Raymond James Financial (NYSE:RJF) Shares Down 3.6% – What’s Next?

Raymond James Financial, Inc. (NYSE:RJF) shares traded down 3.6% on Tuesday . The company traded as low as $160.80 and last traded at $159.3080. 170,358 shares were traded during trading, a decline of 87% from the average daily volume of 1,355,670 shares. The stock had previously closed at $165.19.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on RJF. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Raymond James Financial in a report on Monday, August 17th. Barclays boosted their price target on Raymond James Financial from $192.00 to $196.00 and gave the stock an “overweight” rating in a research report on Thursday, July 23rd. UBS Group set a $184.00 price objective on Raymond James Financial and gave the company a “neutral” rating in a research note on Monday, July 27th. BMO Capital Markets reaffirmed a “market perform” rating and issued a $175.00 price objective (up from $160.00) on shares of Raymond James Financial in a research report on Thursday, July 23rd. Finally, Truist Financial set a $188.00 target price on Raymond James Financial and gave the stock a “hold” rating in a research note on Tuesday, September 1st. Five equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $181.58.

Raymond James Financial Stock Down 5.4%

The firm has a market cap of $30.07 billion, a P/E ratio of 13.63, a P/E/G ratio of 1.01 and a beta of 0.91. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.03 and a current ratio of 1.06. The firm’s fifty day moving average is $174.35 and its 200 day moving average is $159.74.

Raymond James Financial (NYSE:RJF) last released its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $3.14 earnings per share for the quarter, beating the consensus estimate of $2.91 by $0.23. The firm had revenue of $3.93 billion for the quarter, compared to analysts’ expectations of $3.87 billion. Raymond James Financial had a net margin of 13.57% and a return on equity of 19.07%. The business’s revenue was up 15.6% on a year-over-year basis. During the same period in the prior year, the firm earned $2.18 EPS. As a group, equities research analysts anticipate that Raymond James Financial, Inc. will post 12.08 earnings per share for the current fiscal year.

Raymond James Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Thursday, October 1st will be given a $0.54 dividend. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $2.16 annualized dividend and a dividend yield of 1.4%. Raymond James Financial’s dividend payout ratio is presently 18.83%.

Insider Transactions at Raymond James Financial

In related news, insider Tashtego S. Elwyn sold 10,000 shares of the firm’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $176.06, for a total value of $1,760,600.00. Following the transaction, the insider owned 45,114 shares in the company, valued at approximately $7,942,770.84. This trade represents a 18.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Bella Allaire sold 7,500 shares of the company’s stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $177.60, for a total transaction of $1,332,000.00. Following the sale, the insider directly owned 46,086 shares of the company’s stock, valued at $8,184,873.60. This represents a 14.00% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 23,270 shares of company stock valued at $4,090,637. 0.58% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Raymond James Financial

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Kingsview Wealth Management LLC increased its stake in shares of Raymond James Financial by 586.7% in the 4th quarter. Kingsview Wealth Management LLC now owns 20,374 shares of the financial services provider’s stock valued at $3,272,000 after acquiring an additional 17,407 shares in the last quarter. Fisher Asset Management LLC lifted its position in shares of Raymond James Financial by 6.9% during the 4th quarter. Fisher Asset Management LLC now owns 392,663 shares of the financial services provider’s stock valued at $63,058,000 after acquiring an additional 25,410 shares during the period. Swedbank AB boosted its stake in Raymond James Financial by 31.1% during the fourth quarter. Swedbank AB now owns 41,436 shares of the financial services provider’s stock worth $6,654,000 after acquiring an additional 9,838 shares in the last quarter. Bank of America Corp DE acquired a new stake in Raymond James Financial in the second quarter worth $360,592,000. Finally, Allstate Corp grew its holdings in Raymond James Financial by 108.3% in the fourth quarter. Allstate Corp now owns 13,767 shares of the financial services provider’s stock worth $2,211,000 after purchasing an additional 7,158 shares during the period. 83.83% of the stock is currently owned by institutional investors and hedge funds.

About Raymond James Financial

Raymond James Financial, Inc is a diversified financial services company headquartered in St. Petersburg, Florida. Founded in 1962, the company provides investment, wealth management and financial planning services to individuals, corporations, institutions and municipalities.

Through its principal businesses, Raymond James offers securities brokerage, investment advisory, retirement planning, trust services and banking products. Its operations also include equity and debt capital markets, investment banking, institutional sales and trading, research, and asset management.