Morgan Stanley Lowers Raymond James (NYSE:RJF) Price Target to $91.00

Raymond James (NYSE:RJF) had its price target reduced by research analysts at Morgan Stanley from $95.00 to $91.00 in a research note issued on Friday, BenzingaRatingsTable reports. The firm currently has an “overweight” rating on the financial services provider’s stock. Morgan Stanley’s price objective would suggest a potential upside of 30.97% from the company’s current price.

A number of other research analysts have also recently commented on RJF. Credit Suisse Group upped their price target on Raymond James from $72.00 to $75.00 and gave the stock a “neutral” rating in a research note on Friday, May 1st. Zacks Investment Research cut Raymond James from a “buy” rating to a “hold” rating and set a $77.00 price target on the stock. in a research note on Wednesday, July 22nd. Seaport Global Securities started coverage on Raymond James in a research note on Wednesday, July 8th. They set a “neutral” rating on the stock. Compass Point cut Raymond James from a “buy” rating to a “neutral” rating and set a $65.00 price target on the stock. in a research note on Friday, May 1st. Finally, ValuEngine upgraded Raymond James from a “sell” rating to a “hold” rating in a research note on Monday, June 1st. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $73.86.

NYSE:RJF opened at $69.48 on Friday. Raymond James has a 12 month low of $54.21 and a 12 month high of $102.45. The stock has a 50 day moving average of $70.16 and a two-hundred day moving average of $74.62. The company has a current ratio of 1.06, a quick ratio of 1.05 and a debt-to-equity ratio of 0.49. The firm has a market cap of $9.52 billion, a P/E ratio of 10.99 and a beta of 1.38.

Raymond James (NYSE:RJF) last posted its quarterly earnings data on Wednesday, July 29th. The financial services provider reported $1.23 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.97 by $0.26. Raymond James had a return on equity of 13.15% and a net margin of 10.75%. The company had revenue of $1.83 billion during the quarter, compared to analyst estimates of $1.84 billion. During the same period in the previous year, the business earned $1.80 EPS. Raymond James’s quarterly revenue was down 3.7% on a year-over-year basis. On average, research analysts forecast that Raymond James will post 5.31 earnings per share for the current year.

In related news, EVP Jonathan N. Santelli sold 1,250 shares of Raymond James stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $81.33, for a total transaction of $101,662.50. Following the completion of the transaction, the executive vice president now directly owns 2,503 shares in the company, valued at approximately $203,568.99. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Jeffrey P. Julien sold 9,150 shares of Raymond James stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $81.58, for a total transaction of $746,457.00. Following the completion of the sale, the vice president now directly owns 42,092 shares of the company’s stock, valued at $3,433,865.36. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 20,400 shares of company stock worth $1,673,420. Corporate insiders own 10.82% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. lifted its stake in Raymond James by 17.7% during the first quarter. BlackRock Inc. now owns 12,435,401 shares of the financial services provider’s stock valued at $785,917,000 after purchasing an additional 1,870,630 shares during the last quarter. Primecap Management Co. CA lifted its position in shares of Raymond James by 40.0% in the 1st quarter. Primecap Management Co. CA now owns 4,390,345 shares of the financial services provider’s stock valued at $277,470,000 after acquiring an additional 1,255,195 shares in the last quarter. Norges Bank purchased a new stake in shares of Raymond James in the 4th quarter valued at approximately $81,500,000. First Trust Advisors LP increased its stake in Raymond James by 252.6% in the 1st quarter. First Trust Advisors LP now owns 1,063,327 shares of the financial services provider’s stock valued at $67,202,000 after buying an additional 761,788 shares during the period. Finally, Macquarie Group Ltd. increased its stake in Raymond James by 129.2% in the 4th quarter. Macquarie Group Ltd. now owns 640,030 shares of the financial services provider’s stock valued at $57,256,000 after buying an additional 360,836 shares during the period. 74.24% of the stock is owned by hedge funds and other institutional investors.

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.

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