Wells Fargo & Company Issues Positive Forecast for Raymond James (NYSE:RJF) Stock Price

Raymond James (NYSE:RJF) had its price target raised by investment analysts at Wells Fargo & Company from $168.00 to $176.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has an “equal weight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price objective indicates a potential upside of 2.25% from the stock’s current price.

A number of other analysts have also recently commented on the company. Bank of America lifted their price target on Raymond James from $136.00 to $152.00 and gave the stock a “buy” rating in a research report on Thursday, October 24th. Morgan Stanley lifted their target price on Raymond James from $132.00 to $145.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. UBS Group upgraded shares of Raymond James from a “hold” rating to a “strong-buy” rating in a report on Monday, January 6th. JMP Securities lifted their price objective on shares of Raymond James from $146.00 to $150.00 and gave the company a “market outperform” rating in a research note on Thursday, October 24th. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $166.00 price objective (up previously from $151.00) on shares of Raymond James in a research note on Tuesday, January 7th. Nine research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Raymond James presently has an average rating of “Hold” and a consensus target price of $156.82.

Raymond James Stock Performance

Shares of Raymond James stock opened at $172.13 on Thursday. The company has a 50 day moving average price of $162.16 and a 200 day moving average price of $139.40. The firm has a market capitalization of $35.18 billion, a P/E ratio of 17.73, a PEG ratio of 1.04 and a beta of 1.02. 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 has a 52 week low of $104.24 and a 52 week high of $174.32.

Raymond James (NYSE:RJF) last posted its quarterly earnings results on Wednesday, January 29th. The financial services provider reported $2.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.62 by $0.31. Raymond James had a net margin of 13.86% and a return on equity of 19.30%. Sell-side analysts expect that Raymond James will post 11.02 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Paul C. Reilly sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $167.30, for a total value of $8,365,000.00. Following the completion of the sale, the chief executive officer now directly owns 283,110 shares in the company, valued at $47,364,303. The trade was a 15.01 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Tashtego S. Elwyn sold 10,000 shares of the 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 transaction, the insider now owns 32,688 shares in the company, valued at $5,212,755.36. This trade represents a 23.43 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 64,621 shares of company stock worth $10,729,488. Company insiders own 0.54% of the company’s stock.

Institutional Trading of Raymond James

Institutional investors and hedge funds have recently modified their holdings of the stock. Mackenzie Financial Corp boosted its holdings in Raymond James by 20.3% in the 2nd quarter. Mackenzie Financial Corp now owns 23,581 shares of the financial services provider’s stock worth $2,915,000 after buying an additional 3,983 shares during the last quarter. Creative Planning boosted its stake in shares of Raymond James by 2.2% in the second quarter. Creative Planning now owns 37,781 shares of the financial services provider’s stock worth $4,670,000 after acquiring an additional 797 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its position in shares of Raymond James by 15.8% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,965 shares of the financial services provider’s stock worth $367,000 after purchasing an additional 404 shares in the last quarter. Quarry LP acquired a new position in Raymond James in the 2nd quarter valued at $29,000. Finally, B. Riley Wealth Advisors Inc. lifted its holdings in Raymond James by 35.9% in the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 6,384 shares of the financial services provider’s stock valued at $789,000 after purchasing an additional 1,687 shares in the last quarter. Hedge funds and other institutional investors own 83.83% 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.