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

Raymond James (NYSE:RJF - Get Free Report) had its target price reduced by Wells Fargo & Company from $176.00 to $143.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has an "equal weight" rating on the financial services provider's stock. Wells Fargo & Company's price objective would suggest a potential upside of 5.71% from the company's previous close.

Other equities analysts have also issued reports about the stock. UBS Group upgraded shares of Raymond James from a "hold" rating to a "strong-buy" rating in a research report on Monday, January 6th. StockNews.com cut Raymond James from a "buy" rating to a "hold" rating in a research note on Monday, February 10th. Citigroup lowered their price objective on shares of Raymond James from $180.00 to $150.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 2nd. Keefe, Bruyette & Woods raised their target price on shares of Raymond James from $170.00 to $177.00 and gave the stock a "market perform" rating in a research report on Thursday, January 30th. Finally, The Goldman Sachs Group reduced their target price on Raymond James from $198.00 to $173.00 and set a "buy" rating on the stock in a report on Thursday, April 3rd. Nine research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $160.27.

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Raymond James Stock Performance

Raymond James stock traded up $3.04 during midday trading on Tuesday, hitting $135.27. The stock had a trading volume of 2,090,230 shares, compared to its average volume of 1,291,966. The company has a market capitalization of $27.72 billion, a PE ratio of 13.20, a P/E/G ratio of 0.90 and a beta of 0.94. Raymond James has a 52-week low of $104.24 and a 52-week high of $174.32. The firm's fifty day moving average is $146.07 and its two-hundred day moving average is $151.13. The company has a current ratio of 1.03, a quick ratio of 1.01 and a debt-to-equity ratio of 0.35.

Raymond James (NYSE:RJF - Get Free Report) last released its earnings results on Wednesday, January 29th. The financial services provider reported $2.93 earnings per share for the quarter, topping analysts' consensus estimates of $2.62 by $0.31. Raymond James had a return on equity of 19.71% and a net margin of 14.06%. On average, research analysts forecast that Raymond James will post 11.17 EPS for the current year.

Hedge Funds Weigh In On Raymond James

A number of institutional investors have recently added to or reduced their stakes in RJF. Norges Bank bought a new stake in shares of Raymond James during the 4th quarter valued at $294,647,000. Raymond James Financial Inc. acquired a new position in shares of Raymond James in the 4th quarter worth approximately $105,701,000. GAMMA Investing LLC boosted its position in shares of Raymond James by 25,259.8% during the 1st quarter. GAMMA Investing LLC now owns 674,825 shares of the financial services provider's stock valued at $93,740,000 after purchasing an additional 672,164 shares in the last quarter. Select Equity Group L.P. acquired a new stake in shares of Raymond James during the 4th quarter worth approximately $81,611,000. Finally, JPMorgan Chase & Co. increased its stake in Raymond James by 12.0% in the third quarter. JPMorgan Chase & Co. now owns 4,544,610 shares of the financial services provider's stock valued at $556,533,000 after purchasing an additional 488,245 shares in the last quarter. 83.83% of the stock is currently owned by institutional investors and hedge funds.

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.