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

Raymond James (NYSE:RJF) shares reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $163.45 and last traded at $161.65, with a volume of 239177 shares trading hands. The stock had previously closed at $162.27.

Analyst Ratings Changes

A number of analysts recently commented on RJF shares. Wells Fargo & Company raised their price target on Raymond James from $140.00 to $152.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. The Goldman Sachs Group raised their target price on shares of Raymond James from $125.00 to $142.00 and gave the stock a “neutral” rating in a research report on Thursday, October 24th. JMP Securities boosted their price target on shares of Raymond James from $146.00 to $150.00 and gave the company a “market outperform” rating in a research report on Thursday, October 24th. JPMorgan Chase & Co. lowered their price objective on shares of Raymond James from $137.00 to $135.00 and set an “overweight” rating for the company in a report on Thursday, July 25th. Finally, TD Cowen increased their target price on Raymond James from $128.00 to $150.00 and gave the stock a “hold” rating in a research report on Wednesday, October 30th. Nine investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $140.91.

Raymond James Price Performance

The company has a current ratio of 1.02, a quick ratio of 0.99 and a debt-to-equity ratio of 0.41. The company has a market capitalization of $32.98 billion, a P/E ratio of 16.49, a P/E/G ratio of 0.81 and a beta of 0.99. The firm has a fifty day moving average of $134.32 and a 200 day moving average of $124.24.

Raymond James (NYSE:RJF) last released its quarterly earnings data on Wednesday, October 23rd. The financial services provider reported $2.95 earnings per share for the quarter, beating the consensus estimate of $2.41 by $0.54. Raymond James had a net margin of 13.86% and a return on equity of 19.61%. The firm had revenue of $3.46 billion during the quarter, compared to analysts’ expectations of $3.32 billion. During the same period in the previous year, the company earned $2.13 earnings per share. The firm’s quarterly revenue was up 13.4% on a year-over-year basis. On average, equities research analysts anticipate that Raymond James will post 10.78 EPS for the current year.

Raymond James Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st were issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 1.12%. The ex-dividend date was Tuesday, October 1st. Raymond James’s dividend payout ratio is 18.54%.

Institutional Investors Weigh In On Raymond James

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Verition Fund Management LLC purchased a new stake in shares of Raymond James in the 3rd quarter worth $519,000. Public Sector Pension Investment Board raised its stake in shares of Raymond James by 2.5% in the third quarter. Public Sector Pension Investment Board now owns 32,498 shares of the financial services provider’s stock worth $3,980,000 after buying an additional 800 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Raymond James by 3.4% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 62,902 shares of the financial services provider’s stock valued at $7,703,000 after buying an additional 2,056 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its stake in shares of Raymond James by 4.0% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 115,935 shares of the financial services provider’s stock valued at $14,197,000 after acquiring an additional 4,473 shares during the period. Finally, Bridgewater Associates LP increased its holdings in Raymond James by 579.5% in the 3rd quarter. Bridgewater Associates LP now owns 18,857 shares of the financial services provider’s stock worth $2,309,000 after acquiring an additional 16,082 shares in the last quarter. Hedge funds and other institutional investors own 83.83% of the company’s stock.

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.