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

Raymond James (NYSE:RJF) had its price objective raised by research analysts at TD Cowen from $128.00 to $150.00 in a research report issued on Wednesday, Benzinga reports. The firm currently has a “hold” rating on the financial services provider’s stock. TD Cowen’s target price would suggest a potential upside of 0.73% from the company’s previous close.

A number of other brokerages have also issued reports on RJF. Wells Fargo & Company increased their target price on shares of Raymond James from $140.00 to $152.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. JPMorgan Chase & Co. decreased their target price on shares of Raymond James from $137.00 to $135.00 and set an “overweight” rating for the company in a research report on Thursday, July 25th. Wolfe Research reiterated a “peer perform” rating on shares of Raymond James in a research report on Monday, July 8th. Jefferies Financial Group increased their target price on shares of Raymond James from $123.00 to $126.00 and gave the company a “hold” rating in a research report on Friday, October 4th. Finally, JMP Securities upped their price target on shares of Raymond James from $146.00 to $150.00 and gave the company a “market outperform” rating in a report on Thursday, October 24th. Nine research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, Raymond James currently has an average rating of “Hold” and an average target price of $140.91.

Raymond James Stock Performance

Shares of RJF traded down $0.10 during midday trading on Wednesday, hitting $148.92. 458,602 shares of the stock traded hands, compared to its average volume of 1,136,812. Raymond James has a 1-year low of $94.53 and a 1-year high of $150.91. The firm has a market capitalization of $30.67 billion, a PE ratio of 15.34, a price-to-earnings-growth ratio of 0.76 and a beta of 1.02. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.99 and a current ratio of 1.02. The business’s 50 day moving average price is $125.55 and its two-hundred day moving average price is $121.63.

Raymond James (NYSE:RJF) last announced its earnings results on Wednesday, October 23rd. The financial services provider reported $2.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.41 by $0.54. The firm had revenue of $3.46 billion during the quarter, compared to analyst estimates of $3.32 billion. Raymond James had a net margin of 13.86% and a return on equity of 19.61%. Raymond James’s revenue was up 13.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.13 EPS. Equities research analysts predict that Raymond James will post 10.32 EPS for the current fiscal year.

Insider Activity

In other Raymond James news, CEO Tashtego S. Elwyn sold 31,277 shares of the stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $109.64, for a total transaction of $3,429,210.28. Following the transaction, the chief executive officer now owns 35,380 shares in the company, valued at $3,879,063.20. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 9.74% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Heritage Wealth Advisors lifted its holdings in shares of Raymond James by 3,480.7% during the first quarter. Heritage Wealth Advisors now owns 488,258 shares of the financial services provider’s stock valued at $62,702,000 after acquiring an additional 474,622 shares during the period. Ceredex Value Advisors LLC increased its position in Raymond James by 191.3% in the third quarter. Ceredex Value Advisors LLC now owns 722,393 shares of the financial services provider’s stock worth $88,464,000 after purchasing an additional 474,443 shares during the period. AGF Management Ltd. increased its position in Raymond James by 17.2% in the second quarter. AGF Management Ltd. now owns 2,580,467 shares of the financial services provider’s stock worth $318,972,000 after purchasing an additional 378,033 shares during the period. SG Americas Securities LLC increased its position in Raymond James by 820.2% in the first quarter. SG Americas Securities LLC now owns 197,695 shares of the financial services provider’s stock worth $25,388,000 after purchasing an additional 176,210 shares during the period. Finally, Earnest Partners LLC increased its position in Raymond James by 5.9% in the first quarter. Earnest Partners LLC now owns 2,468,196 shares of the financial services provider’s stock worth $316,966,000 after purchasing an additional 138,075 shares during the period. 83.83% of the stock is owned by institutional investors.

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.