Raymond James (NYSE:RJF) Issues Quarterly Earnings Results, Beats Expectations By $0.08 EPS

Raymond James (NYSE:RJF) announced its quarterly earnings data on Wednesday. The financial services provider reported $2.39 earnings per share for the quarter, topping the consensus estimate of $2.31 by $0.08, Zacks reports. The company had revenue of $3.23 billion during the quarter, compared to analyst estimates of $3.24 billion. Raymond James had a return on equity of 17.94% and a net margin of 12.72%. The firm’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter last year, the firm posted $1.85 EPS.

Raymond James Price Performance

NYSE:RJF traded up $5.79 during mid-day trading on Thursday, reaching $118.01. The stock had a trading volume of 2,281,922 shares, compared to its average volume of 1,123,724. The firm has a 50 day moving average price of $119.84 and a two-hundred day moving average price of $119.90. The stock has a market capitalization of $24.46 billion, a P/E ratio of 14.17, a P/E/G ratio of 0.70 and a beta of 1.02. Raymond James has a one year low of $91.67 and a one year high of $131.19. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.98 and a current ratio of 1.01.

Raymond James Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Monday, July 1st were given a $0.45 dividend. The ex-dividend date was Monday, July 1st. This represents a $1.80 dividend on an annualized basis and a yield of 1.53%. Raymond James’s payout ratio is 21.77%.

Wall Street Analysts Forecast Growth

RJF has been the subject of a number of recent analyst reports. Jefferies Financial Group lifted their target price on Raymond James from $122.00 to $123.00 and gave the company a “hold” rating in a report on Monday, July 8th. Morgan Stanley lifted their target price on Raymond James from $113.00 to $123.00 and gave the company an “equal weight” rating in a report on Tuesday, April 9th. Keefe, Bruyette & Woods reduced their target price on Raymond James from $132.00 to $131.00 and set a “market perform” rating for the company in a report on Thursday, April 25th. JPMorgan Chase & Co. reduced their target price on Raymond James from $137.00 to $135.00 and set an “overweight” rating for the company in a report on Thursday. Finally, Wolfe Research reiterated a “peer perform” rating on shares of Raymond James in a research report on Monday, July 8th. Ten equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $129.89.

Insider Buying and Selling

In other Raymond James news, insider James E. Bunn sold 11,095 shares of Raymond James stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $124.44, for a total value of $1,380,661.80. Following the transaction, the insider now directly owns 46,977 shares of the company’s stock, valued at approximately $5,845,817.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider James E. Bunn sold 11,095 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $124.44, for a total transaction of $1,380,661.80. Following the transaction, the insider now directly owns 46,977 shares of the company’s stock, valued at $5,845,817.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Steven M. Raney sold 4,174 shares of the business’s stock in a transaction that occurred on Friday, April 26th. The shares were sold at an average price of $121.01, for a total value of $505,095.74. Following the transaction, the chief executive officer now directly owns 51,009 shares in the company, valued at $6,172,599.09. The disclosure for this sale can be found here. 9.74% of the stock is currently owned by corporate insiders.

About Raymond James

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.