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

Raymond James (NYSE:RJF) released its earnings results on Wednesday. The financial services provider reported $2.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.62 by $0.31, Zacks reports. Raymond James had a net margin of 13.86% and a return on equity of 19.30%.

Raymond James Stock Up 0.4 %

Shares of Raymond James stock traded up $0.62 on Wednesday, hitting $172.13. 1,502,874 shares of the company’s stock traded hands, compared to its average volume of 1,244,004. The company has a quick ratio of 1.00, a current ratio of 1.02 and a debt-to-equity ratio of 0.37. The firm’s 50-day moving average is $161.96 and its 200 day moving average is $139.17. The stock has a market cap of $35.18 billion, a P/E ratio of 17.73, a PEG 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 firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 16th. Shareholders of record on Thursday, January 2nd were issued a dividend of $0.50 per share. The ex-dividend date of this dividend was Thursday, January 2nd. This is an increase from Raymond James’s previous quarterly dividend of $0.45. This represents a $2.00 annualized dividend and a yield of 1.16%. Raymond James’s payout ratio is currently 20.60%.

Insider Buying and Selling

In other news, insider Bella Loykhter Allaire sold 3,451 shares of Raymond James stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $165.62, for a total value of $571,554.62. Following the completion of the transaction, the insider now owns 80,421 shares in the company, valued at approximately $13,319,326.02. This trade represents a 4.11 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Tashtego S. Elwyn sold 10,000 shares of the company’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 sale, the insider now directly 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. Over the last quarter, insiders sold 64,621 shares of company stock worth $10,729,488. Insiders own 0.54% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on RJF shares. Jefferies Financial Group lifted their price target on shares of Raymond James from $123.00 to $126.00 and gave the company a “hold” rating in a report on Friday, October 4th. Wells Fargo & Company reduced their target price on Raymond James from $169.00 to $168.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 14th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $166.00 price objective (up from $151.00) on shares of Raymond James in a report on Tuesday, January 7th. TD Cowen lifted their price objective on Raymond James from $128.00 to $150.00 and gave the company a “hold” rating in a research note on Wednesday, October 30th. Finally, Bank of America increased their target price on shares of Raymond James from $136.00 to $152.00 and gave the stock a “buy” rating in a research 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 given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $156.09.

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.