Bank of America Cuts Raymond James (NYSE:RJF) Price Target to $141.00

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

A number of other analysts have also recently commented on RJF. The Goldman Sachs Group reiterated a neutral rating and set a $116.00 price objective (down previously from $125.00) on shares of Raymond James in a research report on Wednesday, January 3rd. UBS Group reduced their price objective on Raymond James from $116.00 to $115.00 and set a neutral rating for the company in a research report on Thursday, January 25th. Keefe, Bruyette & Woods reduced their price objective on Raymond James from $132.00 to $131.00 and set a market perform rating for the company in a research report on Thursday. Morgan Stanley upped their price target on Raymond James from $113.00 to $123.00 and gave the stock an equal weight rating in a research report on Tuesday, April 9th. Finally, JPMorgan Chase & Co. upgraded Raymond James from a neutral rating to an overweight rating and upped their price target for the stock from $110.00 to $135.00 in a research report on Wednesday, January 10th. Nine research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, Raymond James has an average rating of Hold and a consensus target price of $126.22.

Raymond James Trading Down 4.4 %

Raymond James stock opened at $121.95 on Thursday. The company has a current ratio of 0.99, a quick ratio of 0.97 and a debt-to-equity ratio of 0.37. The business’s fifty day simple moving average is $123.04 and its two-hundred day simple moving average is $112.35. Raymond James has a 12 month low of $82.00 and a 12 month high of $131.19. The company has a market capitalization of $25.49 billion, a price-to-earnings ratio of 14.75, a price-to-earnings-growth ratio of 0.89 and a beta of 1.05.

Raymond James (NYSE:RJF) last posted its quarterly earnings results on Wednesday, April 24th. The financial services provider reported $2.31 earnings per share for the quarter, missing the consensus estimate of $2.32 by ($0.01). Raymond James had a return on equity of 18.24% and a net margin of 12.72%. The business had revenue of $3.12 billion during the quarter, compared to analysts’ expectations of $3.15 billion. During the same quarter in the prior year, the firm earned $2.03 EPS. The firm’s revenue for the quarter was up 8.6% compared to the same quarter last year. As a group, equities analysts predict that Raymond James will post 9.45 earnings per share for the current fiscal year.

Raymond James Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Monday, April 1st were paid a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 1.48%. The ex-dividend date of this dividend was Thursday, March 28th. Raymond James’s payout ratio is currently 21.77%.

Insider Buying and Selling at Raymond James

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

Hedge Funds Weigh In On Raymond James

Hedge funds and other institutional investors have recently made changes to their positions in the stock. American Century Companies Inc. grew its holdings in shares of Raymond James by 26.0% during the third quarter. American Century Companies Inc. now owns 165,966 shares of the financial services provider’s stock worth $16,668,000 after buying an additional 34,200 shares during the last quarter. Vaughan Nelson Investment Management L.P. grew its holdings in shares of Raymond James by 29.9% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 335,385 shares of the financial services provider’s stock worth $37,395,000 after buying an additional 77,263 shares during the last quarter. Banque Cantonale Vaudoise grew its holdings in shares of Raymond James by 13.3% during the third quarter. Banque Cantonale Vaudoise now owns 2,718 shares of the financial services provider’s stock worth $273,000 after buying an additional 318 shares during the last quarter. Daiwa Securities Group Inc. grew its holdings in shares of Raymond James by 6.0% during the fourth quarter. Daiwa Securities Group Inc. now owns 17,536 shares of the financial services provider’s stock worth $1,955,000 after buying an additional 997 shares during the last quarter. Finally, Operose Advisors LLC grew its holdings in shares of Raymond James by 241.3% during the third quarter. Operose Advisors LLC now owns 1,024 shares of the financial services provider’s stock worth $103,000 after buying an additional 724 shares during the last quarter. Hedge funds and other 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.