Raymond James (NYSE:RJF) Reaches New 52-Week High – Here’s Why

Raymond James (NYSE:RJF)’s share price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $163.45 and last traded at $161.65, with a volume of 239177 shares changing hands. The stock had previously closed at $162.27.

Analyst Ratings Changes

Several research firms have issued reports on RJF. The Goldman Sachs Group boosted their price objective on shares of Raymond James from $125.00 to $142.00 and gave the company a “neutral” rating in a research report on Thursday, October 24th. Bank of America boosted their price objective on shares of Raymond James from $136.00 to $152.00 and gave the company a “buy” rating in a research report on Thursday, October 24th. JPMorgan Chase & Co. lowered their price objective 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. Morgan Stanley boosted their price objective on shares of Raymond James from $132.00 to $145.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 29th. Finally, TD Cowen upped their price target on shares of Raymond James from $128.00 to $150.00 and gave the stock a “hold” rating in a research report on Wednesday, October 30th. Nine equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $140.91.

Raymond James Price Performance

The stock’s 50-day moving average price is $132.64 and its 200 day moving average price is $123.73. The firm has a market capitalization of $33.08 billion, a price-to-earnings ratio of 16.66, a PEG ratio of 0.82 and a beta of 0.99. The company has a quick ratio of 0.99, a current ratio of 1.02 and a debt-to-equity ratio of 0.41.

Raymond James (NYSE:RJF) last released its quarterly earnings data on Wednesday, October 23rd. The financial services provider reported $2.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.41 by $0.54. Raymond James had a net margin of 13.86% and a return on equity of 19.61%. The firm had revenue of $3.46 billion during the quarter, compared to analysts’ expectations of $3.32 billion. During the same period last year, the business earned $2.13 earnings per share. Raymond James’s revenue was up 13.4% compared to the same quarter last year. Equities research analysts expect that Raymond James will post 10.73 earnings per share for the current fiscal year.

Raymond James Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st were given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.12%. The ex-dividend date of this dividend was Tuesday, October 1st. Raymond James’s dividend payout ratio is presently 18.54%.

Institutional Investors Weigh In On Raymond James

A number of institutional investors have recently made changes to their positions in the stock. AGF Management Ltd. boosted its stake in shares of 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 valued at $318,972,000 after purchasing an additional 378,033 shares during the period. Earnest Partners LLC boosted its stake in shares of Raymond James by 1.5% in the second quarter. Earnest Partners LLC now owns 2,505,369 shares of the financial services provider’s stock valued at $309,689,000 after purchasing an additional 37,173 shares during the period. Massachusetts Financial Services Co. MA boosted its stake in shares of Raymond James by 1.2% in the second quarter. Massachusetts Financial Services Co. MA now owns 2,215,996 shares of the financial services provider’s stock valued at $273,919,000 after purchasing an additional 25,494 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Raymond James by 6.0% in the second quarter. Dimensional Fund Advisors LP now owns 2,024,612 shares of the financial services provider’s stock valued at $250,238,000 after purchasing an additional 113,826 shares during the period. Finally, APG Asset Management N.V. boosted its stake in shares of Raymond James by 2.1% in the second quarter. APG Asset Management N.V. now owns 1,874,140 shares of the financial services provider’s stock valued at $216,153,000 after purchasing an additional 38,695 shares during the period. 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.