Fintel reports that on January 10, 2024, JP Morgan upgraded their outlook for Raymond James Financial (NYSE:RJF) from Neutral to Overweight .
Analyst Price Forecast Suggests 3.91% Upside
As of December 16, 2023, the average one-year price target for Raymond James Financial is 115.06. The forecasts range from a low of 101.00 to a high of $131.25. The average price target represents an increase of 3.91% from its latest reported closing price of 110.73.
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The projected annual revenue for Raymond James Financial is 13,198MM, an increase of 14.67%. The projected annual non-GAAP EPS is 10.84.
Raymond James Financial Declares $0.45 Dividend
On November 30, 2023 the company declared a regular quarterly dividend of $0.45 per share ($1.80 annualized). Shareholders of record as of January 2, 2024 will receive the payment on January 16, 2024. Previously, the company paid $0.42 per share.
At the current share price of $110.73 / share, the stock's dividend yield is 1.63%.
Looking back five years and taking a sample every week, the average dividend yield has been 1.56%, the lowest has been 0.78%, and the highest has been 2.69%. The standard deviation of yields is 0.32 (n=234).
The current dividend yield is 0.20 standard deviations above the historical average.
Additionally, the company's dividend payout ratio is 0.22. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 0.73%, demonstrating that it has increased its dividend over time.
What is the Fund Sentiment?
There are 1376 funds or institutions reporting positions in Raymond James Financial. This is an increase of 22 owner(s) or 1.62% in the last quarter. Average portfolio weight of all funds dedicated to RJF is 0.27%, a decrease of 1.76%. Total shares owned by institutions decreased in the last three months by 1.18% to 178,239K shares. 
The put/call ratio of RJF is 0.53, indicating a bullish outlook.
What are Other Shareholders Doing?
Primecap Management holds 12,569K shares representing 6.03% ownership of the company. In it's prior filing, the firm reported owning 12,702K shares, representing a decrease of 1.05%. The firm decreased its portfolio allocation in RJF by 3.25% over the last quarter.
Wellington Management Group Llp holds 11,570K shares representing 5.55% ownership of the company. In it's prior filing, the firm reported owning 11,324K shares, representing an increase of 2.13%. The firm increased its portfolio allocation in RJF by 4.61% over the last quarter.
Jpmorgan Chase holds 6,734K shares representing 3.23% ownership of the company. In it's prior filing, the firm reported owning 7,585K shares, representing a decrease of 12.64%. The firm decreased its portfolio allocation in RJF by 88.81% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 5,857K shares representing 2.81% ownership of the company. In it's prior filing, the firm reported owning 5,963K shares, representing a decrease of 1.81%. The firm decreased its portfolio allocation in RJF by 1.33% over the last quarter.
VEIPX - Vanguard Equity Income Fund Investor Shares holds 5,333K shares representing 2.56% ownership of the company. In it's prior filing, the firm reported owning 5,322K shares, representing an increase of 0.21%. The firm increased its portfolio allocation in RJF by 1.35% over the last quarter.
Raymond James Financial Background Information
(This description is provided by the company.)
Raymond James Financial, Inc. is a leading diversified financial services company providing private client group, capital markets, asset management, banking and other services to individuals, corporations and municipalities. The company has approximately 8,200 financial advisors. Total client assets are $923 billion. Public since 1983, the firm is headquartered in St. Petersburg, Florida.
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