StockNews.com Downgrades Raymond James (NYSE:RJF) to Hold

Raymond James (NYSE:RJFGet Rating) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a report released on Thursday.

Several other analysts have also recently commented on the stock. Credit Suisse Group decreased their price target on shares of Raymond James to $118.00 in a research note on Friday, November 4th. Jefferies Financial Group boosted their price target on shares of Raymond James from $108.00 to $130.00 and gave the stock a “buy” rating in a research note on Friday, August 26th. Citigroup initiated coverage on shares of Raymond James in a research note on Tuesday, October 11th. They issued a “neutral” rating and a $117.00 price target on the stock. Morgan Stanley boosted their target price on shares of Raymond James from $113.00 to $121.00 and gave the stock an “overweight” rating in a report on Monday, October 31st. Finally, UBS Group initiated coverage on shares of Raymond James in a report on Tuesday. They issued a “neutral” rating and a $127.00 target price on the stock. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $122.60.

Raymond James Price Performance

Shares of RJF traded down $3.15 during trading hours on Thursday, reaching $120.37. 1,750,422 shares of the stock traded hands, compared to its average volume of 1,416,627. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.40. Raymond James has a 52-week low of $84.86 and a 52-week high of $126.00. The company’s 50-day moving average price is $110.83 and its two-hundred day moving average price is $102.06. The company has a market cap of $25.98 billion, a P/E ratio of 17.24 and a beta of 1.07.

Raymond James (NYSE:RJFGet Rating) last released its earnings results on Wednesday, October 26th. The financial services provider reported $2.08 earnings per share for the quarter, beating analysts’ consensus estimates of $2.00 by $0.08. Raymond James had a net margin of 13.35% and a return on equity of 17.90%. The company had revenue of $2.83 billion for the quarter, compared to analysts’ expectations of $2.75 billion. During the same quarter in the previous year, the company earned $2.06 EPS. Raymond James’s revenue for the quarter was up 5.0% on a year-over-year basis. On average, analysts anticipate that Raymond James will post 9.44 earnings per share for the current year.

Insider Activity at Raymond James

In related news, insider James E. Bunn sold 4,000 shares of the company’s stock in a transaction dated Thursday, September 8th. The shares were sold at an average price of $106.75, for a total transaction of $427,000.00. Following the transaction, the insider now directly owns 21,096 shares in the company, valued at approximately $2,251,998. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 10.25% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Raymond James

Several hedge funds have recently added to or reduced their stakes in the company. Zions Bancorporation N.A. grew its stake in Raymond James by 222.5% in the 2nd quarter. Zions Bancorporation N.A. now owns 287 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 198 shares in the last quarter. Massmutual Trust Co. FSB ADV grew its stake in Raymond James by 365.6% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 298 shares of the financial services provider’s stock worth $27,000 after acquiring an additional 234 shares in the last quarter. JFS Wealth Advisors LLC grew its stake in Raymond James by 334.1% in the 2nd quarter. JFS Wealth Advisors LLC now owns 382 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 294 shares in the last quarter. Covestor Ltd grew its stake in Raymond James by 77.1% in the 1st quarter. Covestor Ltd now owns 317 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 138 shares in the last quarter. Finally, Clear Street Markets LLC grew its stake in Raymond James by 434.2% in the 2nd quarter. Clear Street Markets LLC now owns 406 shares of the financial services provider’s stock worth $36,000 after acquiring an additional 330 shares in the last quarter. 76.77% of the stock is currently owned by institutional investors.

Raymond James Company Profile

(Get Rating)

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.

Further Reading

Analyst Recommendations for Raymond James (NYSE:RJF)

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