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

Raymond James (NYSE:RJF) reached a new 52-week high during trading on Thursday . The stock traded as high as $171.91 and last traded at $172.00, with a volume of 65509 shares. The stock had previously closed at $170.50.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Keefe, Bruyette & Woods raised their target price on Raymond James from $143.00 to $170.00 and gave the stock a “market perform” rating in a research report on Friday, December 20th. TD Cowen upped their target price on shares of Raymond James from $128.00 to $150.00 and gave the company a “hold” rating in a report on Wednesday, October 30th. JMP Securities boosted their price target on Raymond James from $146.00 to $150.00 and gave the company a “market outperform” rating in a research report on Thursday, October 24th. The Goldman Sachs Group upgraded Raymond James from a “neutral” rating to a “buy” rating and lifted their target price for the company from $161.00 to $185.00 in a research note on Monday, January 6th. Finally, Morgan Stanley increased their price target on Raymond James from $132.00 to $145.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. Nine research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Raymond James has an average rating of “Hold” and a consensus target price of $156.09.

Raymond James Price Performance

The firm has a market capitalization of $35.29 billion, a PE ratio of 17.78, a P/E/G ratio of 1.04 and a beta of 1.02. The company has a 50-day moving average price of $161.67 and a 200-day moving average price of $138.21. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.02 and a quick ratio of 1.00.

Raymond James (NYSE:RJF) last announced its earnings results on Wednesday, October 23rd. The financial services provider reported $2.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.41 by $0.54. Raymond James had a net margin of 13.86% and a return on equity of 19.30%. The firm had revenue of $3.46 billion for the quarter, compared to analyst estimates of $3.32 billion. During the same quarter last year, the business earned $2.13 earnings per share. Raymond James’s revenue was up 13.4% compared to the same quarter last year. Sell-side analysts forecast that Raymond James will post 11.02 EPS for the current year.

Raymond James Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Shareholders of record on Thursday, January 2nd were paid a dividend of $0.50 per share. The ex-dividend date of this dividend was Thursday, January 2nd. This represents a $2.00 dividend on an annualized basis and a yield of 1.16%. This is an increase from Raymond James’s previous quarterly dividend of $0.45. Raymond James’s dividend payout ratio (DPR) is currently 20.60%.

Insider Transactions at Raymond James

In other news, insider Tashtego S. Elwyn sold 10,000 shares of the business’s stock in a transaction dated Friday, December 13th. The shares were 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 of the company’s stock, valued at approximately $5,212,755.36. The trade was a 23.43 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Paul C. Reilly sold 50,000 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $167.30, for a total transaction of $8,365,000.00. Following the sale, the chief executive officer now directly owns 283,110 shares in the company, valued at $47,364,303. This trade represents a 15.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 64,621 shares of company stock worth $10,729,488 in the last ninety days. Insiders own 0.54% of the company’s stock.

Institutional Investors Weigh In On Raymond James

Hedge funds have recently added to or reduced their stakes in the stock. Wolff Wiese Magana LLC boosted 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 buying an additional 198 shares during the period. Quarry LP bought a new position in Raymond James in the 2nd quarter valued at about $29,000. Future Financial Wealth Managment LLC acquired a new position in Raymond James during the 3rd quarter valued at about $32,000. Gladius Capital Management LP acquired a new stake in shares of Raymond James in the 3rd quarter worth approximately $34,000. Finally, Peterson Financial Group Inc. acquired a new stake in shares of Raymond James in the 3rd quarter worth approximately $37,000. 83.83% of the stock is currently owned by institutional investors.

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.