Raymond James (NYSE:RJF) Price Target Cut to $141.00 by Analysts at Bank of America

Raymond James (NYSE:RJF) had its price objective decreased by Bank of America from $145.00 to $141.00 in a report issued on Thursday, Benzinga reports. Bank of America currently has a buy rating on the financial services provider’s stock.

Other analysts have also recently issued reports about the stock. TD Cowen boosted their price objective on shares of Raymond James from $116.50 to $131.00 and gave the stock a market perform rating in a research note on Friday, March 22nd. StockNews.com cut shares of Raymond James from a buy rating to a hold rating in a research note on Friday, February 9th. Morgan Stanley boosted their price objective on shares of Raymond James from $113.00 to $123.00 and gave the stock an equal weight rating in a research note on Tuesday, April 9th. JPMorgan Chase & Co. upgraded shares of Raymond James from a neutral rating to an overweight rating and boosted their price objective for the stock from $110.00 to $135.00 in a research note on Wednesday, January 10th. Finally, UBS Group reduced their price objective on shares of Raymond James from $116.00 to $115.00 and set a neutral rating for the company in a research note on Thursday, January 25th. Nine investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of Hold and a consensus target price of $126.22.

Raymond James Stock Performance

RJF stock opened at $121.86 on Thursday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.97 and a current ratio of 0.99. The stock has a market cap of $25.47 billion, a P/E ratio of 14.74, a P/E/G ratio of 0.85 and a beta of 1.05. The firm has a 50 day simple moving average of $123.10 and a 200 day simple moving average of $112.59. Raymond James has a 52 week low of $82.00 and a 52 week high of $131.19.

Raymond James (NYSE:RJF) last posted its earnings results on Wednesday, April 24th. The financial services provider reported $2.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.32 by ($0.01). The business had revenue of $3.12 billion during the quarter, compared to analyst estimates of $3.15 billion. Raymond James had a net margin of 12.72% and a return on equity of 18.24%. Raymond James’s revenue was up 8.6% compared to the same quarter last year. During the same quarter last year, the firm earned $2.03 earnings per share. Research analysts anticipate that Raymond James will post 9.37 earnings per share for the current fiscal year.

Raymond James Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Monday, April 1st were given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 1.48%. The ex-dividend date was Thursday, March 28th. Raymond James’s dividend payout ratio (DPR) is currently 21.77%.

Insider Buying and Selling

In other Raymond James news, EVP Jonathan N. Santelli sold 1,891 shares of the business’s stock in a transaction on Monday, January 29th. The shares were sold at an average price of $111.91, for a total value of $211,621.81. Following the sale, the executive vice president now owns 21,491 shares of the company’s stock, valued at approximately $2,405,057.81. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Raymond James news, EVP Jonathan N. Santelli sold 1,891 shares of the business’s stock in a transaction on Monday, January 29th. The shares were sold at an average price of $111.91, for a total value of $211,621.81. Following the sale, the executive vice president now owns 21,491 shares of the company’s stock, valued at approximately $2,405,057.81. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Art A. Garcia purchased 879 shares of the stock in a transaction on Friday, February 9th. The stock was acquired at an average cost of $112.30 per share, for a total transaction of $98,711.70. Following the acquisition, the director now directly owns 879 shares in the company, valued at $98,711.70. The disclosure for this purchase can be found here. 9.74% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Raymond James

Institutional investors and hedge funds have recently bought and sold shares of the business. Norges Bank bought a new stake in shares of Raymond James in the 4th quarter worth about $238,830,000. Dimensional Fund Advisors LP grew its holdings in shares of Raymond James by 16.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,832,458 shares of the financial services provider’s stock worth $204,335,000 after purchasing an additional 263,687 shares during the last quarter. Wellington Management Group LLP grew its holdings in shares of Raymond James by 2.2% in the 3rd quarter. Wellington Management Group LLP now owns 11,570,058 shares of the financial services provider’s stock worth $1,161,981,000 after purchasing an additional 246,349 shares during the last quarter. Vaughan Nelson Investment Management L.P. grew its holdings in shares of Raymond James by 269.7% in the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 258,122 shares of the financial services provider’s stock worth $25,923,000 after purchasing an additional 188,305 shares during the last quarter. Finally, Sei Investments Co. grew its holdings in shares of Raymond James by 27.4% in the 4th quarter. Sei Investments Co. now owns 809,626 shares of the financial services provider’s stock worth $90,273,000 after purchasing an additional 174,286 shares during the last quarter. Institutional investors own 83.83% of the company’s stock.

About Raymond James

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.