TD Cowen Cuts Raymond James Financial (NYSE:RJF) Price Target to $160.00

Raymond James Financial (NYSE:RJF) had its target price trimmed by TD Cowen from $161.00 to $160.00 in a report released on Tuesday morning,Benzinga reports. They currently have a hold rating on the financial services provider’s stock.

A number of other equities research analysts have also recently issued reports on the company. Argus boosted their price objective on Raymond James Financial from $178.00 to $196.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Raymond James Financial in a research note on Monday, August 17th. Barclays lifted their price target on Raymond James Financial from $192.00 to $196.00 and gave the stock an “overweight” rating in a report on Thursday, July 23rd. UBS Group set a $184.00 price target on Raymond James Financial and gave the company a “neutral” rating in a research note on Monday, July 27th. Finally, Citizens Jmp upped their price objective on Raymond James Financial from $200.00 to $205.00 and gave the company a “market outperform” rating in a report on Thursday, July 23rd. Five research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $181.46.

Raymond James Financial Stock Performance

NYSE RJF opened at $180.96 on Tuesday. The firm has a 50-day moving average of $172.02 and a 200-day moving average of $158.52. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.03 and a current ratio of 1.06. The stock has a market cap of $34.81 billion, a PE ratio of 15.78, a P/E/G ratio of 1.08 and a beta of 0.91. Raymond James Financial has a 52-week low of $138.82 and a 52-week high of $182.73.

Raymond James Financial (NYSE:RJF) last announced its earnings results on Wednesday, July 22nd. The financial services provider reported $3.14 EPS for the quarter, topping the consensus estimate of $2.91 by $0.23. The business had revenue of $3.93 billion during the quarter, compared to the consensus estimate of $3.87 billion. Raymond James Financial had a net margin of 13.57% and a return on equity of 19.07%. Raymond James Financial’s revenue was up 15.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.18 EPS. On average, sell-side analysts anticipate that Raymond James Financial will post 12.08 EPS for the current year.

Raymond James Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Thursday, October 1st will be given a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date is Thursday, October 1st. Raymond James Financial’s payout ratio is presently 18.83%.

Insider Activity at Raymond James Financial

In related news, insider Tashtego Elwyn sold 10,000 shares of the stock in a transaction that occurred on 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 sale, the insider owned 45,114 shares of the company’s stock, valued at $7,942,770.84. This represents a 18.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Steven Raney sold 5,770 shares of the firm’s stock in a transaction on Monday, July 27th. The stock was sold at an average price of $172.97, for a total value of $998,036.90. Following the transaction, the insider owned 43,046 shares in the company, valued at approximately $7,445,666.62. This trade represents a 11.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 23,270 shares of company stock worth $4,090,637. Company insiders own 0.58% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of RJF. California State Teachers Retirement System lifted its position in Raymond James Financial by 14,565.3% during the second quarter. California State Teachers Retirement System now owns 39,471,093 shares of the financial services provider’s stock worth $6,000,790,000 after purchasing an additional 39,201,946 shares during the period. BlackRock Inc. bought a new position in Raymond James Financial in the 2nd quarter valued at about $2,180,699,000. Primecap Management Co. CA acquired a new position in shares of Raymond James Financial in the 2nd quarter valued at approximately $1,405,145,000. First Trust Advisors LP raised its position in shares of Raymond James Financial by 18.3% in the 4th quarter. First Trust Advisors LP now owns 3,071,996 shares of the financial services provider’s stock valued at $493,332,000 after buying an additional 474,477 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its holdings in shares of Raymond James Financial by 0.8% during the 4th quarter. Victory Capital Management Inc. now owns 2,785,857 shares of the financial services provider’s stock worth $447,381,000 after acquiring an additional 21,856 shares during the period. Institutional investors own 83.83% of the company’s stock.

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.