.

Several other brokerages also recently issued reports on RJF. Morgan Stanley lowered their price objective on shares of Raymond James from $112.00 to $110.00 and set an “equal weight” rating for the company in a research report on Monday, July 31st. Jefferies Financial Group increased their target price on Raymond James from $112.00 to $120.00 in a report on Monday, July 10th. Bank of America began coverage on Raymond James in a report on Monday, September 11th. They issued a “buy” rating and a $122.00 price target on the stock. Finally, StockNews.com began coverage on Raymond James in a report on Thursday, August 17th. They set a “hold” rating for the company. Seven analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, Raymond James currently has an average rating of “Hold” and a consensus price target of $118.00.

Raymond James Price Performance

Shares of RJF stock opened at $107.16 on Tuesday. The company has a quick ratio of 0.95, a current ratio of 0.97 and a debt-to-equity ratio of 0.38. Raymond James has a 12-month low of $82.00 and a 12-month high of $126.00. The firm has a fifty day moving average of $106.71 and a 200-day moving average of $98.51. The firm has a market capitalization of $22.38 billion, a price-to-earnings ratio of 13.53, a price-to-earnings-growth ratio of 0.90 and a beta of 1.06.

Raymond James (NYSE:RJF) last posted its earnings results on Wednesday, July 26th. The financial services provider reported $1.85 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.10 by ($0.25). The business had revenue of $2.91 billion during the quarter, compared to analyst estimates of $2.91 billion. Raymond James had a net margin of 13.98% and a return on equity of 18.73%. The firm’s revenue was up 7.0% on a year-over-year basis. During the same period in the previous year, the firm posted $1.61 earnings per share. On average, equities research analysts forecast that Raymond James will post 8.53 earnings per share for the current year.

Insider Activity

In related news, insider Horace Carter sold 3,753 shares of the business’s stock in a transaction on Monday, July 31st. The shares were sold at an average price of $109.12, for a total transaction of $409,527.36. Following the transaction, the insider now directly owns 19,515 shares in the company, valued at $2,129,476.80. The sale was disclosed in a filing with the SEC, which is available through this link. 9.46% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Raymond James

Institutional investors have recently bought and sold shares of the business. Vinva Investment Management Ltd bought a new position in shares of Raymond James in the first quarter valued at about $459,000. HM Payson & Co. boosted its holdings in shares of Raymond James by 1,879.3% during the first quarter. HM Payson & Co. now owns 1,623 shares of the financial services provider’s stock worth $151,000 after acquiring an additional 1,541 shares during the period. CoreCap Advisors LLC acquired a new position in shares of Raymond James in the fourth quarter valued at approximately $133,000. KBC Group NV increased its stake in shares of Raymond James by 198.9% during the first quarter. KBC Group NV now owns 39,599 shares of the financial services provider’s stock worth $3,693,000 after purchasing an additional 26,352 shares during the period. Finally, Commonwealth Equity Services LLC lifted its holdings in Raymond James by 5.5% during the 1st quarter. Commonwealth Equity Services LLC now owns 28,491 shares of the financial services provider’s stock worth $2,657,000 after purchasing an additional 1,475 shares during the last quarter. Institutional investors and hedge funds own 75.00% 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.