Zacks Investment Research cut shares of Raymond James Financial (NYSE:RJF) from a hold rating to a sell rating in a research note published on Wednesday morning.
According to Zacks, “Shares of Raymond James have underperformed the industry in the past three months. Nonetheless, the company has an impressive earnings surprise history. Its earnings surpassed the Zacks Consensus Estimate in each of the trailing four quarters. While, the company remains well positioned to grow via acquisitions, given its strong liquidity position, elevated expenses mainly due to higher compensation costs and bank loan loss provisions are likely to hurt bottom-line growth in the near term. Also, lack of geographic diversification remains a major concern for the company as it might hamper its financials and limit flexibility, going forward.”
RJF has been the subject of a number of other reports. Keefe, Bruyette & Woods raised Raymond James Financial from a market perform rating to an outperform rating and set a $74.00 target price for the company in a research report on Monday, February 26th. Credit Suisse Group reissued a hold rating and issued a $82.00 target price on shares of Raymond James Financial in a research report on Wednesday, January 3rd. Wells Fargo reissued an outperform rating and issued a $110.00 target price (up from $94.00) on shares of Raymond James Financial in a research report on Thursday, January 4th. ValuEngine raised Raymond James Financial from a hold rating to a buy rating in a research report on Wednesday, March 7th. Finally, Buckingham Research upped their target price on Raymond James Financial from $113.00 to $117.00 and gave the company a buy rating in a research report on Friday, January 26th. One analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company’s stock. The company has an average rating of Hold and an average target price of $96.86.
NYSE:RJF opened at $84.82 on Wednesday. The stock has a market cap of $12,868.00, a PE ratio of 16.22, a price-to-earnings-growth ratio of 0.77 and a beta of 1.60. Raymond James Financial has a 1 year low of $71.35 and a 1 year high of $99.26. The company has a quick ratio of 1.12, a current ratio of 1.14 and a debt-to-equity ratio of 0.53.
Raymond James Financial (NYSE:RJF) last announced its earnings results on Wednesday, January 24th. The financial services provider reported $1.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.42 by $0.19. The firm had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.73 billion. Raymond James Financial had a return on equity of 14.87% and a net margin of 9.00%. The business’s revenue was up 15.6% on a year-over-year basis. During the same period in the prior year, the firm earned $1.07 EPS. research analysts forecast that Raymond James Financial will post 6.79 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 16th. Shareholders of record on Monday, April 2nd will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, March 29th. This represents a $1.00 dividend on an annualized basis and a yield of 1.18%. Raymond James Financial’s payout ratio is 19.12%.
In other Raymond James Financial news, SVP Jennifer C. Ackart sold 5,000 shares of the stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $91.00, for a total transaction of $455,000.00. Following the completion of the sale, the senior vice president now directly owns 7,028 shares of the company’s stock, valued at approximately $639,548. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Dennis W. Zank sold 20,003 shares of the stock in a transaction that occurred on Friday, March 9th. The stock was sold at an average price of $98.63, for a total value of $1,972,895.89. Following the sale, the chief operating officer now directly owns 150,849 shares of the company’s stock, valued at $14,878,236.87. The disclosure for this sale can be found here. Insiders have sold a total of 38,878 shares of company stock valued at $3,774,080 over the last ninety days. 10.46% of the stock is owned by insiders.
A number of institutional investors have recently bought and sold shares of the business. CIBC Asset Management Inc lifted its position in Raymond James Financial by 5.1% during the 4th quarter. CIBC Asset Management Inc now owns 13,215 shares of the financial services provider’s stock worth $1,180,000 after acquiring an additional 637 shares during the period. Eqis Capital Management Inc. raised its stake in shares of Raymond James Financial by 4.0% during the 4th quarter. Eqis Capital Management Inc. now owns 16,781 shares of the financial services provider’s stock worth $1,499,000 after buying an additional 646 shares in the last quarter. Wright Investors Service Inc. raised its stake in shares of Raymond James Financial by 19.1% during the 4th quarter. Wright Investors Service Inc. now owns 4,248 shares of the financial services provider’s stock worth $379,000 after buying an additional 681 shares in the last quarter. Norinchukin Bank The raised its stake in shares of Raymond James Financial by 12.8% during the 4th quarter. Norinchukin Bank The now owns 6,443 shares of the financial services provider’s stock worth $575,000 after buying an additional 732 shares in the last quarter. Finally, Boston Advisors LLC raised its stake in shares of Raymond James Financial by 0.9% during the 4th quarter. Boston Advisors LLC now owns 79,611 shares of the financial services provider’s stock worth $7,109,000 after buying an additional 733 shares in the last quarter. 70.93% of the stock is owned by institutional investors.
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Raymond James Financial 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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