Raymond James (NYSE:RJF) Hits New 52-Week High – Here’s What Happened

Shares of Raymond James (NYSE:RJF) reached a new 52-week high on Wednesday . The company traded as high as $157.63 and last traded at $157.63, with a volume of 1593 shares trading hands. The stock had previously closed at $146.45.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on RJF shares. Morgan Stanley boosted their price objective on Raymond James from $132.00 to $145.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 29th. The Goldman Sachs Group boosted their price target on shares of Raymond James from $125.00 to $142.00 and gave the stock a “neutral” rating in a research note on Thursday, October 24th. Bank of America boosted their target price on Raymond James from $136.00 to $152.00 and gave the stock a “buy” rating in a research report on Thursday, October 24th. Jefferies Financial Group lifted their target price on Raymond James from $123.00 to $126.00 and gave the stock a “hold” rating in a report on Friday, October 4th. Finally, Wells Fargo & Company increased their target price on Raymond James from $140.00 to $152.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. Nine analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $140.91.

Raymond James Price Performance

The firm has a market capitalization of $32.69 billion, a price-to-earnings ratio of 16.28, a P/E/G ratio of 0.81 and a beta of 0.99. The company’s 50 day moving average is $130.14 and its 200 day moving average is $122.99. The company has a quick ratio of 0.99, a current ratio of 1.02 and a debt-to-equity ratio of 0.41.

Raymond James (NYSE:RJF) last announced its earnings results on Wednesday, October 23rd. The financial services provider reported $2.95 EPS for the quarter, topping the consensus estimate of $2.41 by $0.54. The company had revenue of $3.46 billion for the quarter, compared to analysts’ expectations of $3.32 billion. Raymond James had a net margin of 13.86% and a return on equity of 19.61%. The business’s revenue for the quarter was up 13.4% on a year-over-year basis. During the same period last year, the firm earned $2.13 earnings per share. On average, equities research analysts anticipate that Raymond James will post 10.73 earnings per share for the current fiscal year.

Raymond James Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st were paid a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 1.13%. The ex-dividend date was Tuesday, October 1st. Raymond James’s payout ratio is 18.54%.

Insider Activity

In related news, CEO Tashtego S. Elwyn sold 31,277 shares of the business’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $109.64, for a total value of $3,429,210.28. Following the sale, the chief executive officer now owns 35,380 shares of the company’s stock, valued at $3,879,063.20. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 9.74% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Raymond James

A number of hedge funds have recently made changes to their positions in RJF. Wolff Wiese Magana LLC lifted its holdings in Raymond James by 3,960.0% in the third quarter. Wolff Wiese Magana LLC now owns 203 shares of the financial services provider’s stock valued at $25,000 after buying an additional 198 shares during the period. Quarry LP purchased a new stake in Raymond James in the 2nd quarter valued at $29,000. Smithfield Trust Co increased its stake in Raymond James by 105.0% in the 1st quarter. Smithfield Trust Co now owns 246 shares of the financial services provider’s stock valued at $31,000 after buying an additional 126 shares during the last quarter. Covestor Ltd lifted its position in shares of Raymond James by 77.0% during the 1st quarter. Covestor Ltd now owns 239 shares of the financial services provider’s stock worth $31,000 after buying an additional 104 shares in the last quarter. Finally, Future Financial Wealth Managment LLC bought a new position in shares of Raymond James in the third quarter valued at approximately $32,000. 83.83% of the stock is currently owned by institutional investors.

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.