Citigroup Forecasts Strong Price Appreciation for Raymond James (NYSE:RJF) Stock

Raymond James (NYSE:RJF) had its target price lifted by research analysts at Citigroup from $145.00 to $170.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the financial services provider’s stock. Citigroup’s price target points to a potential upside of 9.47% from the company’s current price.

A number of other research firms also recently issued reports on RJF. Jefferies Financial Group increased their price objective on shares of Raymond James from $123.00 to $126.00 and gave the company a “hold” rating in a research note on Friday, October 4th. UBS Group raised Raymond James from a “hold” rating to a “strong-buy” rating in a research report on Monday. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $166.00 price objective (up previously from $151.00) on shares of Raymond James in a research report on Tuesday. Bank of America boosted their target price on shares of Raymond James from $136.00 to $152.00 and gave the stock a “buy” rating in a report on Thursday, October 24th. Finally, Morgan Stanley raised their price target on shares of Raymond James from $132.00 to $145.00 and gave the company an “equal weight” rating in a report on Tuesday, October 29th. Nine research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Raymond James has a consensus rating of “Hold” and a consensus target price of $156.18.

Raymond James Trading Down 2.6 %

Shares of NYSE RJF traded down $4.09 during trading hours on Friday, reaching $155.29. The stock had a trading volume of 430,915 shares, compared to its average volume of 876,596. The business’s fifty day moving average price is $159.83 and its two-hundred day moving average price is $134.90. The firm has a market cap of $31.69 billion, a price-to-earnings ratio of 15.99, a P/E/G ratio of 0.91 and a beta of 1.02. Raymond James has a 52-week low of $104.24 and a 52-week high of $171.38. The company has a current ratio of 1.02, a quick ratio of 1.00 and a debt-to-equity ratio of 0.37.

Raymond James (NYSE:RJF) last posted its quarterly 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. The business had revenue of $3.46 billion for the quarter, compared to the consensus estimate of $3.32 billion. Raymond James had a return on equity of 19.30% and a net margin of 13.86%. The business’s revenue was up 13.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.13 EPS. Analysts expect that Raymond James will post 10.85 EPS for the current fiscal year.

Insiders Place Their Bets

In other Raymond James news, CEO Paul C. Reilly sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $167.30, for a total value of $8,365,000.00. Following the completion of the transaction, the chief executive officer now directly owns 283,110 shares of the company’s stock, valued at approximately $47,364,303. The trade was a 15.01 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Bella Loykhter Allaire sold 3,451 shares of the firm’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $165.62, for a total transaction of $571,554.62. Following the sale, the insider now directly owns 80,421 shares in the company, valued at $13,319,326.02. The trade was a 4.11 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 64,621 shares of company stock valued at $10,729,488. 9.74% of the stock is owned by company insiders.

Hedge Funds Weigh In On Raymond James

Large investors have recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC raised its position in shares of Raymond James by 2.0% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 39,128 shares of the financial services provider’s stock worth $6,078,000 after acquiring an additional 769 shares during the period. Bank of New Hampshire raised its holdings in Raymond James by 99,290.0% in the 4th quarter. Bank of New Hampshire now owns 9,939 shares of the financial services provider’s stock worth $1,544,000 after purchasing an additional 9,929 shares during the period. Nordea Investment Management AB grew its holdings in Raymond James by 2.4% in the fourth quarter. Nordea Investment Management AB now owns 16,667 shares of the financial services provider’s stock valued at $2,598,000 after purchasing an additional 389 shares during the period. GAMMA Investing LLC increased its position in shares of Raymond James by 78.0% in the fourth quarter. GAMMA Investing LLC now owns 2,661 shares of the financial services provider’s stock valued at $413,000 after buying an additional 1,166 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its stake in shares of Raymond James by 12.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 4,544,610 shares of the financial services provider’s stock worth $556,533,000 after buying an additional 488,245 shares during the period. 83.83% of the stock is currently owned by institutional investors and hedge funds.

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.