Raymond James (NYSE:RJF) Reaches New 52-Week High – Here’s Why

Raymond James (NYSE:RJF) shares hit a new 52-week high on Wednesday . The stock traded as high as $157.63 and last traded at $157.63, with a volume of 1593 shares. The stock had previously closed at $146.45.

Analysts Set New Price Targets

RJF has been the topic of several recent research reports. Bank of America boosted their price target on Raymond James from $136.00 to $152.00 and gave the company a “buy” rating in a research report on Thursday, October 24th. JMP Securities upped their price objective on shares of Raymond James from $146.00 to $150.00 and gave the stock a “market outperform” rating in a research report on Thursday, October 24th. Morgan Stanley lifted their target price on shares of Raymond James from $132.00 to $145.00 and gave the company an “equal weight” rating in a report on Tuesday, October 29th. JPMorgan Chase & Co. cut their price target on shares of Raymond James from $137.00 to $135.00 and set an “overweight” rating for the company in a report on Thursday, July 25th. Finally, UBS Group lowered their price objective on Raymond James from $138.00 to $135.00 and set a “neutral” rating on the stock in a report on Tuesday, July 9th. Nine investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $140.91.

Raymond James Trading Up 9.8 %

The company has a current ratio of 1.02, a quick ratio of 0.99 and a debt-to-equity ratio of 0.41. The business has a 50 day moving average of $128.52 and a 200-day moving average of $122.49. The stock has a market cap of $33.11 billion, a PE ratio of 16.53, a price-to-earnings-growth ratio of 0.73 and a beta of 0.99.

Raymond James (NYSE:RJF) last posted its quarterly earnings data on Wednesday, October 23rd. The financial services provider reported $2.95 earnings per share for the quarter, beating analysts’ consensus estimates of $2.41 by $0.54. Raymond James had a net margin of 13.86% and a return on equity of 19.61%. The business had revenue of $3.46 billion during the quarter, compared to analyst estimates of $3.32 billion. During the same quarter in the previous year, the business posted $2.13 earnings per share. The company’s revenue was up 13.4% on a year-over-year basis. On average, analysts anticipate that Raymond James will post 10.73 EPS for the current year.

Raymond James Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st were issued a $0.45 dividend. The ex-dividend date was Tuesday, October 1st. This represents a $1.80 dividend on an annualized basis and a yield of 1.12%. Raymond James’s payout ratio is 18.54%.

Insider Buying and Selling at Raymond James

In related news, CEO Tashtego S. Elwyn sold 31,277 shares of the stock in a transaction on Monday, August 12th. The stock was sold at an average price of $109.64, for a total value of $3,429,210.28. Following the transaction, the chief executive officer now directly owns 35,380 shares of the company’s stock, valued at approximately $3,879,063.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 9.74% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of RJF. Wolff Wiese Magana LLC raised its stake in shares of Raymond James by 3,960.0% in the 3rd quarter. Wolff Wiese Magana LLC now owns 203 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 198 shares during the period. Quarry LP acquired a new position in shares of Raymond James during the second quarter worth about $29,000. Smithfield Trust Co boosted its position in shares of Raymond James by 105.0% in the first quarter. Smithfield Trust Co now owns 246 shares of the financial services provider’s stock worth $31,000 after buying an additional 126 shares during the period. Covestor Ltd grew its stake in shares of Raymond James by 77.0% in the first quarter. Covestor Ltd now owns 239 shares of the financial services provider’s stock valued at $31,000 after buying an additional 104 shares in the last quarter. Finally, Future Financial Wealth Managment LLC purchased a new stake in shares of Raymond James during the 3rd quarter valued at about $32,000. 83.83% of the stock is owned by institutional investors and hedge funds.

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.