Zacks Investment Research upgraded shares of Raymond James (NYSE:RJF) from a sell rating to a hold rating in a research report released on Tuesday morning.

According to Zacks, “Shares of Raymond James have marginally underperformed the industry over the past six months. The company's earnings have surpassed the Zacks Consensus Estimate in only one of the trailing four quarters. Its fourth-quarter fiscal 2018 (ended Sep 30) results show dismal trading performance and higher expenses, partly offset by investment banking fee growth. Slowdown in equity and debt issuances will continue to weigh on the company’s underwriting revenues. Also, mounting expenses mainly due to higher compensation costs and bank loan loss provisions will likely hurt bottom-line growth to some extent. However, strategic acquisitions, lower tax rates and persistent loan growth are expected to support profitability. Further, steady capital deployment plan indicate strong balance sheet.”

A number of other brokerages also recently weighed in on RJF. JMP Securities raised Raymond James from a market perform rating to an outperform rating in a report on Friday, July 27th. Credit Suisse Group reduced their target price on Raymond James from $110.00 to $100.00 and set a neutral rating on the stock in a report on Friday, October 26th. ValuEngine downgraded Raymond James from a hold rating to a sell rating in a report on Tuesday, October 23rd. Citigroup downgraded Raymond James from a buy rating to a neutral rating in a report on Friday, October 26th. Finally, Wolfe Research initiated coverage on Raymond James in a report on Tuesday, September 25th. They issued an outperform rating on the stock. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company’s stock. Raymond James has an average rating of Hold and a consensus price target of $104.00.

Raymond James stock opened at $75.00 on Tuesday. The firm has a market cap of $11.37 billion, a price-to-earnings ratio of 11.59, a P/E/G ratio of 0.61 and a beta of 1.74. Raymond James has a one year low of $71.93 and a one year high of $102.17. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.10 and a current ratio of 1.12.

Raymond James (NYSE:RJF) last issued its earnings results on Wednesday, October 24th. The financial services provider reported $1.68 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.81 by ($0.13). The business had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.91 billion. Raymond James had a net margin of 11.46% and a return on equity of 15.99%. Equities research analysts expect that Raymond James will post 7.48 earnings per share for the current fiscal year.

In other news, insider Tashtego S. Elwyn acquired 1,500 shares of the business’s stock in a transaction that occurred on Monday, October 29th. The shares were bought at an average price of $73.75 per share, with a total value of $110,625.00. Following the acquisition, the insider now directly owns 12,055 shares in the company, valued at approximately $889,056.25. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, President John C. Jr. Carson sold 5,698 shares of the firm’s stock in a transaction on Monday, September 10th. The shares were sold at an average price of $92.66, for a total value of $527,976.68. The disclosure for this sale can be found here. Company insiders own 10.46% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RJF. Bank of New York Mellon Corp boosted its holdings in shares of Raymond James by 51.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,877,559 shares of the financial services provider’s stock valued at $167,759,000 after acquiring an additional 634,378 shares in the last quarter. Advisors Asset Management Inc. boosted its holdings in shares of Raymond James by 4,885.2% during the 2nd quarter. Advisors Asset Management Inc. now owns 366,463 shares of the financial services provider’s stock valued at $870,000 after acquiring an additional 359,112 shares in the last quarter. Wells Fargo & Company MN boosted its holdings in shares of Raymond James by 7.7% during the 2nd quarter. Wells Fargo & Company MN now owns 4,521,398 shares of the financial services provider’s stock valued at $403,986,000 after acquiring an additional 322,014 shares in the last quarter. FMR LLC boosted its holdings in shares of Raymond James by 30.0% during the 2nd quarter. FMR LLC now owns 959,737 shares of the financial services provider’s stock valued at $85,753,000 after acquiring an additional 221,379 shares in the last quarter. Finally, Davis Capital Partners LLC boosted its holdings in shares of Raymond James by 400.0% during the 2nd quarter. Davis Capital Partners LLC now owns 250,000 shares of the financial services provider’s stock valued at $22,337,000 after acquiring an additional 200,000 shares in the last quarter. 71.55% of the stock is currently owned by institutional investors.

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.

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