The Goldman Sachs Group Cuts Raymond James (NYSE:RJF) Price Target to $173.00

Raymond James (NYSE:RJF) had its price target cut by The Goldman Sachs Group from $198.00 to $173.00 in a report issued on Thursday,Benzinga reports. They currently have a buy rating on the financial services provider’s stock.

Several other equities analysts have also recently weighed in on RJF. StockNews.com cut Raymond James from a “buy” rating to a “hold” rating in a report on Monday, February 10th. Wells Fargo & Company raised their target price on shares of Raymond James from $168.00 to $176.00 and gave the company an “equal weight” rating in a report on Thursday, January 30th. JMP Securities upped their price target on shares of Raymond James from $175.00 to $190.00 and gave the company a “market outperform” rating in a research note on Thursday, January 30th. JPMorgan Chase & Co. lifted their price objective on shares of Raymond James from $166.00 to $172.00 and gave the stock a “neutral” rating in a research note on Thursday, January 30th. Finally, Citigroup reduced their target price on shares of Raymond James from $180.00 to $150.00 and set a “neutral” rating on the stock in a report on Wednesday. Nine research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Raymond James presently has an average rating of “Hold” and an average price target of $164.64.

Raymond James Price Performance

RJF stock opened at $123.51 on Thursday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.01 and a current ratio of 1.03. The company’s fifty day moving average price is $151.43 and its 200-day moving average price is $150.99. Raymond James has a one year low of $104.24 and a one year high of $174.32. The company has a market capitalization of $25.31 billion, a PE ratio of 12.05, a price-to-earnings-growth ratio of 0.90 and a beta of 0.94.

Raymond James (NYSE:RJF) last announced its quarterly earnings results on Wednesday, January 29th. The financial services provider reported $2.93 EPS for the quarter, topping the consensus estimate of $2.62 by $0.31. Raymond James had a net margin of 14.06% and a return on equity of 19.71%. On average, equities analysts anticipate that Raymond James will post 11.17 EPS for the current fiscal year.

Raymond James Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 1st will be given a dividend of $0.50 per share. The ex-dividend date is Tuesday, April 1st. This represents a $2.00 annualized dividend and a dividend yield of 1.62%. Raymond James’s dividend payout ratio (DPR) is presently 19.51%.

Institutional Investors Weigh In On Raymond James

A number of institutional investors and hedge funds have recently modified their holdings of RJF. Assetmark Inc. lifted its position in shares of Raymond James by 43.8% during the fourth quarter. Assetmark Inc. now owns 453 shares of the financial services provider’s stock worth $70,000 after purchasing an additional 138 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Raymond James during the 4th quarter valued at about $105,701,000. Franklin Resources Inc. boosted its position in Raymond James by 1.6% in the 3rd quarter. Franklin Resources Inc. now owns 568,070 shares of the financial services provider’s stock valued at $73,940,000 after buying an additional 9,217 shares during the period. J.W. Cole Advisors Inc. purchased a new stake in Raymond James in the 4th quarter valued at about $511,000. Finally, Proficio Capital Partners LLC bought a new position in Raymond James in the 4th quarter worth about $21,334,000. 83.83% of the stock is owned by institutional investors.

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.