Raymond James Upgraded to Neutral at Zacks (RJF)
Raymond James (NYSE:RJF) was upgraded by Zacks from an “underperform” rating to a “neutral” rating in a report issued on Monday, Analyst Ratings News reports. The firm currently has a $43.00 price target on the stock. Zacks‘ price target indicates a potential upside of 6.09% from the company’s current price.
Zacks‘ analyst wrote, “We are upgrading our long-term recommendation on Raymond James to Neutral based on its steady balance sheet position which supports its efficient capital deployment activities. Moreover, the company’s fiscal third-quarter (ended Jun 30) earnings were in line with the Zacks Consensus Estimate but a penny above the prior-year quarter figure. Results were driven by a rise in revenues, partially offset by higher operating expenses. Moreover, growth in assets under management (AUM) and assets under administration were among the positives. The company’s capital strength, efforts to boost revenues by recruiting experienced advisors, and synergies from its acquisitions are expected to be accretive to its financials going forward. Nevertheless, a still low interest rate environment, regulatory issues, and sluggish economic recovery are expected to keep profitability under pressure in the near term.”
Shares of Raymond James (NYSE:RJF) traded down 1.24% during mid-day trading on Monday, hitting $40.53. The stock had a trading volume of 743,859 shares. Raymond James has a one year low of $36.34 and a one year high of $48.22. The stock’s 50-day moving average is $42.36 and its 200-day moving average is $43.3. The company has a market cap of $5.601 billion and a price-to-earnings ratio of 17.39.
Raymond James (NYSE:RJF) last posted its quarterly earnings results on Wednesday, July 24th. The company reported $0.65 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.67 by $0.02. The company had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.11 billion. During the same quarter in the prior year, the company posted $0.64 earnings per share. The company’s quarterly revenue was up 2.1% on a year-over-year basis.
The company also recently declared a quarterly dividend, which is scheduled for Tuesday, October 15th. Shareholders of record on Tuesday, October 1st will be given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 1.38%. The ex-dividend date of this dividend is Friday, September 27th.
Several other analysts have also recently commented on the stock. Analysts at Susquehanna raised their price target on shares of Raymond James from $39.00 to $41.00 in a research note to investors on Wednesday, September 18th. They now have a “neutral” rating on the stock. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $45.00.
Raymond James Financial, Inc (NYSE:RJF) is a financial services holding company.
To view Zacks’ full report, visit www.zacks.com
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.