Raymond James Financial (NYSE:RJF) Hits New 12-Month High – What’s Next?

Shares of Raymond James Financial, Inc. (NYSE:RJF) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $179.29 and last traded at $178.6660, with a volume of 78857 shares traded. The stock had previously closed at $175.98.

Analysts Set New Price Targets

A number of analysts recently weighed in on RJF shares. TD Cowen decreased their price target on Raymond James Financial from $162.00 to $161.00 and set a “hold” rating on the stock in a research note on Thursday, July 23rd. BMO Capital Markets reiterated a “market perform” rating and issued a $175.00 price objective (up from $160.00) on shares of Raymond James Financial in a research report on Thursday, July 23rd. Barclays raised their target price on Raymond James Financial from $192.00 to $196.00 and gave the company an “overweight” rating in a report on Thursday, July 23rd. UBS Group set a $184.00 target price on shares of Raymond James Financial and gave the stock a “neutral” rating in a research report on Monday, July 27th. Finally, Morgan Stanley increased their price target on shares of Raymond James Financial from $172.00 to $174.00 and gave the company an “equal weight” rating in a report on Friday, July 10th. Five investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $181.00.

Raymond James Financial Stock Up 0.3%

The stock has a market capitalization of $34.39 billion, a PE ratio of 15.38, a P/E/G ratio of 1.08 and a beta of 0.93. The firm has a 50 day moving average of $159.33 and a two-hundred day moving average of $156.79. The company has a current ratio of 1.07, a quick ratio of 1.05 and a debt-to-equity ratio of 0.44.

Raymond James Financial (NYSE:RJF) last posted its earnings results on Wednesday, July 22nd. The financial services provider reported $3.14 EPS for the quarter, topping analysts’ consensus estimates of $2.91 by $0.23. The company had revenue of $3.93 billion for the quarter, compared to the consensus estimate of $3.87 billion. Raymond James Financial had a return on equity of 19.17% and a net margin of 13.57%.Raymond James Financial’s quarterly revenue was up 15.6% compared to the same quarter last year. During the same period in the previous year, the business earned $2.18 earnings per share. Equities research analysts anticipate that Raymond James Financial, Inc. will post 12.07 earnings per share for the current year.

Raymond James Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Wednesday, July 1st were given a $0.54 dividend. The ex-dividend date was Wednesday, July 1st. This represents a $2.16 annualized dividend and a dividend yield of 1.2%. Raymond James Financial’s payout ratio is currently 18.83%.

Insider Transactions at Raymond James Financial

In related news, insider Tashtego S. Elwyn sold 10,000 shares of the stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $176.06, for a total value of $1,760,600.00. Following the sale, the insider directly owned 45,114 shares of the company’s stock, valued at approximately $7,942,770.84. This represents a 18.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Steven M. Raney sold 5,770 shares of the firm’s stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $172.97, for a total transaction of $998,036.90. Following the transaction, the insider owned 43,046 shares of the company’s stock, valued at $7,445,666.62. This trade represents a 11.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.58% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Empowered Funds LLC increased its position in Raymond James Financial by 8.2% during the first quarter. Empowered Funds LLC now owns 4,142 shares of the financial services provider’s stock worth $573,000 after buying an additional 314 shares in the last quarter. Woodline Partners LP lifted its position in shares of Raymond James Financial by 41.8% in the first quarter. Woodline Partners LP now owns 15,580 shares of the financial services provider’s stock valued at $2,164,000 after acquiring an additional 4,592 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Raymond James Financial by 137.3% in the second quarter. EverSource Wealth Advisors LLC now owns 1,184 shares of the financial services provider’s stock valued at $182,000 after acquiring an additional 685 shares in the last quarter. Brown Advisory Inc. boosted its stake in shares of Raymond James Financial by 15.1% during the second quarter. Brown Advisory Inc. now owns 2,268 shares of the financial services provider’s stock valued at $348,000 after acquiring an additional 298 shares during the last quarter. Finally, Cresset Asset Management LLC acquired a new stake in shares of Raymond James Financial during the second quarter valued at $363,000. 83.83% of the stock is currently owned by institutional investors and hedge funds.

About Raymond James Financial

Raymond James Financial is a diversified financial services firm headquartered in St. Petersburg, Florida. Founded in 1962, the company provides a range of services to individual investors, businesses and institutions through a combination of wealth management, capital markets, investment banking, asset management, banking and trust services. Its business model centers on a network of financial advisors and broker-dealer operations that deliver personalized financial planning, investment advisory services and brokerage solutions.

The firm’s core offerings include private client wealth management delivered by independent and employee advisors, equity and fixed-income research, institutional sales and trading, and investment banking services such as mergers and acquisitions advisory and capital raising.