Morgan Stanley Forecasts Strong Price Appreciation for Raymond James Financial (NYSE:RJF) Stock

Raymond James Financial (NYSE:RJF) had its price target raised by Morgan Stanley from $176.00 to $184.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the financial services provider’s stock. Morgan Stanley’s price objective indicates a potential upside of 10.50% from the stock’s previous close.

Several other research firms also recently issued reports on RJF. JMP Securities upped their price objective on Raymond James Financial from $175.00 to $180.00 and gave the stock a “market outperform” rating in a report on Monday, July 14th. Wells Fargo & Company raised their price objective on Raymond James Financial from $155.00 to $163.00 and gave the stock an “equal weight” rating in a research note on Friday, July 11th. JPMorgan Chase & Co. lifted their price target on Raymond James Financial from $151.00 to $172.00 and gave the company a “neutral” rating in a research note on Thursday, July 24th. Keefe, Bruyette & Woods lifted their price target on Raymond James Financial from $167.00 to $170.00 and gave the company a “market perform” rating in a research note on Thursday, July 24th. Finally, Citigroup restated a “neutral” rating and issued a $180.00 price objective (up previously from $170.00) on shares of Raymond James Financial in a report on Monday, September 22nd. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $165.70.

Raymond James Financial Trading Up 0.4%

RJF stock opened at $166.51 on Wednesday. The firm has a market cap of $33.20 billion, a P/E ratio of 16.32, a P/E/G ratio of 1.21 and a beta of 1.03. Raymond James Financial has a 1-year low of $117.57 and a 1-year high of $177.66. The business’s 50 day moving average is $168.07 and its 200-day moving average is $153.54. The company has a current ratio of 1.04, a quick ratio of 1.02 and a debt-to-equity ratio of 0.33.

Raymond James Financial (NYSE:RJF) last released its quarterly earnings results on Wednesday, July 23rd. The financial services provider reported $2.18 EPS for the quarter, missing analysts’ consensus estimates of $2.36 by ($0.18). The business had revenue of $3.40 billion for the quarter, compared to the consensus estimate of $3.38 billion. Raymond James Financial had a return on equity of 18.38% and a net margin of 13.56%.The firm’s revenue was up 5.3% on a year-over-year basis. During the same quarter last year, the company earned $2.39 earnings per share. Equities analysts anticipate that Raymond James Financial will post 11.17 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Raymond James Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. D.A. Davidson & CO. raised its position in Raymond James Financial by 3.6% during the first quarter. D.A. Davidson & CO. now owns 5,603 shares of the financial services provider’s stock valued at $778,000 after purchasing an additional 197 shares in the last quarter. Abacus Planning Group Inc. bought a new stake in shares of Raymond James Financial in the second quarter worth $222,000. Swedbank AB grew its stake in shares of Raymond James Financial by 173.0% in the second quarter. Swedbank AB now owns 31,598 shares of the financial services provider’s stock worth $4,846,000 after purchasing an additional 20,022 shares during the last quarter. Golden State Wealth Management LLC boosted its position in Raymond James Financial by 164.0% during the first quarter. Golden State Wealth Management LLC now owns 198 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 123 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its position in Raymond James Financial by 13.8% during the first quarter. Assenagon Asset Management S.A. now owns 24,979 shares of the financial services provider’s stock valued at $3,470,000 after acquiring an additional 3,035 shares during the last quarter. 83.83% of the stock is currently owned by institutional investors and hedge funds.

About Raymond James Financial

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.