Raymond James (NYSE:RJF) Hits New 52-Week High on Analyst Upgrade

Raymond James (NYSE:RJF)’s share price hit a new 52-week high on Monday after Morgan Stanley raised their price target on the stock from $141.00 to $150.00. Morgan Stanley currently has an overweight rating on the stock. Raymond James traded as high as $133.25 and last traded at $133.06, with a volume of 1554 shares. The stock had previously closed at $130.78.

Other equities analysts also recently issued reports about the stock. The Goldman Sachs Group raised shares of Raymond James from a “sell” rating to a “buy” rating and lifted their target price for the stock from $82.00 to $110.00 in a research note on Tuesday, January 5th. Citigroup reiterated a “positive” rating and issued a $148.00 price objective (up from $129.00) on shares of Raymond James in a report on Friday, January 29th. Wolfe Research raised Raymond James from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $89.00 to $111.00 in a research note on Tuesday, January 5th. Zacks Investment Research raised Raymond James from a “hold” rating to a “buy” rating and set a $129.00 price target on the stock in a research note on Thursday, April 1st. Finally, JMP Securities raised their price objective on Raymond James from $115.00 to $138.00 and gave the stock a “market outperform” rating in a research report on Thursday, April 15th. Two equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $122.36.

In related news, EVP Bella Loykhter Allaire sold 9,330 shares of the stock in a transaction on Monday, March 29th. The stock was sold at an average price of $123.59, for a total value of $1,153,094.70. Following the transaction, the executive vice president now owns 48,200 shares of the company’s stock, valued at $5,957,038. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Thomas A. James sold 201,982 shares of Raymond James stock in a transaction on Tuesday, February 9th. The stock was sold at an average price of $110.79, for a total transaction of $22,377,585.78. Insiders have sold a total of 236,543 shares of company stock valued at $26,524,083 over the last three months. 10.82% of the stock is currently owned by insiders.

Large investors have recently modified their holdings of the company. FDx Advisors Inc. boosted its holdings in shares of Raymond James by 1.4% during the fourth quarter. FDx Advisors Inc. now owns 6,634 shares of the financial services provider’s stock worth $635,000 after purchasing an additional 93 shares during the last quarter. Campbell & CO Investment Adviser LLC grew its stake in shares of Raymond James by 1.7% during the 4th quarter. Campbell & CO Investment Adviser LLC now owns 6,006 shares of the financial services provider’s stock valued at $575,000 after buying an additional 100 shares during the period. State of Michigan Retirement System raised its position in shares of Raymond James by 0.3% in the 1st quarter. State of Michigan Retirement System now owns 30,735 shares of the financial services provider’s stock worth $3,767,000 after buying an additional 100 shares during the period. Cardinal Capital Management raised its position in shares of Raymond James by 0.5% in the 1st quarter. Cardinal Capital Management now owns 20,920 shares of the financial services provider’s stock worth $2,564,000 after buying an additional 111 shares during the period. Finally, Treasurer of the State of North Carolina boosted its holdings in Raymond James by 0.3% in the fourth quarter. Treasurer of the State of North Carolina now owns 47,048 shares of the financial services provider’s stock valued at $4,501,000 after acquiring an additional 160 shares during the last quarter. Institutional investors and hedge funds own 75.11% of the company’s stock.

The company has a 50 day simple moving average of $126.01 and a 200 day simple moving average of $105.16. The company has a market capitalization of $18.25 billion, a price-to-earnings ratio of 22.77 and a beta of 1.35. The company has a quick ratio of 0.96, a current ratio of 0.98 and a debt-to-equity ratio of 0.46.

Raymond James (NYSE:RJF) last posted its earnings results on Wednesday, April 28th. The financial services provider reported $2.51 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.09 by $0.42. The firm had revenue of $2.37 billion during the quarter, compared to the consensus estimate of $2.26 billion. Raymond James had a net margin of 10.02% and a return on equity of 12.29%. The company’s revenue was up 14.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.20 EPS. On average, research analysts forecast that Raymond James will post 6.98 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 15th. Stockholders of record on Thursday, April 1st were paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.18%. The ex-dividend date was Wednesday, March 31st. Raymond James’s dividend payout ratio is presently 25.53%.

About Raymond James (NYSE:RJF)

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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