Raymond James (NYSE:RJF) Plans $0.42 Quarterly Dividend

Raymond James (NYSE:RJF – Get Rating) declared a quarterly dividend on Wednesday, May 24th, Wall Street Journal reports. Stockholders of record on Monday, July 3rd will be paid a dividend of 0.42 per share by the financial services provider on Monday, July 17th. This represents a $1.68 annualized dividend and a dividend yield of 1.82%. The ex-dividend date of this dividend is Friday, June 30th.

Raymond James has increased its dividend by an average of 15.8% per year over the last three years and has increased its dividend annually for the last 2 consecutive years. Raymond James has a dividend payout ratio of 17.3% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Raymond James to earn $9.79 per share next year, which means the company should continue to be able to cover its $1.68 annual dividend with an expected future payout ratio of 17.2%.

Raymond James Stock Performance

Shares of RJF opened at $92.47 on Friday. Raymond James has a 1 year low of $82.00 and a 1 year high of $126.00. The company has a market cap of $19.60 billion, a price-to-earnings ratio of 12.18 and a beta of 1.02. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.97 and a current ratio of 0.98. The firm has a fifty day moving average of $90.48 and a 200-day moving average of $104.29.

Raymond James (NYSE:RJF – Get Rating) last announced its quarterly earnings results on Wednesday, April 26th. The financial services provider reported $2.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.17 by ($0.14). Raymond James had a net margin of 14.01% and a return on equity of 18.43%. The firm had revenue of $2.87 billion for the quarter, compared to analyst estimates of $2.89 billion. During the same period last year, the firm posted $1.55 EPS. The business’s revenue was up 7.4% compared to the same quarter last year. As a group, equities analysts anticipate that Raymond James will post 8.99 earnings per share for the current year.

Institutional Investors Weigh In On Raymond James

Several hedge funds and other institutional investors have recently bought and sold shares of RJF. Covestor Ltd raised its position in Raymond James by 77.1% in the first quarter. Covestor Ltd now owns 317 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 138 shares in the last quarter. Clear Street Markets LLC raised its position in Raymond James by 95.9% in the first quarter. Clear Street Markets LLC now owns 382 shares of the financial services provider’s stock worth $36,000 after acquiring an additional 187 shares in the last quarter. Atlas Capital Advisors LLC acquired a new stake in Raymond James during the 2nd quarter worth about $49,000. Brown Brothers Harriman & Co. raised its holdings in Raymond James by 5,415.8% during the 1st quarter. Brown Brothers Harriman & Co. now owns 1,048 shares of the financial services provider’s stock worth $115,000 after buying an additional 1,029 shares during the period. Finally, Belpointe Asset Management LLC raised its holdings in Raymond James by 29.1% during the 1st quarter. Belpointe Asset Management LLC now owns 1,656 shares of the financial services provider’s stock worth $154,000 after buying an additional 373 shares during the period. 74.77% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on RJF shares. Credit Suisse Group cut their price objective on shares of Raymond James from $119.00 to $116.00 and set a “neutral” rating on the stock in a research note on Thursday, January 26th. Citigroup cut their price objective on shares of Raymond James from $130.00 to $100.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 11th. StockNews.com started coverage on shares of Raymond James in a research note on Thursday, May 18th. They set a “hold” rating on the stock. Finally, Morgan Stanley cut their price objective on shares of Raymond James from $121.00 to $114.00 and set an “overweight” rating on the stock in a research note on Thursday, April 20th. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $119.43.

Raymond James Company Profile

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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.