Raymond James Financial, Inc. (RJF) Rating Increased to Buy at Instinet

Raymond James Financial, Inc. (NYSE:RJF) was upgraded by analysts at Instinet from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Friday. The firm currently has a $87.00 price target on the stock, up from their previous price target of $64.00. Instinet’s price objective suggests a potential upside of 18.13% from the stock’s previous close.

RJF has been the subject of a number of other research reports. JMP Securities cut Raymond James Financial from an “outperform” rating to a “market perform” rating in a research report on Friday, October 28th. They noted that the move was a valuation call. Zacks Investment Research raised Raymond James Financial from a “hold” rating to a “buy” rating and set a $81.00 price objective for the company in a research report on Thursday, January 5th. Wells Fargo & Company reissued a “hold” rating on shares of Raymond James Financial in a research report on Thursday, September 22nd. Nomura reissued a “hold” rating and issued a $62.00 price objective on shares of Raymond James Financial in a research report on Friday, September 30th. Finally, Keefe, Bruyette & Woods cut Raymond James Financial from an “outperform” rating to a “market perform” rating and lifted their price target for the stock from $70.00 to $74.00 in a research report on Monday, December 5th. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Raymond James Financial presently has a consensus rating of “Buy” and a consensus price target of $68.00.

Analyst Recommendations for Raymond James Financial (NYSE:RJF)

Shares of Raymond James Financial (NYSE:RJF) opened at 73.65 on Friday. The firm has a 50-day moving average price of $72.21 and a 200-day moving average price of $60.72. The stock has a market cap of $10.08 billion, a PE ratio of 20.16 and a beta of 1.57. Raymond James Financial has a 12 month low of $39.84 and a 12 month high of $74.73.

Raymond James Financial (NYSE:RJF) last posted its quarterly earnings data on Wednesday, October 26th. The company reported $1.28 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.99 by $0.29. The firm earned $1.46 billion during the quarter. Raymond James Financial had a return on equity of 11.26% and a net margin of 9.59%. The firm’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.88 EPS. Equities analysts forecast that Raymond James Financial will post $4.36 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 17th. Shareholders of record on Tuesday, January 3rd will be paid a dividend of $0.22 per share. The ex-dividend date is Thursday, December 29th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.19%. This is a positive change from Raymond James Financial’s previous quarterly dividend of $0.20. Raymond James Financial’s dividend payout ratio (DPR) is presently 24.04%.

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In other Raymond James Financial news, SVP Jennifer C. Ackart sold 7,500 shares of Raymond James Financial stock in a transaction dated Monday, November 28th. The stock was sold at an average price of $71.63, for a total transaction of $537,225.00. Following the completion of the transaction, the senior vice president now owns 15,957 shares in the company, valued at approximately $1,142,999.91. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Paul C. Reilly sold 50,000 shares of Raymond James Financial stock in a transaction dated Tuesday, November 29th. The shares were sold at an average price of $71.26, for a total value of $3,563,000.00. Following the transaction, the chief executive officer now owns 125,052 shares of the company’s stock, valued at approximately $8,911,205.52. The disclosure for this sale can be found here. Company insiders own 11.21% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of Raymond James Financial by 4.0% in the second quarter. Vanguard Group Inc. now owns 9,567,897 shares of the company’s stock valued at $471,698,000 after buying an additional 370,101 shares in the last quarter. Boston Partners raised its position in shares of Raymond James Financial by 4.6% in the third quarter. Boston Partners now owns 6,008,016 shares of the company’s stock valued at $349,727,000 after buying an additional 266,912 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Raymond James Financial by 1.7% in the third quarter. Bank of New York Mellon Corp now owns 5,780,132 shares of the company’s stock valued at $336,462,000 after buying an additional 95,535 shares in the last quarter. BlackRock Fund Advisors raised its position in shares of Raymond James Financial by 5.5% in the third quarter. BlackRock Fund Advisors now owns 4,849,526 shares of the company’s stock valued at $282,291,000 after buying an additional 252,925 shares in the last quarter. Finally, State Street Corp raised its position in shares of Raymond James Financial by 0.4% in the second quarter. State Street Corp now owns 4,064,426 shares of the company’s stock valued at $200,386,000 after buying an additional 15,632 shares in the last quarter. Hedge funds and other institutional investors own 68.51% of the company’s stock.

About Raymond James Financial

Raymond James Financial, Inc, is a financial services company providing private client, capital markets, asset management, banking and other services to individuals, corporations and municipalities. The Company operates in five reportable segments: Private Client Group; Capital Markets; Asset Management; RJ Bank, and the Other Segment.

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