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

Raymond James Financial, Inc. (NYSE:RJF) shares reached a new 52-week high during trading on Tuesday . The stock traded as high as $178.17 and last traded at $177.7860, with a volume of 261783 shares. The stock had previously closed at $173.60.

Analyst Ratings Changes

RJF has been the topic of several recent research reports. Citizens Jmp upped their price target on Raymond James Financial from $200.00 to $205.00 and gave the stock a “market outperform” rating in a report on Thursday, July 23rd. JPMorgan Chase & Co. lifted their price objective on Raymond James Financial from $175.00 to $179.00 and gave the company a “neutral” rating in a research note on Thursday, July 23rd. Jefferies Financial Group lowered their price objective on Raymond James Financial from $165.00 to $145.00 and set a “hold” rating for the company in a research report on Monday, April 6th. Morgan Stanley upped their target price on shares of Raymond James Financial from $172.00 to $174.00 and gave the stock an “equal weight” rating in a research note on Friday, July 10th. Finally, BMO Capital Markets reaffirmed a “market perform” rating and issued a $175.00 target price (up from $160.00) on shares of Raymond James Financial in a report on Thursday, July 23rd. Four equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. According to MarketBeat, Raymond James Financial presently has a consensus rating of “Hold” and an average price target of $179.64.

Raymond James Financial Trading Up 1.5%

The stock has a market cap of $34.35 billion, a price-to-earnings ratio of 15.35, a P/E/G ratio of 1.06 and a beta of 0.93. The business’s 50 day moving average is $157.38 and its 200 day moving average is $156.57. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.07 and a quick ratio of 1.05.

Raymond James Financial (NYSE:RJF) last posted its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $3.14 earnings per share for the quarter, beating analysts’ consensus estimates of $2.91 by $0.23. The company had revenue of $3.93 billion for the quarter, compared to analysts’ expectations of $3.87 billion. Raymond James Financial had a return on equity of 19.17% and a net margin of 13.57%.Raymond James Financial’s quarterly revenue was up 15.6% on a year-over-year basis. During the same period last year, the firm earned $2.18 earnings per share. As a group, equities analysts expect that Raymond James Financial, Inc. will post 12.01 earnings per share for the current fiscal year.

Raymond James Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Wednesday, July 1st were issued a $0.54 dividend. The ex-dividend date was Wednesday, July 1st. This represents a $2.16 dividend on an annualized basis and a dividend yield of 1.2%. Raymond James Financial’s dividend payout ratio is presently 18.83%.

Institutional Investors Weigh In On Raymond James Financial

Several institutional investors have recently added to or reduced their stakes in RJF. Empowered Funds LLC raised its holdings in Raymond James Financial by 8.2% during the first quarter. Empowered Funds LLC now owns 4,142 shares of the financial services provider’s stock worth $573,000 after purchasing an additional 314 shares in the last quarter. Woodline Partners LP boosted its holdings in shares of Raymond James Financial by 41.8% in the 1st quarter. Woodline Partners LP now owns 15,580 shares of the financial services provider’s stock valued at $2,164,000 after buying an additional 4,592 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of Raymond James Financial by 137.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,184 shares of the financial services provider’s stock valued at $182,000 after buying an additional 685 shares in the last quarter. Brown Advisory Inc. grew its position in shares of Raymond James Financial by 15.1% in the 2nd quarter. Brown Advisory Inc. now owns 2,268 shares of the financial services provider’s stock valued at $348,000 after buying an additional 298 shares during the last quarter. Finally, Cresset Asset Management LLC purchased a new position in shares of Raymond James Financial in the 2nd quarter valued at $363,000. Hedge funds and other institutional investors own 83.83% of the company’s stock.

Raymond James Financial Company Profile

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.