Raymond James Financial (NYSE:RJF) Given New $184.00 Price Target at Morgan Stanley

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

A number of other research analysts have also weighed in on RJF. Keefe, Bruyette & Woods raised their price objective on Raymond James Financial from $167.00 to $170.00 and gave the company a “market perform” rating in a report on Thursday, July 24th. JMP Securities raised their price objective on Raymond James Financial from $175.00 to $180.00 and gave the company a “market outperform” rating in a report on Monday, July 14th. Wells Fargo & Company raised their price objective on 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 restated a “neutral” rating and issued a $180.00 price objective (up previously from $170.00) on shares of Raymond James Financial in a report on Monday, September 22nd. Finally, JPMorgan Chase & Co. raised their price objective on Raymond James Financial from $151.00 to $172.00 and gave the company a “neutral” rating in a report on Thursday, July 24th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $165.70.

Raymond James Financial Trading Down 3.8%

Shares of NYSE:RJF opened at $166.04 on Wednesday. Raymond James Financial has a 1 year low of $117.57 and a 1 year high of $177.66. The firm has a market capitalization of $33.11 billion, a price-to-earnings ratio of 16.28, a price-to-earnings-growth ratio of 1.42 and a beta of 1.03. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.04 and a quick ratio of 1.02. The business’s 50 day moving average price is $168.07 and its 200-day moving average price is $153.39.

Raymond James Financial (NYSE:RJF) last announced its earnings results on Wednesday, July 23rd. The financial services provider reported $2.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 business had revenue of $3.40 billion for the quarter, compared to analysts’ expectations of $3.38 billion. During the same quarter last year, the business earned $2.39 EPS. The company’s quarterly revenue was up 5.3% on a year-over-year basis. On average, equities research analysts forecast that Raymond James Financial will post 11.17 earnings per share for the current fiscal year.

Raymond James Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Wednesday, October 1st will be given a dividend of $0.50 per share. 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 dividend payout ratio (DPR) is presently 19.61%.

Institutional Trading of Raymond James Financial

A number of hedge funds and other institutional investors have recently modified their holdings of RJF. Parallel Advisors LLC increased its position in shares of Raymond James Financial by 5.8% during the 1st quarter. Parallel Advisors LLC now owns 2,383 shares of the financial services provider’s stock worth $331,000 after purchasing an additional 131 shares during the last quarter. Rhumbline Advisers grew its position in Raymond James Financial by 11.6% in the 1st quarter. Rhumbline Advisers now owns 370,810 shares of the financial services provider’s stock valued at $51,509,000 after acquiring an additional 38,442 shares in the last quarter. Hennion & Walsh Asset Management Inc. grew its position in Raymond James Financial by 3.7% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 30,592 shares of the financial services provider’s stock valued at $4,250,000 after acquiring an additional 1,098 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Raymond James Financial in the 1st quarter valued at about $25,000. Finally, Vest Financial LLC acquired a new position in Raymond James Financial in the 1st quarter valued at about $29,112,000. 83.83% of the stock is owned by institutional investors and hedge funds.

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.