Raymond James (NYSE:RJF) Reaches New 12-Month High – Here’s Why

Raymond James (NYSE:RJF)’s share price reached a new 52-week high during trading on Wednesday . The company traded as high as $173.63 and last traded at $173.23, with a volume of 87327 shares. The stock had previously closed at $171.51.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. The Goldman Sachs Group raised Raymond James from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $161.00 to $185.00 in a report on Monday, January 6th. Jefferies Financial Group lifted their target price on Raymond James from $123.00 to $126.00 and gave the company a “hold” rating in a research report on Friday, October 4th. Keefe, Bruyette & Woods boosted their price objective on Raymond James from $143.00 to $170.00 and gave the company a “market perform” rating in a research report on Friday, December 20th. Citigroup boosted their price objective on Raymond James from $145.00 to $170.00 and gave the company a “neutral” rating in a research report on Friday, January 10th. Finally, UBS Group upgraded Raymond James from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 6th. Nine investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Raymond James currently has a consensus rating of “Hold” and an average price target of $156.09.

Raymond James Stock Performance

The stock has a market cap of $35.40 billion, a P/E ratio of 17.86, a PEG ratio of 1.04 and a beta of 1.02. The business has a 50 day moving average price of $161.96 and a 200 day moving average price of $139.17. The company has a quick ratio of 1.00, a current ratio of 1.02 and a debt-to-equity ratio of 0.37.

Raymond James Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 2nd were paid a dividend of $0.50 per share. This is a boost from Raymond James’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Thursday, January 2nd. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.15%. Raymond James’s dividend payout ratio is currently 20.60%.

Insider Activity

In related news, insider Bella Loykhter Allaire sold 1,170 shares of the business’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $169.43, for a total value of $198,233.10. Following the completion of the sale, the insider now owns 80,421 shares in the company, valued at approximately $13,625,730.03. The trade was 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 the business’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $159.47, for a total value of $1,594,700.00. Following the completion of the sale, the insider now owns 32,688 shares of the company’s stock, valued at $5,212,755.36. The trade was a 23.43 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 64,621 shares of company stock valued at $10,729,488. 0.54% of the stock is currently owned by insiders.

Institutional Trading of Raymond James

A number of institutional investors have recently made changes to their positions in RJF. Savant Capital LLC lifted its position in Raymond James by 18.6% during the 4th quarter. Savant Capital LLC now owns 2,378 shares of the financial services provider’s stock worth $369,000 after acquiring an additional 373 shares during the period. Kestra Private Wealth Services LLC lifted its position in Raymond James by 3.8% during the 4th quarter. Kestra Private Wealth Services LLC now owns 3,212 shares of the financial services provider’s stock worth $499,000 after acquiring an additional 119 shares during the period. Empowered Funds LLC lifted its position in Raymond James by 10.4% during the 4th quarter. Empowered Funds LLC now owns 3,828 shares of the financial services provider’s stock worth $593,000 after acquiring an additional 362 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in Raymond James by 2.1% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 21,244 shares of the financial services provider’s stock worth $3,300,000 after acquiring an additional 447 shares during the period. Finally, Choreo LLC lifted its position in Raymond James by 40.9% during the 4th quarter. Choreo LLC now owns 4,029 shares of the financial services provider’s stock worth $626,000 after acquiring an additional 1,170 shares during the period. Institutional investors and hedge funds own 83.83% of the company’s stock.

Raymond James Company Profile

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.