Shares of Raymond James Financial Inc. (NYSE:RJF) gapped up before the market opened on Tuesday . The stock had previously closed at $55.85, but opened at $56.04. Raymond James Financial shares last traded at $56.55, with a volume of 205,141 shares changing hands.

Several research firms have recently commented on RJF. Zacks Investment Research raised shares of Raymond James Financial from a “sell” rating to a “hold” rating in a research report on Thursday, August 18th. Credit Suisse Group AG set a $56.00 price target on shares of Raymond James Financial and gave the company a “buy” rating in a research report on Wednesday, July 20th. Nomura reaffirmed a “hold” rating on shares of Raymond James Financial in a research report on Monday, July 11th. Wells Fargo & Co. reiterated a “hold” rating on shares of Raymond James Financial in a report on Thursday, May 12th. Finally, TheStreet upgraded shares of Raymond James Financial from a “hold” rating to a “buy” rating in a report on Monday, May 2nd. Six analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $60.18.

The company has a 50-day moving average of $53.88 and a 200-day moving average of $50.33. The firm has a market capitalization of $7.95 billion and a price-to-earnings ratio of 16.82.

Raymond James Financial (NYSE:RJF) last announced its quarterly earnings data on Wednesday, July 20th. The company reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.90 by $0.03. The firm had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.32 billion. During the same period in the previous year, the company posted $0.91 EPS. The business’s quarterly revenue was up 2.8% on a year-over-year basis. Analysts forecast that Raymond James Financial Inc. will post $3.51 EPS for the current year.

In related news, COO Dennis W. Zank sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, June 6th. The shares were sold at an average price of $56.54, for a total transaction of $848,100.00. Following the transaction, the chief operating officer now owns 158,379 shares of the company’s stock, valued at $8,954,748.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider George Catanese sold 4,158 shares of the company’s stock in a transaction that occurred on Monday, July 25th. The shares were sold at an average price of $53.89, for a total transaction of $224,074.62. Following the transaction, the insider now directly owns 8,739 shares in the company, valued at approximately $470,944.71. The disclosure for this sale can be found here.

Several institutional investors have recently made changes to their positions in RJF. I.G. Investment Management LTD. increased its position in shares of Raymond James Financial by 172.3% in the fourth quarter. I.G. Investment Management LTD. now owns 301,109 shares of the company’s stock valued at $17,455,000 after buying an additional 190,509 shares during the last quarter. Bank of Montreal Can increased its position in shares of Raymond James Financial by 198.7% in the fourth quarter. Bank of Montreal Can now owns 29,675 shares of the company’s stock valued at $1,720,000 after buying an additional 19,740 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of Raymond James Financial by 2.2% in the fourth quarter. Principal Financial Group Inc. now owns 410,828 shares of the company’s stock valued at $23,816,000 after buying an additional 8,726 shares during the last quarter. Finally, Suntrust Banks Inc. increased its position in shares of Raymond James Financial by 4.6% in the fourth quarter. Suntrust Banks Inc. now owns 23,215 shares of the company’s stock valued at $1,344,000 after buying an additional 1,015 shares during the last quarter.

Raymond James Financial, Inc, is a financial services company providing private client, capital markets, asset management, banking and other services to individuals, corporations and municipalities. The Company operates in five reportable segments: Private Client Group; Capital Markets; Asset Management; RJ Bank, and the Other Segment.

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