FY2024 EPS Estimates for Raymond James Reduced by Analyst (NYSE:RJF)

by · The Markets Daily

Raymond James (NYSE:RJF – Free Report) – Equities researchers at Seaport Res Ptn lowered their FY2024 EPS estimates for Raymond James in a report issued on Thursday, October 3rd. Seaport Res Ptn analyst J. Mitchell now forecasts that the financial services provider will earn $9.53 per share for the year, down from their prior estimate of $9.55. The consensus estimate for Raymond James’ current full-year earnings is $9.58 per share. Seaport Res Ptn also issued estimates for Raymond James’ Q1 2025 earnings at $2.65 EPS and Q3 2025 earnings at $2.42 EPS.

Raymond James (NYSE:RJF – Get Free Report) last announced its quarterly earnings data on Wednesday, July 24th. The financial services provider reported $2.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.31 by $0.08. The firm had revenue of $3.23 billion during the quarter, compared to the consensus estimate of $3.24 billion. Raymond James had a return on equity of 18.44% and a net margin of 13.16%. The business’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same period in the prior year, the business earned $1.85 EPS.

A number of other brokerages have also commented on RJF. Wells Fargo & Company started coverage on Raymond James in a report on Thursday, September 12th. They set an “overweight” rating and a $138.00 price target for the company. TD Cowen increased their target price on Raymond James from $130.00 to $133.00 and gave the stock a “hold” rating in a report on Monday, July 8th. JPMorgan Chase & Co. lowered their price objective on Raymond James from $137.00 to $135.00 and set an “overweight” rating for the company in a research report on Thursday, July 25th. Wolfe Research reissued a “peer perform” rating on shares of Raymond James in a research note on Monday, July 8th. Finally, The Goldman Sachs Group dropped their price objective on Raymond James from $127.00 to $125.00 and set a “neutral” rating on the stock in a research note on Thursday, September 26th. Ten research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, Raymond James presently has an average rating of “Hold” and an average price target of $131.90.

Read Our Latest Research Report on Raymond James

Raymond James Price Performance

Shares of NYSE:RJF opened at $124.92 on Monday. The stock has a market capitalization of $25.89 billion, a P/E ratio of 15.11, a P/E/G ratio of 0.79 and a beta of 1.02. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.02 and a quick ratio of 0.99. The business has a 50-day moving average of $117.86 and a two-hundred day moving average of $120.57. Raymond James has a fifty-two week low of $91.67 and a fifty-two week high of $131.19.

Raymond James Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st will be issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.44%. The ex-dividend date of this dividend is Tuesday, October 1st. Raymond James’s dividend payout ratio is currently 21.77%.

Insider Activity at Raymond James

In other news, CEO Tashtego S. Elwyn sold 31,277 shares of the business’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $109.64, for a total transaction of $3,429,210.28. Following the completion of the sale, the chief executive officer now directly owns 35,380 shares of the company’s stock, valued at $3,879,063.20. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Raymond James news, EVP Bella Loykhter Allaire sold 17,363 shares of the business’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $115.00, for a total value of $1,996,745.00. Following the transaction, the executive vice president now owns 75,586 shares of the company’s stock, valued at approximately $8,692,390. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Tashtego S. Elwyn sold 31,277 shares of the business’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $109.64, for a total transaction of $3,429,210.28. Following the completion of the transaction, the chief executive officer now directly owns 35,380 shares in the company, valued at $3,879,063.20. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 9.74% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Raymond James

Several institutional investors have recently bought and sold shares of the company. Private Advisor Group LLC lifted its stake in shares of Raymond James by 3.6% during the 1st quarter. Private Advisor Group LLC now owns 2,682 shares of the financial services provider’s stock valued at $344,000 after buying an additional 93 shares in the last quarter. Gilliland Jeter Wealth Management LLC lifted its stake in shares of Raymond James by 1.6% in the 2nd quarter. Gilliland Jeter Wealth Management LLC now owns 6,237 shares of the financial services provider’s stock valued at $771,000 after acquiring an additional 96 shares during the last quarter. Oarsman Capital Inc. grew its position in Raymond James by 0.9% during the 4th quarter. Oarsman Capital Inc. now owns 10,760 shares of the financial services provider’s stock worth $1,200,000 after acquiring an additional 99 shares during the last quarter. Covestor Ltd lifted its position in Raymond James by 77.0% in the first quarter. Covestor Ltd now owns 239 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 104 shares during the last quarter. Finally, Retirement Systems of Alabama increased its stake in shares of Raymond James by 0.3% in the first quarter. Retirement Systems of Alabama now owns 41,523 shares of the financial services provider’s stock worth $5,332,000 after buying an additional 107 shares during the period. Hedge funds and other institutional investors own 83.83% of the company’s stock.

About Raymond James

(Get Free Report)

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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