Raymond James (NYSE:RJF) Stock Price Down 1.9%

Raymond James (NYSE:RJF)’s share price fell 1.9% during trading on Friday . The company traded as low as $81.64 and last traded at $81.97. 17,507 shares changed hands during mid-day trading, a decline of 98% from the average session volume of 786,969 shares. The stock had previously closed at $83.57.

A number of brokerages recently commented on RJF. Argus reiterated a “buy” rating on shares of Raymond James in a research report on Tuesday, April 30th. Citigroup lifted their target price on shares of Raymond James from $87.00 to $93.00 and gave the stock a “neutral” rating in a research report on Monday, April 15th. ValuEngine upgraded shares of Raymond James from a “sell” rating to a “hold” rating in a research report on Tuesday, April 9th. Wells Fargo & Co lifted their target price on shares of Raymond James from $92.00 to $94.00 and gave the stock an “outperform” rating in a research report on Friday, April 5th. Finally, Zacks Investment Research upgraded shares of Raymond James from a “hold” rating to a “buy” rating and set a $93.00 target price on the stock in a research report on Thursday, April 4th. Four research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $94.63.

The stock has a market capitalization of $11.75 billion, a P/E ratio of 12.67 and a beta of 1.59. The company has a current ratio of 1.11, a quick ratio of 1.08 and a debt-to-equity ratio of 0.42.

Raymond James (NYSE:RJF) last released its quarterly earnings data on Wednesday, April 24th. The financial services provider reported $1.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.67 by $0.14. Raymond James had a net margin of 12.90% and a return on equity of 15.90%. The firm had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.86 billion. During the same quarter in the previous year, the company earned $1.63 earnings per share. The company’s revenue for the quarter was up 2.6% compared to the same quarter last year. On average, analysts expect that Raymond James will post 7.47 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Monday, July 1st will be given a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.66%. The ex-dividend date is Friday, June 28th. Raymond James’s payout ratio is 21.02%.

In other Raymond James news, insider Jeffrey E. Trocin sold 13,157 shares of the business’s stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $91.11, for a total value of $1,198,734.27. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Steven M. Raney sold 2,926 shares of the business’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $90.60, for a total transaction of $265,095.60. The disclosure for this sale can be found here. Insiders sold 109,881 shares of company stock worth $10,012,987 in the last 90 days. Corporate insiders own 10.74% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the business. Meridian Wealth Management LLC bought a new stake in shares of Raymond James during the 1st quarter valued at about $95,000. Marshall Wace North America L.P. bought a new stake in shares of Raymond James during the 1st quarter valued at about $626,000. Rehmann Capital Advisory Group boosted its stake in shares of Raymond James by 39.7% during the 1st quarter. Rehmann Capital Advisory Group now owns 1,398 shares of the financial services provider’s stock valued at $112,000 after purchasing an additional 397 shares in the last quarter. GYL Financial Synergies LLC bought a new stake in Raymond James during the first quarter worth about $1,663,000. Finally, Cerebellum GP LLC bought a new stake in Raymond James during the first quarter worth about $327,000. Hedge funds and other institutional investors own 70.06% of the company’s stock.

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About Raymond James (NYSE:RJF)

Raymond James Financial, Inc, a financial holding company, through its subsidiaries, engages in the underwriting, distribution, trading, and brokerage of equity and debt securities, and the sale of mutual funds and other investment products in the United States, Canada, Europe, and internationally. The company operates through Private Client Group, Capital Markets, Asset Management, RJ Bank, and Other segments.

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