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

Raymond James (NYSE:RJF)’s share price reached a new 52-week high on Wednesday . The company traded as high as $169.01 and last traded at $168.92, with a volume of 1230541 shares. The stock had previously closed at $167.05.

Analyst Ratings Changes

A number of research firms have weighed in on RJF. Wells Fargo & Company upped their target price on Raymond James from $140.00 to $152.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. TD Cowen upped their target price on Raymond James from $128.00 to $150.00 and gave the stock a “hold” rating in a report on Wednesday, October 30th. The Goldman Sachs Group upped their target price on Raymond James from $125.00 to $142.00 and gave the stock a “neutral” rating in a report on Thursday, October 24th. Morgan Stanley increased their price objective on Raymond James from $132.00 to $145.00 and gave the company an “equal weight” rating in a report on Tuesday, October 29th. Finally, JMP Securities increased their price objective on Raymond James from $146.00 to $150.00 and gave the company a “market outperform” rating in a report on Thursday, October 24th. Nine research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Raymond James has an average rating of “Hold” and a consensus price target of $140.91.

Raymond James Stock Up 1.1 %

The firm has a market capitalization of $34.79 billion, a price-to-earnings ratio of 17.40, a price-to-earnings-growth ratio of 0.96 and a beta of 0.99. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.02 and a quick ratio of 0.99. The business has a fifty day moving average price of $140.85 and a two-hundred day moving average price of $126.19.

Raymond James (NYSE:RJF) last posted its quarterly earnings results on Wednesday, October 23rd. The financial services provider reported $2.95 earnings per share (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 during the quarter, compared to analyst estimates of $3.32 billion. During the same period last year, the firm posted $2.13 EPS. Raymond James’s revenue for the quarter was up 13.4% compared to the same quarter last year. On average, equities analysts expect that Raymond James will post 10.83 earnings per share for the current year.

Institutional Investors Weigh In On Raymond James

Several hedge funds have recently added to or reduced their stakes in RJF. Wolff Wiese Magana LLC boosted its holdings in Raymond James by 3,960.0% in the third quarter. Wolff Wiese Magana LLC now owns 203 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 198 shares during the last quarter. Quarry LP purchased a new stake in Raymond James in the second quarter valued at $29,000. Future Financial Wealth Managment LLC purchased a new stake in Raymond James in the third quarter valued at $32,000. Gladius Capital Management LP purchased a new stake in Raymond James in the third quarter valued at $34,000. Finally, Peterson Financial Group Inc. purchased a new stake in Raymond James in the third quarter valued at $37,000. 83.83% of the stock is owned by hedge funds and other 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.