Raymond James (NYSE:RJF) Given New $168.00 Price Target at Wells Fargo & Company

Raymond James (NYSE:RJF - Free Report) had its price target decreased by Wells Fargo & Company from $169.00 to $168.00 in a research report sent to investors on Tuesday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the financial services provider's stock.

A number of other equities research analysts also recently weighed in on the company. JPMorgan Chase & Co. restated a "neutral" rating and set a $166.00 target price (up previously from $151.00) on shares of Raymond James in a research report on Tuesday, January 7th. The Goldman Sachs Group upgraded shares of Raymond James from a "neutral" rating to a "buy" rating and upped their target price for the company from $161.00 to $185.00 in a research report on Monday, January 6th. Morgan Stanley raised their target price on shares of Raymond James from $132.00 to $145.00 and gave the company an "equal weight" rating in a research note on Tuesday, October 29th. TD Cowen boosted their price target on shares of Raymond James from $128.00 to $150.00 and gave the stock a "hold" rating in a research note on Wednesday, October 30th. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Raymond James from $143.00 to $170.00 and gave the company a "market perform" rating in a research note on Friday, December 20th. Nine investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $156.09.

Raymond James Price Performance

NYSE:RJF traded up $2.68 during mid-day trading on Tuesday, reaching $156.89. 891,859 shares of the company were exchanged, compared to its average volume of 996,270. 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 stock has a market cap of $32.06 billion, a PE ratio of 16.16, a PEG ratio of 0.91 and a beta of 1.02. Raymond James has a 12 month low of $104.24 and a 12 month high of $171.38. The company has a fifty day moving average of $160.21 and a 200 day moving average of $135.54.

Raymond James (NYSE:RJF - Get Free Report) last released its quarterly earnings results on Wednesday, October 23rd. The financial services provider reported $2.95 EPS for the quarter, beating the consensus estimate of $2.41 by $0.54. Raymond James had a net margin of 13.86% and a return on equity of 19.30%. The business had revenue of $3.46 billion for the quarter, compared to analysts' expectations of $3.32 billion. During the same period in the prior year, the firm earned $2.13 earnings per share. Raymond James's revenue was up 13.4% compared to the same quarter last year. On average, research analysts anticipate that Raymond James will post 10.85 EPS for the current fiscal year.

Raymond James Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 16th. Shareholders of record on Thursday, January 2nd will be issued a dividend of $0.50 per share. The ex-dividend date of this dividend is Thursday, January 2nd. This is a positive change from Raymond James's previous quarterly dividend of $0.45. This represents a $2.00 annualized dividend and a yield of 1.27%. Raymond James's payout ratio is currently 20.60%.

Insider Buying and Selling at Raymond James

In related news, insider Bella Loykhter Allaire sold 1,170 shares of the business's stock in a transaction on Friday, November 29th. The shares were sold at an average price of $169.43, for a total value of $198,233.10. Following the sale, the insider now directly owns 80,421 shares of the company's stock, valued at approximately $13,625,730.03. The trade was a 1.43 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Tashtego S. Elwyn sold 10,000 shares of the company's stock in a transaction on Friday, December 13th. The stock was sold at an average price of $159.47, for a total transaction of $1,594,700.00. Following the completion of the transaction, the insider now directly owns 32,688 shares of the company's stock, valued at approximately $5,212,755.36. The trade was a 23.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 64,621 shares of company stock valued at $10,729,488. Company insiders own 9.74% of the company's stock.

Hedge Funds Weigh In On Raymond James

Several hedge funds have recently made changes to their positions in the business. Wolff Wiese Magana LLC lifted its position in Raymond James by 3,960.0% during the 3rd quarter. Wolff Wiese Magana LLC now owns 203 shares of the financial services provider's stock worth $25,000 after buying an additional 198 shares in the last quarter. Quarry LP acquired a new stake in shares of Raymond James in the 2nd quarter valued at approximately $29,000. Future Financial Wealth Managment LLC bought a new position in shares of Raymond James in the 3rd quarter valued at about $32,000. Gladius Capital Management LP acquired a new position in shares of Raymond James during the 3rd quarter worth about $34,000. Finally, Peterson Financial Group Inc. bought a new stake in shares of Raymond James in the 3rd quarter valued at about $37,000. 83.83% of the stock is 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.