Raymond James (NYSE:RJF) PT Raised to $77.00 at Credit Suisse Group

Raymond James (NYSE:RJF) had its price target lifted by stock analysts at Credit Suisse Group from $74.00 to $77.00 in a research report issued on Friday, BenzingaRatingsTable reports. The brokerage presently has a “neutral” rating on the financial services provider’s stock. Credit Suisse Group’s price objective suggests a potential upside of 10.82% from the stock’s current price.

A number of other research analysts also recently weighed in on the company. JMP Securities lowered their target price on Raymond James from $106.00 to $84.00 and set a “market outperform” rating on the stock in a report on Thursday, April 9th. ValuEngine raised Raymond James from a “sell” rating to a “hold” rating in a research note on Monday, June 1st. Seaport Global Securities initiated coverage on Raymond James in a research note on Wednesday, July 8th. They set a “neutral” rating on the stock. Morgan Stanley cut their price target on Raymond James from $95.00 to $91.00 and set an “overweight” rating for the company in a report on Friday. Finally, Wells Fargo & Co raised their price target on Raymond James from $61.00 to $63.00 and gave the company an “underweight” rating in a report on Friday, July 10th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $73.86.

Shares of Raymond James stock traded up $0.40 during midday trading on Friday, reaching $69.48. 736,552 shares of the company’s stock traded hands, compared to its average volume of 637,181. The company has a market cap of $9.52 billion, a PE ratio of 10.99 and a beta of 1.38. The stock has a 50 day moving average of $70.16 and a 200-day moving average of $74.62. Raymond James has a 12 month low of $54.21 and a 12 month high of $102.45. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.05 and a current ratio of 1.06.

Raymond James (NYSE:RJF) last issued its quarterly earnings results on Wednesday, July 29th. The financial services provider reported $1.23 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.97 by $0.26. Raymond James had a return on equity of 13.15% and a net margin of 10.75%. The company had revenue of $1.83 billion for the quarter, compared to analysts’ expectations of $1.84 billion. During the same period in the prior year, the firm earned $1.80 earnings per share. The firm’s revenue for the quarter was down 3.7% on a year-over-year basis. On average, equities analysts anticipate that Raymond James will post 5.31 earnings per share for the current fiscal year.

In related news, EVP Jonathan N. Santelli sold 1,250 shares of the business’s stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $81.33, for a total transaction of $101,662.50. Following the transaction, the executive vice president now directly owns 2,503 shares in the company, valued at approximately $203,568.99. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, President John C. Jr. Carson sold 10,000 shares of the business’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $82.53, for a total value of $825,300.00. Following the transaction, the president now owns 46,224 shares in the company, valued at $3,814,866.72. The disclosure for this sale can be found here. Over the last three months, insiders sold 20,400 shares of company stock valued at $1,673,420. Corporate insiders own 10.82% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the stock. BlackRock Inc. raised its position in shares of Raymond James by 17.7% during the 1st quarter. BlackRock Inc. now owns 12,435,401 shares of the financial services provider’s stock worth $785,917,000 after purchasing an additional 1,870,630 shares during the last quarter. Primecap Management Co. CA raised its holdings in Raymond James by 40.0% in the 1st quarter. Primecap Management Co. CA now owns 4,390,345 shares of the financial services provider’s stock valued at $277,470,000 after acquiring an additional 1,255,195 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in Raymond James by 2.6% in the 1st quarter. JPMorgan Chase & Co. now owns 2,772,817 shares of the financial services provider’s stock valued at $175,241,000 after acquiring an additional 70,261 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Raymond James by 2.8% during the 1st quarter. Geode Capital Management LLC now owns 1,941,771 shares of the financial services provider’s stock valued at $122,505,000 after buying an additional 52,487 shares during the period. Finally, Congress Asset Management Co. MA grew its stake in shares of Raymond James by 4.1% during the 2nd quarter. Congress Asset Management Co. MA now owns 1,090,832 shares of the financial services provider’s stock valued at $75,082,000 after buying an additional 43,168 shares during the period. Hedge funds and other institutional investors own 74.24% of the company’s stock.

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.

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