Raymond James (NYSE:RJF) Upgraded at UBS Group

UBS Group upgraded shares of Raymond James (NYSE:RJF) from a hold rating to a strong-buy rating in a research note issued to investors on Monday,Zacks.com reports.

RJF has been the subject of several other research reports. Wells Fargo & Company reiterated an “equal weight” rating and issued a $169.00 price objective (up previously from $152.00) on shares of Raymond James in a research note on Thursday, December 12th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $166.00 target price (up previously from $151.00) on shares of Raymond James in a research note on Tuesday. JMP Securities raised their price target on Raymond James from $146.00 to $150.00 and gave the company a “market outperform” rating in a research note on Thursday, October 24th. The Goldman Sachs Group upgraded Raymond James from a “neutral” rating to a “buy” rating and increased their price objective for the company from $161.00 to $185.00 in a report on Monday. Finally, Keefe, Bruyette & Woods boosted their target price on Raymond James from $143.00 to $170.00 and gave the stock a “market perform” rating in a research note on Friday, December 20th. Nine analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Raymond James presently has a consensus rating of “Hold” and a consensus target price of $152.73.

Raymond James Price Performance

Shares of RJF stock opened at $159.32 on Monday. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.02 and a quick ratio of 1.00. The company has a market capitalization of $32.51 billion, a PE ratio of 16.41, a price-to-earnings-growth ratio of 0.91 and a beta of 1.02. The firm’s 50-day moving average is $159.61 and its two-hundred day moving average is $134.73. Raymond James has a 12 month low of $104.24 and a 12 month high of $171.38.

Raymond James (NYSE:RJF) last announced its earnings results on Wednesday, October 23rd. The financial services provider reported $2.95 earnings per share for the quarter, topping the consensus estimate of $2.41 by $0.54. The company had revenue of $3.46 billion during the quarter, compared to analyst estimates of $3.32 billion. Raymond James had a net margin of 13.86% and a return on equity of 19.30%. Raymond James’s revenue was up 13.4% compared to the same quarter last year. During the same quarter last year, the firm posted $2.13 earnings per share. Analysts predict that Raymond James will post 10.85 earnings per share for the current year.

Raymond James Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 16th. Shareholders of record on Thursday, January 2nd will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 1.26%. The ex-dividend date is Thursday, January 2nd. This is a boost from Raymond James’s previous quarterly dividend of $0.45. Raymond James’s dividend payout ratio is 20.60%.

Insider Buying and Selling

In other news, insider Tashtego S. Elwyn sold 10,000 shares of the stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $159.47, for a total value of $1,594,700.00. Following the completion of the sale, the insider now owns 32,688 shares in the company, valued at approximately $5,212,755.36. This trade represents a 23.43 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Paul C. Reilly sold 50,000 shares of the firm’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $167.30, for a total value of $8,365,000.00. Following the sale, the chief executive officer now owns 283,110 shares in the company, valued at approximately $47,364,303. The trade was a 15.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 64,621 shares of company stock worth $10,729,488. 9.74% of the stock is owned by insiders.

Hedge Funds Weigh In On Raymond James

Institutional investors have recently added to or reduced their stakes in the company. Wolff Wiese Magana LLC lifted its position in shares of Raymond James by 3,960.0% during the third quarter. Wolff Wiese Magana LLC now owns 203 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 198 shares during the last quarter. Quarry LP bought a new stake in Raymond James during the second quarter valued at $29,000. Future Financial Wealth Managment LLC acquired a new stake in shares of Raymond James during the third quarter worth $32,000. Gladius Capital Management LP bought a new position in shares of Raymond James in the 3rd quarter worth about $34,000. Finally, Peterson Financial Group Inc. bought a new position in shares of Raymond James in the 3rd quarter worth about $37,000. Institutional investors and hedge funds own 83.83% of the company’s stock.

About Raymond James

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.