Raymond James Financial (NYSE:RJF) Hits New 52-Week High – Should You Buy?

Raymond James Financial, Inc. (NYSE:RJF)’s stock price reached a new 52-week high during mid-day trading on Monday . The company traded as high as $179.29 and last traded at $178.6660, with a volume of 78857 shares trading hands. The stock had previously closed at $175.98.

Wall Street Analyst Weigh In

Several research firms have issued reports on RJF. UBS Group set a $184.00 price target on shares of Raymond James Financial and gave the stock a “neutral” rating in a research note on Monday, July 27th. JPMorgan Chase & Co. upped their price objective on shares of Raymond James Financial from $175.00 to $179.00 and gave the company a “neutral” rating in a research note on Thursday, July 23rd. Weiss Ratings restated a “buy (b-)” rating on shares of Raymond James Financial in a research report on Wednesday, May 20th. Argus lifted their target price on shares of Raymond James Financial from $178.00 to $196.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, Barclays boosted their price target on Raymond James Financial from $192.00 to $196.00 and gave the company an “overweight” rating in a report on Thursday, July 23rd. Five analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat, Raymond James Financial currently has an average rating of “Hold” and a consensus price target of $181.00.

Raymond James Financial Price Performance

The company’s 50-day moving average is $159.33 and its 200-day moving average is $156.79. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.07 and a quick ratio of 1.05. The firm has a market capitalization of $34.39 billion, a price-to-earnings ratio of 15.38, a PEG ratio of 1.08 and a beta of 0.93.

Raymond James Financial (NYSE:RJF) last issued its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $3.14 EPS for the quarter, topping the consensus estimate of $2.91 by $0.23. The firm had revenue of $3.93 billion during the quarter, compared to analyst estimates of $3.87 billion. Raymond James Financial had a net margin of 13.57% and a return on equity of 19.17%. Raymond James Financial’s revenue for the quarter was up 15.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.18 earnings per share. On average, research analysts expect that Raymond James Financial, Inc. will post 12.07 earnings per share for the current year.

Raymond James Financial Dividend Announcement

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

Insiders Place Their Bets

In related news, insider Steven M. Raney sold 5,770 shares of the stock in a transaction on Monday, July 27th. The stock was sold at an average price of $172.97, for a total value of $998,036.90. Following the transaction, the insider directly owned 43,046 shares of the company’s stock, valued at approximately $7,445,666.62. This trade represents a 11.82% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Tashtego S. Elwyn sold 10,000 shares of Raymond James Financial stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $176.06, for a total value of $1,760,600.00. Following the completion of the transaction, the insider owned 45,114 shares in the company, valued at $7,942,770.84. The trade was a 18.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.58% of the company’s stock.

Institutional Trading of Raymond James Financial

Institutional investors have recently modified their holdings of the company. Norges Bank purchased a new stake in shares of Raymond James Financial in the fourth quarter worth about $324,263,000. First Trust Advisors LP raised its holdings in shares of Raymond James Financial by 18.3% during the 4th quarter. First Trust Advisors LP now owns 3,071,996 shares of the financial services provider’s stock valued at $493,332,000 after buying an additional 474,477 shares during the period. PFA Pension Forsikringsaktieselskab purchased a new stake in shares of Raymond James Financial during the 4th quarter valued at about $64,640,000. AQR Capital Management LLC lifted its position in Raymond James Financial by 40.0% during the 4th quarter. AQR Capital Management LLC now owns 1,096,731 shares of the financial services provider’s stock worth $176,124,000 after acquiring an additional 313,587 shares in the last quarter. Finally, Balyasny Asset Management L.P. lifted its position in Raymond James Financial by 7,823.8% during the 3rd quarter. Balyasny Asset Management L.P. now owns 288,583 shares of the financial services provider’s stock worth $49,809,000 after acquiring an additional 284,941 shares in the last quarter. Hedge funds and other institutional investors own 83.83% of the company’s stock.

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.