Raymond James (NYSE:RJF) Rating Increased to Buy at The Goldman Sachs Group

Raymond James (NYSE:RJF) was upgraded by The Goldman Sachs Group from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Monday, Marketbeat reports. The firm currently has a $185.00 price objective on the financial services provider’s stock, up from their prior price objective of $161.00. The Goldman Sachs Group’s price target would suggest a potential upside of 16.48% from the stock’s current price.

A number of other brokerages have also weighed in on RJF. JMP Securities lifted their price objective on Raymond James from $146.00 to $150.00 and gave the company a “market outperform” rating in a report on Thursday, October 24th. Morgan Stanley upped their price objective on Raymond James from $132.00 to $145.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. TD Cowen raised their target price on Raymond James from $128.00 to $150.00 and gave the company a “hold” rating in a report on Wednesday, October 30th. Bank of America upped their price target on shares of Raymond James from $136.00 to $152.00 and gave the stock a “buy” rating in a research note on Thursday, October 24th. Finally, Jefferies Financial Group raised 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. Ten equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $152.73.

Raymond James Trading Down 0.7 %

NYSE:RJF opened at $158.83 on Monday. The company has a current ratio of 1.02, a quick ratio of 1.00 and a debt-to-equity ratio of 0.37. The stock’s 50 day simple moving average is $159.40 and its 200-day simple moving average is $134.56. Raymond James has a 12-month low of $104.24 and a 12-month high of $171.38. The firm has a market cap of $32.41 billion, a P/E ratio of 16.36, a PEG ratio of 0.91 and a beta of 1.02.

Raymond James (NYSE:RJF) last announced its quarterly earnings data on Wednesday, October 23rd. The financial services provider reported $2.95 EPS for the quarter, topping analysts’ consensus estimates of $2.41 by $0.54. The company had revenue of $3.46 billion during the quarter, compared to the consensus estimate of $3.32 billion. Raymond James had a net margin of 13.86% and a return on equity of 19.30%. Raymond James’s quarterly revenue was up 13.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.13 EPS. Equities analysts anticipate that Raymond James will post 10.85 EPS for the current year.

Insider Buying and Selling

In related news, CEO Paul C. Reilly sold 50,000 shares of Raymond James stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $167.30, for a total transaction of $8,365,000.00. Following the completion of the sale, the chief executive officer now owns 283,110 shares in the company, valued at approximately $47,364,303. This trade represents a 15.01 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Bella Loykhter Allaire sold 1,170 shares of the firm’s stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $169.43, for a total transaction of $198,233.10. Following the sale, the insider now directly owns 80,421 shares in the company, valued at $13,625,730.03. This represents a 1.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 64,621 shares of company stock worth $10,729,488 in the last ninety days. Insiders own 9.74% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of RJF. Wolff Wiese Magana LLC grew its position in shares of Raymond James by 3,960.0% in the third quarter. Wolff Wiese Magana LLC now owns 203 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 198 shares during the period. Quarry LP acquired a new stake in Raymond James in the 2nd quarter worth about $29,000. Future Financial Wealth Managment LLC purchased a new stake in Raymond James in the 3rd quarter valued at about $32,000. Gladius Capital Management LP purchased a new position in shares of Raymond James during the 3rd quarter worth about $34,000. Finally, Peterson Financial Group Inc. acquired a new stake in shares of Raymond James in the third quarter worth approximately $37,000. 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.