Raymond James (NYSE:RJF) Upgraded by The Goldman Sachs Group to “Buy” Rating

The Goldman Sachs Group upgraded shares of Raymond James (NYSE:RJF) from a neutral rating to a buy rating in a research note issued to investors on Monday morning, MarketBeat reports. They currently have $185.00 price objective on the financial services provider’s stock, up from their previous price objective of $161.00.

Other equities research analysts have also issued research reports about the company. Jefferies Financial Group lifted their price objective on Raymond James from $123.00 to $126.00 and gave the company a “hold” rating in a research note on Friday, October 4th. Bank of America boosted their price objective on Raymond James from $136.00 to $152.00 and gave the stock a “buy” rating in a report on Thursday, October 24th. JMP Securities raised their target price on shares of Raymond James from $146.00 to $150.00 and gave the company a “market outperform” rating in a research note on Thursday, October 24th. Wells Fargo & Company reissued an “equal weight” rating and issued a $169.00 price target (up previously from $152.00) on shares of Raymond James in a research note on Thursday, December 12th. Finally, Morgan Stanley increased their price target on shares of Raymond James from $132.00 to $145.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. Nine research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $149.91.

Raymond James Stock Performance

NYSE:RJF opened at $159.39 on Monday. The business’s fifty day moving average is $159.21 and its 200 day moving average is $134.29. The firm has a market cap of $32.52 billion, a price-to-earnings ratio of 16.42, a PEG ratio of 0.91 and a beta of 1.02. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.00 and a current ratio of 1.02. Raymond James has a 52-week low of $104.24 and a 52-week high of $171.38.

Raymond James (NYSE:RJF) last announced its quarterly earnings results on Wednesday, October 23rd. The financial services provider reported $2.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.41 by $0.54. The firm had revenue of $3.46 billion for the quarter, compared to the consensus estimate of $3.32 billion. Raymond James had a net margin of 13.86% and a return on equity of 19.30%. The company’s revenue for the quarter was up 13.4% on a year-over-year basis. During the same period in the prior year, the firm posted $2.13 earnings per share. Research analysts predict that Raymond James will post 10.85 EPS for the current year.

Raymond James Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 16th. Stockholders of record on Thursday, January 2nd will be issued a $0.50 dividend. The ex-dividend date of this dividend is Thursday, January 2nd. This represents a $2.00 annualized dividend and a dividend yield of 1.25%. This is an increase from Raymond James’s previous quarterly dividend of $0.45. Raymond James’s payout ratio is currently 20.60%.

Insider Activity at Raymond James

In other news, insider Bella Loykhter Allaire sold 1,170 shares of the company’s stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $169.43, for a total transaction of $198,233.10. Following the completion of the transaction, the insider now directly owns 80,421 shares of the company’s stock, valued at approximately $13,625,730.03. This represents a 1.43 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Paul C. Reilly sold 50,000 shares of the firm’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $167.30, for a total value of $8,365,000.00. Following the completion of the sale, the chief executive officer now directly owns 283,110 shares in the company, valued at $47,364,303. The trade was a 15.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 64,621 shares of company stock worth $10,729,488 in the last ninety days. 9.74% of the stock is owned by company insiders.

Institutional Investors Weigh In On Raymond James

Several institutional investors and hedge funds have recently bought and sold shares of RJF. Wolff Wiese Magana LLC lifted its stake in Raymond James by 3,960.0% in the third quarter. Wolff Wiese Magana LLC now owns 203 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 198 shares during the period. Quarry LP purchased a new stake in shares of Raymond James in the 2nd quarter worth about $29,000. Future Financial Wealth Managment LLC purchased a new position in shares of Raymond James during the third quarter valued at about $32,000. Gladius Capital Management LP bought a new position in Raymond James in the third quarter worth about $34,000. Finally, Peterson Financial Group Inc. purchased a new stake in Raymond James in the third quarter worth about $37,000. Hedge funds and other institutional investors own 83.83% of the company’s stock.

Raymond James Company Profile

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.