Raymond James (NYSE:RJF) Trading Down 6.9% on Disappointing Earnings

Raymond James (NYSE:RJF)’s stock price was down 6.9% during mid-day trading on Thursday following a weaker than expected earnings announcement. The stock traded as low as $118.27 and last traded at $118.78. Approximately 612,670 shares were traded during mid-day trading, a decline of 41% from the average daily volume of 1,046,834 shares. The stock had previously closed at $127.54.

The financial services provider reported $2.31 EPS for the quarter, missing the consensus estimate of $2.32 by ($0.01). The firm had revenue of $3.12 billion during the quarter, compared to analyst estimates of $3.15 billion. Raymond James had a net margin of 12.81% and a return on equity of 17.95%. The business’s quarterly revenue was up 8.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.03 earnings per share.

Raymond James Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Monday, April 1st were given a $0.45 dividend. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $1.80 annualized dividend and a yield of 1.51%. Raymond James’s payout ratio is 22.56%.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Keefe, Bruyette & Woods dropped their price target on shares of Raymond James from $132.00 to $131.00 and set a “market perform” rating on the stock in a research report on Thursday. TD Cowen lifted their price target on shares of Raymond James from $116.50 to $131.00 and gave the stock a “market perform” rating in a report on Friday, March 22nd. Morgan Stanley lifted their price objective on shares of Raymond James from $113.00 to $123.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 9th. UBS Group reduced their price objective on shares of Raymond James from $116.00 to $115.00 and set a “neutral” rating for the company in a research note on Thursday, January 25th. Finally, The Goldman Sachs Group reiterated a “neutral” rating and issued a $116.00 price objective (down from $125.00) on shares of Raymond James in a research note on Wednesday, January 3rd. Nine research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, Raymond James presently has an average rating of “Hold” and an average price target of $124.67.

Insider Activity at Raymond James

In other Raymond James news, Director Art A. Garcia bought 879 shares of Raymond James stock in a transaction that occurred on Friday, February 9th. The shares were bought at an average price of $112.30 per share, with a total value of $98,711.70. Following the acquisition, the director now owns 879 shares in the company, valued at $98,711.70. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Raymond James news, Director Art A. Garcia bought 879 shares of the business’s stock in a transaction that occurred on Friday, February 9th. The shares were bought at an average cost of $112.30 per share, with a total value of $98,711.70. Following the completion of the purchase, the director now directly owns 879 shares of the company’s stock, valued at $98,711.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Jonathan N. Santelli sold 1,891 shares of the firm’s stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $111.91, for a total value of $211,621.81. Following the completion of the sale, the executive vice president now directly owns 21,491 shares in the company, valued at $2,405,057.81. The disclosure for this sale can be found here. 9.74% of the stock is currently owned by insiders.

Institutional Trading of Raymond James

Institutional investors and hedge funds have recently bought and sold shares of the stock. Turtle Creek Wealth Advisors LLC purchased a new stake in Raymond James in the fourth quarter worth about $30,000. OLD Point Trust & Financial Services N A purchased a new position in shares of Raymond James during the fourth quarter valued at approximately $33,000. Future Financial Wealth Managment LLC purchased a new position in shares of Raymond James during the first quarter valued at approximately $33,000. Addison Advisors LLC lifted its holdings in shares of Raymond James by 32.9% during the third quarter. Addison Advisors LLC now owns 416 shares of the financial services provider’s stock valued at $42,000 after purchasing an additional 103 shares during the last quarter. Finally, CVA Family Office LLC purchased a new position in shares of Raymond James during the fourth quarter valued at approximately $50,000. 83.83% of the stock is currently owned by hedge funds and other institutional investors.

Raymond James Stock Down 6.8 %

The company’s fifty day moving average price is $122.97 and its 200-day moving average price is $112.28. The stock has a market capitalization of $24.84 billion, a PE ratio of 14.90, a price-to-earnings-growth ratio of 0.89 and a beta of 1.05. The company has a quick ratio of 0.97, a current ratio of 0.99 and a debt-to-equity ratio of 0.37.

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.