Raymond James (NYSE:RJF) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Tuesday.
According to Zacks, “Shares of Raymond James have outperformed the industry in the past three months. Also, the company has an impressive earnings surprise history, having surpassed the Zacks Consensus Estimate in three of the trailing four quarters. The company remains well positioned to grow via acquisitions, given its strong liquidity position. Also, enhanced capital deployment plan reflects strong balance sheet position. However, mounting expenses mainly due to higher compensation costs and bank loan loss provisions are likely to continue hurting bottom-line growth. Lack of geographic diversification also remains a major concern as it might hamper the company’s financials and limit flexibility.”
A number of other equities analysts have also commented on RJF. Citigroup raised their price objective on shares of Raymond James from $95.00 to $108.00 and gave the stock a “neutral” rating in a research note on Friday, June 15th. ValuEngine lowered shares of Raymond James from a “buy” rating to a “hold” rating in a research note on Monday, June 11th. Goldman Sachs Group raised shares of Raymond James from a “neutral” rating to a “buy” rating and set a $112.00 price objective for the company in a research note on Wednesday, May 16th. Wells Fargo & Co raised their price objective on shares of Raymond James from $107.00 to $111.00 and gave the stock an “outperform” rating in a research note on Tuesday, June 12th. Finally, Credit Suisse Group raised shares of Raymond James from an “underperform” rating to a “neutral” rating and decreased their price objective for the stock from $99.00 to $82.00 in a research note on Friday, April 27th. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $101.00.
Raymond James stock traded down $1.24 during midday trading on Tuesday, reaching $89.06. The stock had a trading volume of 13,950 shares, compared to its average volume of 747,538. Raymond James has a twelve month low of $74.14 and a twelve month high of $102.17. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.09 and a current ratio of 1.12. The firm has a market capitalization of $13.03 billion, a price-to-earnings ratio of 17.11, a P/E/G ratio of 0.78 and a beta of 1.64.
Raymond James (NYSE:RJF) last posted its quarterly earnings data on Wednesday, April 25th. The financial services provider reported $1.63 EPS for the quarter, hitting analysts’ consensus estimates of $1.63. Raymond James had a net margin of 10.52% and a return on equity of 15.36%. The firm had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.80 billion. During the same quarter last year, the business posted $1.28 EPS. The company’s revenue was up 15.9% on a year-over-year basis. equities analysts forecast that Raymond James will post 6.78 earnings per share for the current fiscal year.
In other Raymond James news, EVP Jonathan N. Santelli sold 2,270 shares of the stock in a transaction that occurred on Wednesday, May 30th. The shares were sold at an average price of $96.99, for a total value of $220,167.30. Following the completion of the sale, the executive vice president now owns 3,000 shares in the company, valued at approximately $290,970. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 10.46% of the stock is owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the company. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its holdings in shares of Raymond James by 40.8% during the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 82,264 shares of the financial services provider’s stock valued at $7,346,000 after purchasing an additional 23,828 shares in the last quarter. Xact Kapitalforvaltning AB raised its holdings in shares of Raymond James by 5.4% during the 4th quarter. Xact Kapitalforvaltning AB now owns 27,062 shares of the financial services provider’s stock valued at $2,417,000 after purchasing an additional 1,387 shares in the last quarter. MetLife Investment Advisors LLC bought a new position in shares of Raymond James during the 4th quarter valued at $3,551,000. Envestnet Asset Management Inc. raised its holdings in shares of Raymond James by 16.2% during the 4th quarter. Envestnet Asset Management Inc. now owns 59,915 shares of the financial services provider’s stock valued at $5,350,000 after purchasing an additional 8,359 shares in the last quarter. Finally, Viking Global Investors LP raised its holdings in shares of Raymond James by 48.7% during the 4th quarter. Viking Global Investors LP now owns 4,760,050 shares of the financial services provider’s stock valued at $425,072,000 after purchasing an additional 1,559,315 shares in the last quarter. Institutional investors and hedge funds own 71.05% of the company’s stock.
Raymond James 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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