Raymond James Financial Inc. (NYSE:RJF) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Monday.
According to Zacks, “Raymond James remains well positioned to grow via acquisitions supported by strong liquidity position. In September, the company closed a deal to acquire U.S. Private Client Services unit of Deutsche Asset & Wealth Management. Further, loan growth coupled with improving economic environment will boost the company’s top line growth over the coming quarters. However, mounting expenses remains a major near-term concern. Also, higher bank loan provisions and increased dependence on domestic revenue could weigh on the company’s financials going forward.”
RJF has been the topic of several other reports. Nomura reduced their target price on Raymond James Financial from $62.00 to $59.00 and set a “neutral” rating on the stock in a report on Monday, July 11th. Wells Fargo & Co. reissued a “hold” rating on shares of Raymond James Financial in a report on Thursday, September 22nd. Finally, Credit Suisse Group AG set a $56.00 target price on Raymond James Financial and gave the stock a “buy” rating in a report on Wednesday, July 20th. Six analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Raymond James Financial currently has a consensus rating of “Buy” and an average target price of $59.89.
Shares of Raymond James Financial (NYSE:RJF) opened at 57.00 on Monday. The firm’s 50-day moving average price is $57.02 and its 200 day moving average price is $52.64. The company has a market capitalization of $8.05 billion, a PE ratio of 17.02 and a beta of 1.50. Raymond James Financial has a one year low of $39.84 and a one year high of $59.81.
Raymond James Financial (NYSE:RJF) last released its earnings results on Wednesday, July 20th. The company reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.90 by $0.03. The company had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.32 billion. Raymond James Financial had a return on equity of 10.20% and a net margin of 9.02%. Raymond James Financial’s quarterly revenue was up 2.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.91 EPS. Analysts anticipate that Raymond James Financial will post $3.51 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Monday, October 3rd will be given a $0.20 dividend. The ex-dividend date of this dividend is Thursday, September 29th. This represents a $0.80 annualized dividend and a yield of 1.40%. Raymond James Financial’s dividend payout ratio is presently 23.88%.
In other Raymond James Financial news, insider George Catanese sold 4,158 shares of the stock in a transaction dated Monday, July 25th. The stock was sold at an average price of $53.89, for a total value of $224,074.62. Following the completion of the transaction, the insider now directly owns 8,739 shares in the company, valued at $470,944.71. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Dennis W. Zank sold 10,010 shares of the stock in a transaction dated Monday, August 29th. The shares were sold at an average price of $57.64, for a total value of $576,976.40. Following the completion of the transaction, the chief operating officer now owns 148,369 shares of the company’s stock, valued at $8,551,989.16. The disclosure for this sale can be found here. 11.21% of the stock is owned by company insiders.
Institutional investors have recently bought and sold shares of the stock. Mizuho Asset Management Co. Ltd. increased its position in Raymond James Financial by 148.0% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 2,026 shares of the company’s stock valued at $100,000 after buying an additional 1,209 shares in the last quarter. Advisor Group Inc. purchased a new position in Raymond James Financial during the second quarter valued at approximately $158,000. Tower Research Capital LLC TRC increased its position in Raymond James Financial by 16.6% in the second quarter. Tower Research Capital LLC TRC now owns 3,333 shares of the company’s stock valued at $165,000 after buying an additional 475 shares in the last quarter. Creative Planning increased its position in Raymond James Financial by 4.6% in the second quarter. Creative Planning now owns 3,378 shares of the company’s stock valued at $167,000 after buying an additional 149 shares in the last quarter. Finally, Strs Ohio increased its position in Raymond James Financial by 44.8% in the second quarter. Strs Ohio now owns 3,560 shares of the company’s stock valued at $175,000 after buying an additional 1,101 shares in the last quarter. Hedge funds and other institutional investors own 70.38% of the company’s stock.
Raymond James Financial Company Profile
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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