Raymond James (NYSE:RJF) Hits New 12-Month High – Time to Buy?

Raymond James (NYSE:RJF)’s stock price hit 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. The stock had previously closed at $162.27.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on RJF shares. Wells Fargo & Company raised their price objective on Raymond James from $140.00 to $152.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. JMP Securities lifted their price objective on Raymond James from $146.00 to $150.00 and gave the stock a “market outperform” rating in a research note on Thursday, October 24th. JPMorgan Chase & Co. lowered their price target on shares of Raymond James from $137.00 to $135.00 and set an “overweight” rating for the company in a report on Thursday, July 25th. Jefferies Financial Group lifted 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. Finally, Bank of America upped their price objective on shares of Raymond James from $136.00 to $152.00 and gave the company a “buy” rating in a report on Thursday, October 24th. Nine investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $140.91.

Raymond James Stock Performance

The company has a market cap of $32.98 billion, a P/E ratio of 16.49, a price-to-earnings-growth ratio of 0.81 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. The company’s 50-day moving average is $134.32 and its two-hundred day moving average is $124.24.

Raymond James (NYSE:RJF) last posted its quarterly earnings results 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. Raymond James had a net margin of 13.86% and a return on equity of 19.61%. The company had revenue of $3.46 billion for the quarter, compared to analysts’ expectations of $3.32 billion. During the same quarter in the previous year, the firm posted $2.13 EPS. Raymond James’s revenue was up 13.4% on a year-over-year basis. Equities analysts predict that Raymond James will post 10.78 EPS for the current year.

Raymond James Announces Dividend

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

Institutional Investors Weigh In On Raymond James

Hedge funds have recently made changes to their positions in the business. Wolff Wiese Magana LLC raised its position in Raymond James by 3,960.0% in the 3rd quarter. Wolff Wiese Magana LLC now owns 203 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 198 shares during the period. Quarry LP bought a new stake in shares of Raymond James in the 2nd quarter valued at about $29,000. Covestor Ltd boosted its holdings in Raymond James by 77.0% during the 1st quarter. Covestor Ltd now owns 239 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 104 shares during the period. Future Financial Wealth Managment LLC bought a new position in Raymond James during the 3rd quarter worth approximately $32,000. Finally, Gladius Capital Management LP purchased a new position in Raymond James in the 3rd quarter worth approximately $34,000. 83.83% of the stock is currently owned by institutional investors.

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.