Raymond James Announces Quarterly Dividend of $0.45 (NYSE:RJF)

Raymond James (NYSE:RJF) declared a quarterly dividend on Wednesday, August 21st, Zacks reports. Shareholders of record on Tuesday, October 1st will be paid a dividend of 0.45 per share by the financial services provider on Tuesday, October 15th. This represents a $1.80 dividend on an annualized basis and a yield of 1.47%. The ex-dividend date is Tuesday, October 1st.

Raymond James has increased its dividend by an average of 32.2% per year over the last three years. Raymond James has a dividend payout ratio of 18.1% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Raymond James to earn $10.19 per share next year, which means the company should continue to be able to cover its $1.80 annual dividend with an expected future payout ratio of 17.7%.

Raymond James Price Performance

RJF opened at $122.46 on Monday. Raymond James has a 1 year low of $91.67 and a 1 year high of $131.19. The stock has a 50-day moving average price of $116.43 and a 200-day moving average price of $120.47. The firm has a market cap of $25.22 billion, a PE ratio of 14.81, a P/E/G ratio of 0.84 and a beta of 1.02. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.02 and a quick ratio of 0.99.

Raymond James (NYSE:RJF) last announced its quarterly earnings data on Wednesday, July 24th. The financial services provider reported $2.39 earnings per share for the quarter, topping analysts’ consensus estimates of $2.31 by $0.08. Raymond James had a net margin of 13.16% and a return on equity of 18.44%. The company had revenue of $3.23 billion during the quarter, compared to analyst estimates of $3.24 billion. During the same period in the previous year, the business earned $1.85 EPS. The firm’s revenue for the quarter was up 11.1% on a year-over-year basis. Sell-side analysts predict that Raymond James will post 9.58 earnings per share for the current fiscal year.

Insider Transactions at Raymond James

In other news, EVP Bella Loykhter Allaire sold 17,363 shares of the company’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $115.00, for a total value of $1,996,745.00. Following the completion of the sale, the executive vice president now directly owns 75,586 shares in the company, valued at approximately $8,692,390. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Raymond James news, CEO Tashtego S. Elwyn sold 31,277 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $109.64, for a total transaction of $3,429,210.28. Following the sale, the chief executive officer now owns 35,380 shares in the company, valued at approximately $3,879,063.20. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Bella Loykhter Allaire sold 17,363 shares of the company’s stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $115.00, for a total transaction of $1,996,745.00. Following the completion of the transaction, the executive vice president now owns 75,586 shares of the company’s stock, valued at $8,692,390. The disclosure for this sale can be found here. Corporate insiders own 9.74% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on RJF shares. Wells Fargo & Company initiated coverage on Raymond James in a research report on Thursday, September 12th. They set an “overweight” rating and a $138.00 price objective on the stock. UBS Group dropped their price target on shares of Raymond James from $138.00 to $135.00 and set a “neutral” rating on the stock in a report on Tuesday, July 9th. Jefferies Financial Group boosted their price objective on shares of Raymond James from $122.00 to $123.00 and gave the company a “hold” rating in a report on Monday, July 8th. JPMorgan Chase & Co. dropped their target price on shares of Raymond James from $137.00 to $135.00 and set an “overweight” rating on the stock in a report on Thursday, July 25th. Finally, TD Cowen boosted their target price on shares of Raymond James from $130.00 to $133.00 and gave the company a “hold” rating in a research note on Monday, July 8th. Ten equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $131.60.

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.