Raymond James Financial (NYSE:RJF) Coverage Initiated by Analysts at Wells Fargo & Company

Research analysts at Wells Fargo & Company assumed coverage on shares of Raymond James Financial (NYSE:RJF) in a research note issued on Friday, MarketBeat.com reports. The firm set a “hold” rating and a $172.00 price target on the financial services provider’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 8.75% from the company’s current price.

Several other analysts have also weighed in on RJF. Truist Financial set a $188.00 price objective on Raymond James Financial and gave the company a “hold” rating in a research note on Tuesday, September 1st. BMO Capital Markets reissued a “market perform” rating and set a $175.00 target price (up from $160.00) on shares of Raymond James Financial in a research note on Thursday, July 23rd. Citizens Jmp increased their target price on shares of Raymond James Financial from $200.00 to $205.00 and gave the stock a “market outperform” rating in a report on Thursday, July 23rd. UBS Group set a $184.00 price target on shares of Raymond James Financial and gave the company a “neutral” rating in a research note on Monday, July 27th. Finally, Argus lifted their price target on shares of Raymond James Financial from $178.00 to $196.00 and gave the company a “buy” rating in a report on Thursday, July 30th. Five equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $180.85.

Raymond James Financial Price Performance

Raymond James Financial stock opened at $158.17 on Friday. The stock’s fifty day moving average price is $172.69 and its two-hundred day moving average price is $160.22. The firm has a market cap of $30.43 billion, a PE ratio of 13.79, a price-to-earnings-growth ratio of 0.92 and a beta of 0.94. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.06 and a quick ratio of 1.03. Raymond James Financial has a one year low of $138.82 and a one year high of $182.73.

Raymond James Financial (NYSE:RJF) last released its earnings results on Wednesday, July 22nd. The financial services provider reported $3.14 earnings per share for the quarter, topping the consensus estimate of $2.91 by $0.23. Raymond James Financial had a return on equity of 19.07% and a net margin of 13.57%.The firm had revenue of $3.93 billion during the quarter, compared to analysts’ expectations of $3.87 billion. During the same period in the prior year, the company earned $2.18 earnings per share. The company’s quarterly revenue was up 15.6% on a year-over-year basis. As a group, research analysts expect that Raymond James Financial will post 12.08 EPS for the current fiscal year.

Insider Activity at Raymond James Financial

In other Raymond James Financial news, insider Bella Allaire sold 7,500 shares of Raymond James Financial stock in a transaction on Friday, August 28th. The shares were sold at an average price of $177.60, for a total transaction of $1,332,000.00. Following the transaction, the insider directly owned 46,086 shares of the company’s stock, valued at $8,184,873.60. The trade was a 14.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Tashtego Elwyn sold 10,000 shares of the business’s stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $176.06, for a total transaction of $1,760,600.00. Following the transaction, the insider owned 45,114 shares in the company, valued at approximately $7,942,770.84. This trade represents a 18.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 23,270 shares of company stock valued at $4,090,637 over the last 90 days. Insiders own 0.58% of the company’s stock.

Institutional Trading of Raymond James Financial

Several hedge funds have recently added to or reduced their stakes in the stock. QRG Capital Management Inc. grew its position in Raymond James Financial by 12.7% during the second quarter. QRG Capital Management Inc. now owns 39,488 shares of the financial services provider’s stock worth $6,003,000 after buying an additional 4,435 shares in the last quarter. State Street Corp grew its holdings in shares of Raymond James Financial by 0.4% during the second quarter. State Street Corp now owns 7,889,824 shares of the financial services provider’s stock worth $1,199,424,000 after purchasing an additional 35,294 shares in the last quarter. Security National Bank of SO Dak bought a new position in shares of Raymond James Financial in the second quarter worth approximately $79,000. Sequoia Financial Advisors LLC raised its stake in Raymond James Financial by 19.0% in the second quarter. Sequoia Financial Advisors LLC now owns 10,707 shares of the financial services provider’s stock valued at $1,628,000 after purchasing an additional 1,706 shares in the last quarter. Finally, Tidal Investments LLC raised its stake in Raymond James Financial by 5.9% in the second quarter. Tidal Investments LLC now owns 9,306 shares of the financial services provider’s stock valued at $1,410,000 after purchasing an additional 518 shares in the last quarter. Institutional investors own 83.83% of the company’s stock.

About Raymond James Financial

Raymond James Financial, Inc is a diversified financial services company headquartered in St. Petersburg, Florida. Through its subsidiaries and affiliated advisors, the company provides wealth management, investment banking, capital markets, asset management, and banking services to individuals, corporations, institutions, and municipalities.

Its wealth management operations serve clients through employee advisors and independent financial advisors, offering investment planning, brokerage, retirement planning, insurance, and related advisory services.