Raymond James Financial (NYSE:RJF) Price Target Cut to $171.00 by Analysts at Morgan Stanley

Raymond James Financial (NYSE:RJF) had its price target reduced by equities researchers at Morgan Stanley from $187.00 to $171.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has an “equal weight” rating on the financial services provider’s stock. Morgan Stanley’s price target indicates a potential upside of 15.41% from the stock’s previous close.

Several other analysts have also weighed in on the stock. Weiss Ratings upgraded shares of Raymond James Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, February 20th. TD Cowen reiterated a “hold” rating on shares of Raymond James Financial in a research note on Wednesday, January 14th. UBS Group lowered their price objective on shares of Raymond James Financial from $176.00 to $158.00 and set a “neutral” rating for the company in a research note on Wednesday. Jefferies Financial Group lowered their price objective on shares of Raymond James Financial from $165.00 to $145.00 and set a “hold” rating for the company in a research note on Monday. Finally, Barclays lowered their price objective on shares of Raymond James Financial from $196.00 to $174.00 and set an “overweight” rating for the company in a research note on Wednesday. Four investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $175.58.

Raymond James Financial Stock Performance

NYSE:RJF opened at $148.17 on Friday. The company has a fifty day moving average of $152.67 and a 200-day moving average of $160.06. The firm has a market capitalization of $29.20 billion, a P/E ratio of 14.50, a P/E/G ratio of 1.11 and a beta of 1.00. The company has a quick ratio of 1.04, a current ratio of 1.06 and a debt-to-equity ratio of 0.42. Raymond James Financial has a twelve month low of $128.00 and a twelve month high of $177.66.

Raymond James Financial (NYSE:RJF) last released its quarterly earnings data on Wednesday, January 28th. The financial services provider reported $2.86 earnings per share for the quarter, beating the consensus estimate of $2.83 by $0.03. The company had revenue of $3.74 billion during the quarter, compared to analyst estimates of $3.83 billion. Raymond James Financial had a net margin of 13.07% and a return on equity of 17.65%. Raymond James Financial’s revenue for the quarter was up 5.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.93 EPS. As a group, sell-side analysts anticipate that Raymond James Financial will post 11.17 EPS for the current year.

Insider Transactions at Raymond James Financial

In related news, insider Bella Loykhter Allaire sold 29,551 shares of Raymond James Financial stock in a transaction on Thursday, March 19th. The shares were sold at an average price of $142.34, for a total value of $4,206,289.34. Following the completion of the sale, the insider owned 53,586 shares of the company’s stock, valued at approximately $7,627,431.24. This trade represents a 35.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.58% of the company’s stock.

Institutional Trading of Raymond James Financial

Several hedge funds have recently bought and sold shares of the business. JPMorgan Chase & Co. boosted its holdings in Raymond James Financial by 4.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 5,847,869 shares of the financial services provider’s stock worth $1,009,342,000 after acquiring an additional 230,871 shares during the last quarter. First Trust Advisors LP boosted its holdings in 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 worth $493,332,000 after acquiring an additional 474,477 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in Raymond James Financial by 0.8% during the 4th quarter. Victory Capital Management Inc. now owns 2,785,857 shares of the financial services provider’s stock worth $447,381,000 after acquiring an additional 21,856 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Raymond James Financial by 10.7% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,357,328 shares of the financial services provider’s stock worth $406,941,000 after acquiring an additional 227,337 shares during the last quarter. Finally, Invesco Ltd. boosted its holdings in Raymond James Financial by 12.2% during the 4th quarter. Invesco Ltd. now owns 2,338,521 shares of the financial services provider’s stock worth $375,543,000 after acquiring an additional 254,773 shares during the last quarter. Institutional investors and hedge funds 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.