T. Rowe Price Associates, Inc. (I. recently announced the acquisition of new stake in Raymond James Financial Inc. (NYSE:RJF). The institutional investor has increased its shareholding in the Financial company by 115.55% to 5.19 million shares with purchase of 2.78 million shares. This fresh investment now brings its stake to 3.79% valued currently at $359.65 million. In addition, PRIMECAP Management Co. raised its holdings by 1.26 million to 4.39 million shares. And Fidelity Management & Research Co. has lifted its position by 36.03% or 1.06 million shares – to 4.02 million shares.
With over 0.57 million Raymond James Financial Inc. (RJF) shares trading Tuesday and a closing price of $67.02 on the day, the dollar volume was approximately $38.36 million. The shares have shown a negative weekly performance of -2.02% and its price on 07/07/20 lost nearly -3.14%. Currently, there are 138.40M common shares owned by the public and among those 122.14M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 10 analysts who have offered their price forecasts for RJF have a consensus price objective of $72.38. The analysts have set the share’s price value over the next 12 months at a high of $95.00 and a low of $61.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Raymond James Financial Inc. stock is 2.80 for the next 12 months. The average price target is 7.41% above its last price level and an upside to the estimated low will see the stock lose -9.87% over that period. But an upside of 29.45% will see the stock hit the forecast high price target while mean target price for the stock is $69.00.
Insiders at the company have transacted a total of 189 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 96 of these insider trades were purchases, accounting for 303,513 shares. Insider sales of the common stock occurred on 93 occasions, with total insider shares sold totaling 280,558 shares.
The top 3 mutual fund holders in Raymond James Financial Inc. are Vanguard Windsor Funds – Vanguard, Vanguard Total Stock Market Index, and BlackRock Equity Dividend Fund. Vanguard Windsor Funds – Vanguard owns 3.45 million shares of the company’s stock, all valued at over $239.36 million. The company bought an additional 0.12 million shares recently to bring their total holdings to about 2.52% of the shares outstanding. Vanguard Total Stock Market Index sold -0.16 million shares to see its total holdings shrink to 3.15 million shares valued at over $218.07 million and representing 2.30% of the shares outstanding. BlackRock Equity Dividend Fund bought 73590.0 shares to bring its total holdings to over 2.9 million shares at a value of $200.79 million. BlackRock Equity Dividend Fund now owns shares totaling to 2.12% of the shares outstanding.
Shares of Raymond James Financial Inc. (NYSE: RJF) opened at $68.40, down -$0.79 from a prior closing price of $69.19. However, the script later closed the day at $67.02, down -3.14%. The company’s stock has a 5-day price change of -2.02% and 4.38% over the past three months. RJF shares are trading -25.08% year to date (YTD), with the 12-month market performance down to -19.89% lower. It has a 12-month low price of $54.21 and touched a high of $102.45 over the same period. Currently, 0.57 million shares have been traded, compared to an average intraday trading volume of 1.09 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -6.61%, -2.92%, and -15.81% respectively.
Institutional ownership of Raymond James Financial Inc. (NYSE: RJF) shares accounts for 75.50% of the company’s 138.40M shares outstanding. Mutual fund holders own 31.59%, while other institutional holders and individual stakeholders account for 44.16% and 12.47% respectively.
It has a market capitalization of $9.13B and a beta (3y monthly) value of 1.38. The stock’s trailing 12-month PE ratio is 9.93, while the earnings-per-share (ttm) stands at $6.75. The company has a debt-to-equity ratio of 4.88. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.25% over the week and 4.29% over the month.
Analysts forecast that Raymond James Financial Inc. (RJF) will achieve an EPS of $0.92 for the current quarter, $1.07 for the next quarter and $5.36 for 2021. The lowest estimate earnings-per-share for the quarter is $0.57 while analysts give the company a high EPS estimate of $1.23. Comparatively, EPS for the current quarter was $1.8 a year ago. Earnings per share for the fiscal year are expected to increase by 11.00%, and 7.59% over the next financial year. EPS should shrink at an annualized rate of -6.07% over the next five years, compared to 16.60% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 10 brokerage firm advisors rate Raymond James Financial Inc. (RJF) as a “Moderate Buy” at a consensus score of 2.80. Specifically, 3 Wall Street analysts polled rate the stock as a buy, while 4 of the 10 advise that investors “hold,” and 2 rated it as a “Sell.”
Looking at the support for the RJF, a number of firms have released research notes about the stock. Morgan Stanley stated their Overweight rating for the stock in a research note on June 09, 2020. Wells Fargo coverage for the Raymond James Financial Inc. (RJF) stock in a research note released on May 18, 2020 offered a Underweight rating with a price target of $61. Compass Point was of a view on May 01, 2020 that the stock is Neutral, while Citigroup gave the stock Neutral rating on March 25, 2020, issuing a price target of $71- $60. Wolfe Research on their part issued Peer Perform rating on March 25, 2020.