Raymond James Financial (NYSE:RJF) Price Target Raised to $184.00

Raymond James Financial (NYSE:RJF) had its target price lifted by Morgan Stanley from $176.00 to $184.00 in a research report report published on Wednesday morning,Benzinga reports. The brokerage currently has an equal weight rating on the financial services provider’s stock.

Several other research analysts have also recently issued reports on RJF. JPMorgan Chase & Co. increased their price objective on Raymond James Financial from $151.00 to $172.00 and gave the stock a “neutral” rating in a research report on Thursday, July 24th. Wells Fargo & Company increased their price target on shares of Raymond James Financial from $155.00 to $163.00 and gave the company an “equal weight” rating in a report on Friday, July 11th. Citigroup reiterated a “neutral” rating and issued a $180.00 price objective (up previously from $170.00) on shares of Raymond James Financial in a research note on Monday, September 22nd. JMP Securities increased their target price on shares of Raymond James Financial from $175.00 to $180.00 and gave the company a “market outperform” rating in a report on Monday, July 14th. Finally, Keefe, Bruyette & Woods lifted their price target on shares of Raymond James Financial from $167.00 to $170.00 and gave the company a “market perform” rating in a research report on Thursday, July 24th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and ten have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $171.10.

Raymond James Financial Stock Performance

Shares of RJF opened at $166.64 on Wednesday. The company’s 50 day simple moving average is $168.04 and its 200-day simple moving average is $153.70. The firm has a market cap of $33.22 billion, a PE ratio of 16.34, a price-to-earnings-growth ratio of 1.28 and a beta of 1.03. Raymond James Financial has a 12-month low of $117.57 and a 12-month high of $177.66. The company has a current ratio of 1.04, a quick ratio of 1.02 and a debt-to-equity ratio of 0.33.

Raymond James Financial (NYSE:RJF) last issued its quarterly earnings results on Wednesday, July 23rd. The financial services provider reported $2.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.36 by ($0.18). Raymond James Financial had a net margin of 13.56% and a return on equity of 18.38%. The company had revenue of $3.40 billion during the quarter, compared to analyst estimates of $3.38 billion. During the same quarter last year, the firm earned $2.39 EPS. The business’s revenue was up 5.3% on a year-over-year basis. As a group, equities analysts predict that Raymond James Financial will post 11.17 EPS for the current year.

Raymond James Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Wednesday, October 1st will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend is Wednesday, October 1st. Raymond James Financial’s payout ratio is 19.61%.

Institutional Trading of Raymond James Financial

A number of hedge funds have recently bought and sold shares of the company. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Raymond James Financial during the 1st quarter worth about $25,000. Alpine Bank Wealth Management acquired a new position in Raymond James Financial during the first quarter worth approximately $27,000. Golden State Wealth Management LLC raised its stake in Raymond James Financial by 164.0% during the first quarter. Golden State Wealth Management LLC now owns 198 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 123 shares during the period. Olde Wealth Management LLC acquired a new position in shares of Raymond James Financial in the 1st quarter valued at $33,000. Finally, Princeton Global Asset Management LLC boosted its holdings in shares of Raymond James Financial by 69.0% in the 2nd quarter. Princeton Global Asset Management LLC now owns 245 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 100 shares during the last quarter. Institutional investors and hedge funds own 83.83% of the company’s stock.

About Raymond James Financial

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.