Raymond James (NYSE:RJF) declared a quarterly dividend on Wednesday, May 20th, Zacks reports. Stockholders of record on Wednesday, July 1st will be paid a dividend of 0.37 per share by the financial services provider on Wednesday, July 15th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.23%. The ex-dividend date is Tuesday, June 30th.
Raymond James has increased its dividend payment by an average of 1,265.8% per year over the last three years and has increased its dividend every year for the last 7 years. Raymond James has a payout ratio of 28.8% meaning its dividend is sufficiently covered by earnings. Research analysts expect Raymond James to earn $6.25 per share next year, which means the company should continue to be able to cover its $1.48 annual dividend with an expected future payout ratio of 23.7%.
Shares of RJF stock opened at $66.40 on Monday. Raymond James has a 1 year low of $54.21 and a 1 year high of $102.45. The firm’s 50 day moving average is $69.84 and its 200-day moving average is $78.30. The firm has a market capitalization of $9.10 billion, a price-to-earnings ratio of 9.84 and a beta of 1.37. The company has a current ratio of 1.06, a quick ratio of 1.05 and a debt-to-equity ratio of 0.49.
Raymond James (NYSE:RJF) last announced its quarterly earnings data on Wednesday, April 29th. The financial services provider reported $1.20 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.46 by ($0.26). Raymond James had a net margin of 11.64% and a return on equity of 14.55%. The business had revenue of $2.07 billion during the quarter, compared to analyst estimates of $2.01 billion. During the same quarter in the prior year, the company earned $1.81 earnings per share. The company’s quarterly revenue was up 11.2% on a year-over-year basis. On average, equities research analysts forecast that Raymond James will post 4.6 earnings per share for the current fiscal year.
In related news, EVP Jonathan N. Santelli sold 1,250 shares of the firm’s stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $81.33, for a total transaction of $101,662.50. Following the transaction, the executive vice president now directly owns 2,503 shares of the company’s stock, valued at $203,568.99. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, President John C. Jr. Carson sold 10,000 shares of the firm’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $82.53, for a total transaction of $825,300.00. Following the transaction, the president now directly owns 46,224 shares in the company, valued at $3,814,866.72. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,400 shares of company stock valued at $1,673,420. 10.82% of the stock is currently owned by corporate insiders.
Several equities research analysts have recently issued reports on RJF shares. Morgan Stanley raised shares of Raymond James from an “equal weight” rating to an “overweight” rating in a research report on Tuesday, June 9th. Credit Suisse Group increased their price objective on shares of Raymond James from $72.00 to $75.00 and gave the stock a “neutral” rating in a research report on Friday, May 1st. Wells Fargo & Co downgraded shares of Raymond James from an “equal weight” rating to an “underweight” rating and set a $61.00 price objective for the company. in a research report on Monday, May 18th. Citigroup upgraded shares of Raymond James from a “sell” rating to a “neutral” rating and reduced their target price for the stock from $71.00 to $60.00 in a report on Wednesday, March 25th. Finally, JMP Securities reduced their target price on shares of Raymond James from $106.00 to $84.00 and set a “market outperform” rating for the company in a report on Thursday, April 9th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. Raymond James currently has an average rating of “Hold” and an average price target of $69.33.
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.
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