Raymond James Financial (NYSE:RJF) Stock Gets Price Target Reduction from Truist Financial

Raymond James Financial (NYSE:RJF) had its target price trimmed by Truist Financial from $188.00 to $166.00 in a research report sent to investors on Tuesday morning, Marketbeat.com reports. The firm currently has a hold rating on the financial services provider’s stock.

RJF has been the subject of several other research reports. Barclays reiterated an “overweight” rating and issued a $197.00 target price (up from $196.00) on shares of Raymond James Financial in a research note on Wednesday, October 7th. TD Cowen decreased their target price on Raymond James Financial from $161.00 to $160.00 and set a “hold” rating on the stock in a research report on Tuesday, September 1st. Citigroup restated a “market outperform” rating on shares of Raymond James Financial in a research note on Thursday, July 23rd. Bank of America reaffirmed a “neutral” rating and issued a $198.00 price target (up from $196.00) on shares of Raymond James Financial in a report on Monday, October 5th. Finally, Argus upped their price target on Raymond James Financial from $178.00 to $196.00 and gave the company a “buy” rating in a report on Thursday, July 30th. Five equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $178.85.

Raymond James Financial Price Performance

Shares of Raymond James Financial stock opened at $157.40 on Tuesday. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.06 and a quick ratio of 1.03. Raymond James Financial has a fifty-two week low of $138.82 and a fifty-two week high of $182.73. The firm has a fifty day moving average price of $169.32 and a two-hundred day moving average price of $161.25. The company has a market cap of $30.28 billion, a PE ratio of 13.72, a price-to-earnings-growth ratio of 0.80 and a beta of 0.94.

Raymond James Financial (NYSE:RJF) last posted its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $3.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.91 by $0.23. Raymond James Financial had a net margin of 13.57% and a return on equity of 19.07%. The company had revenue of $3.93 billion for the quarter, compared to analyst estimates of $3.87 billion. During the same period last year, the business posted $2.18 EPS. The business’s quarterly revenue was up 15.6% on a year-over-year basis. Analysts expect that Raymond James Financial will post 12.12 EPS for the current year.

Raymond James Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Thursday, October 1st were paid a dividend of $0.54 per share. The ex-dividend date was Thursday, October 1st. This represents a $2.16 dividend on an annualized basis and a yield of 1.4%. Raymond James Financial’s payout ratio is currently 18.83%.

Insider Buying and Selling at Raymond James Financial

In other news, 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 completion of the transaction, the insider directly owned 43,046 shares of the company’s stock, valued at approximately $7,445,666.62. This trade represents a 11.82% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Tashtego S. Elwyn sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $176.06, for a total transaction of $1,760,600.00. Following the transaction, the insider directly owned 45,114 shares of the company’s stock, valued at $7,942,770.84. The trade was a 18.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 23,270 shares of company stock valued at $4,090,637 in the last 90 days. 0.58% of the stock is currently owned by company insiders.

Institutional Trading of Raymond James Financial

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. V Square Quantitative Management LLC boosted its holdings in Raymond James Financial by 3.4% during the third quarter. V Square Quantitative Management LLC now owns 5,518 shares of the financial services provider’s stock valued at $872,000 after purchasing an additional 181 shares in the last quarter. Moody National Bank Trust Division raised its holdings in shares of Raymond James Financial by 14.2% in the 3rd quarter. Moody National Bank Trust Division now owns 6,208 shares of the financial services provider’s stock worth $981,000 after buying an additional 774 shares in the last quarter. QRG Capital Management Inc. raised its holdings in shares of Raymond James Financial by 12.7% in the 2nd quarter. QRG Capital Management Inc. now owns 39,488 shares of the financial services provider’s stock worth $6,003,000 after buying an additional 4,435 shares in the last quarter. State Street Corp lifted its position in shares of Raymond James Financial by 0.4% during the 2nd quarter. State Street Corp now owns 7,889,824 shares of the financial services provider’s stock worth $1,199,424,000 after buying an additional 35,294 shares during the period. Finally, Security National Bank of SO Dak bought a new position in shares of Raymond James Financial during the 2nd quarter worth approximately $79,000. Institutional investors own 83.83% of the company’s stock.

About Raymond James Financial

Raymond James Financial, Inc is a diversified financial services company headquartered in St. Petersburg, Florida. Through its subsidiaries and affiliated advisors, the company provides wealth management, investment banking, capital markets, asset management, and banking services to individuals, corporations, institutions, and municipalities.

Its wealth management operations serve clients through employee advisors and independent financial advisors, offering investment planning, brokerage, retirement planning, insurance, and related advisory services.