Raymond James (NYSE:RJF) Price Target Cut to $135.00 by Analysts at JPMorgan Chase & Co.

Raymond James (NYSE:RJF) had its price objective trimmed by JPMorgan Chase & Co. from $137.00 to $135.00 in a report published on Thursday morning, Benzinga reports. The firm currently has an overweight rating on the financial services provider’s stock.

Other equities analysts have also issued research reports about the stock. Wolfe Research restated a peer perform rating on shares of Raymond James in a research report on Monday, July 8th. JMP Securities restated a market perform rating on shares of Raymond James in a research report on Tuesday, April 9th. TD Cowen upped their price target on shares of Raymond James from $130.00 to $133.00 and gave the company a hold rating in a research note on Monday, July 8th. Citigroup upped their price target on shares of Raymond James from $112.00 to $132.00 and gave the company a neutral rating in a research note on Thursday, April 11th. Finally, Morgan Stanley upped their price target on shares of Raymond James from $113.00 to $123.00 and gave the company an equal weight rating in a research note on Tuesday, April 9th. Ten equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of Hold and a consensus price target of $129.89.

Raymond James Stock Performance

RJF opened at $118.01 on Thursday. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.01 and a quick ratio of 0.98. The company has a 50 day simple moving average of $119.69 and a two-hundred day simple moving average of $119.89. Raymond James has a 1-year low of $91.67 and a 1-year high of $131.19. The firm has a market cap of $24.46 billion, a P/E ratio of 14.27, a PEG ratio of 0.70 and a beta of 1.02.

Raymond James (NYSE:RJF) last issued its earnings results on Wednesday, July 24th. The financial services provider reported $2.39 earnings per share for the quarter, topping analysts’ consensus estimates of $2.31 by $0.08. Raymond James had a net margin of 13.16% and a return on equity of 18.67%. The firm had revenue of $3.23 billion during the quarter, compared to analyst estimates of $3.24 billion. During the same quarter in the prior year, the business earned $1.85 earnings per share. Raymond James’s revenue for the quarter was up 11.1% on a year-over-year basis. Equities analysts forecast that Raymond James will post 9.57 earnings per share for the current fiscal year.

Raymond James Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Monday, July 1st were given a dividend of $0.45 per share. The ex-dividend date of this dividend was Monday, July 1st. This represents a $1.80 annualized dividend and a dividend yield of 1.53%. Raymond James’s dividend payout ratio (DPR) is presently 21.77%.

Insider Buying and Selling at Raymond James

In other Raymond James news, insider James E. Bunn sold 11,095 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $124.44, for a total transaction of $1,380,661.80. Following the completion of the transaction, the insider now owns 46,977 shares in the company, valued at $5,845,817.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 9.74% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Covestor Ltd boosted its position in shares of Raymond James by 77.0% during the first quarter. Covestor Ltd now owns 239 shares of the financial services provider’s stock valued at $31,000 after buying an additional 104 shares during the period. Smithfield Trust Co boosted its holdings in shares of Raymond James by 105.0% in the first quarter. Smithfield Trust Co now owns 246 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 126 shares during the period. Future Financial Wealth Managment LLC purchased a new stake in shares of Raymond James in the first quarter valued at approximately $33,000. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Raymond James in the fourth quarter valued at approximately $30,000. Finally, OLD Point Trust & Financial Services N A purchased a new stake in shares of Raymond James in the fourth quarter valued at approximately $33,000. Hedge funds and other institutional investors own 83.83% of the company’s stock.

Raymond James Company Profile

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.