Raymond James (NYSE:RJF) Announces Earnings Results, Beats Estimates By $0.31 EPS

Raymond James (NYSE:RJF) issued its quarterly earnings data on Wednesday. The financial services provider reported $2.93 earnings per share for the quarter, beating analysts’ consensus estimates of $2.62 by $0.31, Zacks reports. Raymond James had a return on equity of 19.30% and a net margin of 13.86%.

Raymond James Stock Performance

NYSE:RJF traded up $0.62 during mid-day trading on Wednesday, hitting $172.13. The stock had a trading volume of 1,505,664 shares, compared to its average volume of 1,244,004. 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 company has a 50 day simple moving average of $161.96 and a 200-day simple moving average of $139.17. The stock has a market capitalization of $35.18 billion, a price-to-earnings ratio of 17.73, a P/E/G ratio of 1.04 and a beta of 1.02. Raymond James has a 52 week low of $104.24 and a 52 week high of $174.32.

Raymond James Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 2nd were given a dividend of $0.50 per share. The ex-dividend date was Thursday, January 2nd. This represents a $2.00 annualized dividend and a dividend yield of 1.16%. This is a positive change from Raymond James’s previous quarterly dividend of $0.45. Raymond James’s dividend payout ratio is currently 20.60%.

Analysts Set New Price Targets

RJF has been the subject of a number of recent analyst reports. UBS Group raised shares of Raymond James from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 6th. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $166.00 target price (up previously from $151.00) on shares of Raymond James in a research report on Tuesday, January 7th. Wells Fargo & Company reduced their price target on shares of Raymond James from $169.00 to $168.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 14th. Morgan Stanley boosted their price objective on Raymond James from $132.00 to $145.00 and gave the company an “equal weight” rating in a report on Tuesday, October 29th. Finally, Bank of America increased their target price on Raymond James from $136.00 to $152.00 and gave the stock a “buy” rating in a report on Thursday, October 24th. Nine investment analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Raymond James presently has a consensus rating of “Hold” and an average price target of $156.09.

Insiders Place Their Bets

In other news, insider Bella Loykhter Allaire sold 1,170 shares of the firm’s stock in a transaction on Friday, November 29th. The stock was sold at an average price of $169.43, for a total transaction of $198,233.10. Following the transaction, the insider now directly owns 80,421 shares of the company’s stock, valued at approximately $13,625,730.03. This trade represents a 1.43 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Tashtego S. Elwyn sold 10,000 shares of Raymond James stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $159.47, for a total transaction of $1,594,700.00. Following the sale, the insider now owns 32,688 shares in the company, valued at approximately $5,212,755.36. This represents a 23.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 64,621 shares of company stock worth $10,729,488. Insiders own 0.54% 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.