Raymond James Financial (NYSE:RJF) Hits New 12-Month High – Should You Buy?

Raymond James Financial, Inc. (NYSE:RJF)’s share price reached a new 52-week high on Wednesday . The company traded as high as $177.66 and last traded at $175.85, with a volume of 907507 shares trading hands. The stock had previously closed at $175.32.

Analysts Set New Price Targets

Several equities research analysts have commented on RJF shares. JMP Securities boosted their price target on shares of Raymond James Financial from $175.00 to $180.00 and gave the stock a “market outperform” rating in a research report on Monday, July 14th. Citigroup reaffirmed a “neutral” rating and issued a $180.00 target price (up previously from $170.00) on shares of Raymond James Financial in a research report on Monday. JPMorgan Chase & Co. upped their target price on Raymond James Financial from $151.00 to $172.00 and gave the stock a “neutral” rating in a report on Thursday, July 24th. Wells Fargo & Company raised their price target on Raymond James Financial from $155.00 to $163.00 and gave the company an “equal weight” rating in a research note on Friday, July 11th. Finally, Keefe, Bruyette & Woods boosted their price target on Raymond James Financial from $167.00 to $170.00 and gave the stock a “market perform” rating in a research report on Thursday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $165.30.

Raymond James Financial Trading Up 0.1%

The company has a debt-to-equity ratio of 0.33, a current ratio of 1.04 and a quick ratio of 1.02. The business has a 50-day simple moving average of $167.10 and a two-hundred day simple moving average of $152.51. The stock has a market cap of $34.32 billion, a price-to-earnings ratio of 16.87, a P/E/G ratio of 1.41 and a beta of 1.04.

Raymond James Financial (NYSE:RJF) last issued its earnings results on Wednesday, July 23rd. The financial services provider reported $2.18 EPS for the quarter, missing the consensus estimate of $2.36 by ($0.18). Raymond James Financial had a return on equity of 18.38% and a net margin of 13.56%.The business had revenue of $3.40 billion for the quarter, compared to the consensus estimate of $3.38 billion. During the same quarter in the prior year, the firm posted $2.39 earnings per share. The business’s revenue was up 5.3% compared to the same quarter last year. Equities analysts forecast that Raymond James Financial, Inc. will post 11.17 EPS for the current fiscal year.

Raymond James Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Wednesday, October 1st will be given a $0.50 dividend. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $2.00 annualized dividend and a dividend yield of 1.2%. Raymond James Financial’s dividend payout ratio is presently 19.61%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of RJF. Thurston Springer Miller Herd & Titak Inc. bought a new position in Raymond James Financial in the 1st quarter valued at about $25,000. Alpine Bank Wealth Management bought a new stake in shares of Raymond James Financial during the first quarter worth approximately $27,000. Golden State Wealth Management LLC grew its position in shares of Raymond James Financial by 164.0% in the first quarter. Golden State Wealth Management LLC now owns 198 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 123 shares during the last quarter. Olde Wealth Management LLC bought a new position in Raymond James Financial during the 1st quarter worth $33,000. Finally, Princeton Global Asset Management LLC increased its position in Raymond James Financial by 69.0% during the second quarter. Princeton Global Asset Management LLC now owns 245 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 100 shares during the period. Institutional investors and hedge funds own 83.83% of the company’s stock.

About Raymond James Financial

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.