Raymond James Financial (NYSE:RJF) Price Target Raised to $196.00 at Argus

Raymond James Financial (NYSE:RJF) had its target price upped by Argus from $178.00 to $196.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the financial services provider’s stock. Argus’ target price indicates a potential upside of 13.27% from the stock’s previous close.

RJF has been the subject of several other reports. Citigroup reiterated a “market outperform” rating on shares of Raymond James Financial in a report on Thursday, July 23rd. BMO Capital Markets restated a “market perform” rating and set a $175.00 price target (up from $160.00) on shares of Raymond James Financial in a report on Thursday, July 23rd. JPMorgan Chase & Co. upped their price target on shares of Raymond James Financial from $175.00 to $179.00 and gave the company a “neutral” rating in a research report on Thursday, July 23rd. Barclays upped their price target on Raymond James Financial from $192.00 to $196.00 and gave the company an “overweight” rating in a research report on Thursday, July 23rd. Finally, Jefferies Financial Group reduced their price objective on Raymond James Financial from $165.00 to $145.00 and set a “hold” rating for the company in a research note on Monday, April 6th. Five equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $181.00.

Raymond James Financial Trading Down 0.6%

Shares of NYSE RJF traded down $1.13 during mid-day trading on Thursday, hitting $173.03. 272,417 shares of the company traded hands, compared to its average volume of 1,417,416. The company has a quick ratio of 1.05, a current ratio of 1.07 and a debt-to-equity ratio of 0.44. Raymond James Financial has a 1 year low of $138.82 and a 1 year high of $178.28. The stock has a market capitalization of $33.72 billion, a price-to-earnings ratio of 15.07, a PEG ratio of 1.09 and a beta of 0.93. The business has a 50 day moving average of $158.34 and a two-hundred day moving average of $156.70.

Raymond James Financial (NYSE:RJF) last issued its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $3.14 earnings per share for the quarter, topping analysts’ consensus estimates of $2.91 by $0.23. The firm had revenue of $3.93 billion for the quarter, compared to analysts’ expectations 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 revenue was up 15.6% on a year-over-year basis. During the same quarter last year, the business posted $2.18 EPS. On average, sell-side analysts anticipate that Raymond James Financial will post 12.04 earnings per share for the current fiscal year.

Insider Buying and Selling at Raymond James Financial

In other news, insider Tashtego S. Elwyn sold 10,000 shares of the 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 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 SEC, which is accessible through this link. Also, insider Steven M. Raney sold 5,770 shares of the firm’s stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $172.97, for a total value of $998,036.90. Following the completion of the transaction, the insider directly owned 43,046 shares in the company, valued at $7,445,666.62. The trade was a 11.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.58% of the company’s stock.

Hedge Funds Weigh In On Raymond James Financial

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Tema ETFs LLC boosted its holdings in shares of Raymond James Financial by 9.9% during the 2nd quarter. Tema ETFs LLC now owns 4,818 shares of the financial services provider’s stock worth $732,000 after buying an additional 435 shares during the period. Revolve Wealth Partners LLC raised its holdings in Raymond James Financial by 116.0% in the 2nd quarter. Revolve Wealth Partners LLC now owns 4,488 shares of the financial services provider’s stock worth $682,000 after acquiring an additional 2,410 shares during the period. Hennion & Walsh Asset Management Inc. raised its holdings in Raymond James Financial by 6.4% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 32,432 shares of the financial services provider’s stock worth $4,931,000 after acquiring an additional 1,955 shares during the period. Czech National Bank lifted its position in Raymond James Financial by 3.3% during the 2nd quarter. Czech National Bank now owns 49,369 shares of the financial services provider’s stock worth $7,506,000 after acquiring an additional 1,597 shares during the last quarter. Finally, PensionDanmark Pensionsforsikringsaktieselskab lifted its position in Raymond James Financial by 1.1% during the 2nd quarter. PensionDanmark Pensionsforsikringsaktieselskab now owns 31,074 shares of the financial services provider’s stock worth $4,724,000 after acquiring an additional 340 shares during the last quarter. Institutional investors and hedge funds own 83.83% of the company’s stock.

Raymond James Financial Company Profile

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.