Raymond James Financial (NYSE:RJF) Price Target Cut to $174.00 by Analysts at Barclays

Raymond James Financial (NYSE:RJF) had its price objective reduced by research analysts at Barclays from $196.00 to $174.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the financial services provider’s stock. Barclays‘s price objective points to a potential upside of 18.67% from the company’s current price.

Several other brokerages have also recently commented on RJF. Jefferies Financial Group decreased their price target on shares of Raymond James Financial from $165.00 to $145.00 and set a “hold” rating for the company in a research report on Monday. Morgan Stanley reissued a “positive” rating on shares of Raymond James Financial in a research report on Monday, December 22nd. TD Cowen reissued a “hold” rating on shares of Raymond James Financial in a research report on Wednesday, January 14th. Weiss Ratings raised shares of Raymond James Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, February 20th. Finally, UBS Group set a $176.00 price objective on shares of Raymond James Financial and gave the stock a “neutral” rating in a research report on Thursday, December 11th. Four equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat.com, Raymond James Financial presently has an average rating of “Hold” and an average target price of $178.42.

Raymond James Financial Stock Up 3.0%

RJF stock traded up $4.25 during midday trading on Wednesday, hitting $146.63. The company’s stock had a trading volume of 341,958 shares, compared to its average volume of 1,383,507. The company has a quick ratio of 1.04, a current ratio of 1.06 and a debt-to-equity ratio of 0.42. Raymond James Financial has a 52-week low of $122.81 and a 52-week high of $177.66. The firm has a market capitalization of $28.90 billion, a P/E ratio of 14.36, a PEG ratio of 1.07 and a beta of 1.00. The firm has a 50-day simple moving average of $153.48 and a 200-day simple moving average of $160.23.

Raymond James Financial (NYSE:RJF) last issued its quarterly earnings results on Wednesday, January 28th. The financial services provider reported $2.86 EPS for the quarter, beating the consensus estimate of $2.83 by $0.03. Raymond James Financial had a net margin of 13.07% and a return on equity of 17.65%. The company had revenue of $3.74 billion during the quarter, compared to analysts’ expectations of $3.83 billion. During the same quarter last year, the company posted $2.93 EPS. The firm’s revenue was up 5.6% compared to the same quarter last year. As a group, equities analysts forecast that Raymond James Financial will post 11.17 EPS for the current year.

Insider Activity

In other news, insider Bella Loykhter Allaire sold 29,551 shares of Raymond James Financial stock in a transaction on Thursday, March 19th. The shares were sold at an average price of $142.34, for a total transaction of $4,206,289.34. Following the completion of the sale, the insider directly owned 53,586 shares of the company’s stock, valued at approximately $7,627,431.24. The trade was a 35.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.58% of the company’s stock.

Institutional Investors Weigh In On Raymond James Financial

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Thrivent Financial for Lutherans raised its stake in Raymond James Financial by 30.8% during the 3rd quarter. Thrivent Financial for Lutherans now owns 60,372 shares of the financial services provider’s stock worth $10,390,000 after acquiring an additional 14,233 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in Raymond James Financial by 28.6% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,295 shares of the financial services provider’s stock worth $5,402,000 after acquiring an additional 6,953 shares in the last quarter. Plato Investment Management Ltd raised its stake in Raymond James Financial by 2,000.9% during the 3rd quarter. Plato Investment Management Ltd now owns 4,559 shares of the financial services provider’s stock worth $781,000 after acquiring an additional 4,342 shares in the last quarter. Allianz Asset Management GmbH raised its stake in Raymond James Financial by 24.6% during the 3rd quarter. Allianz Asset Management GmbH now owns 59,067 shares of the financial services provider’s stock worth $10,195,000 after acquiring an additional 11,680 shares in the last quarter. Finally, Atlantic Union Bankshares Corp acquired a new stake in Raymond James Financial during the 3rd quarter worth $1,487,000. 83.83% of the stock is currently owned by institutional investors and hedge funds.

About Raymond James Financial

Raymond James Financial is a diversified financial services firm headquartered in St. Petersburg, Florida. Founded in 1962, the company provides a range of services to individual investors, businesses and institutions through a combination of wealth management, capital markets, investment banking, asset management, banking and trust services. Its business model centers on a network of financial advisors and broker-dealer operations that deliver personalized financial planning, investment advisory services and brokerage solutions.

The firm’s core offerings include private client wealth management delivered by independent and employee advisors, equity and fixed-income research, institutional sales and trading, and investment banking services such as mergers and acquisitions advisory and capital raising.