/Raymond%20James%20Financial%2C%20Inc_%20location-by%20Jonathan%20Weiss%20via%20Shutterstock.jpg)
Florida-based Raymond James Financial, Inc. (RJF) is a diversified financial company offering a range of services through its broker-dealer subsidiaries, including underwriting, trading, brokerage of equity and debt securities, and the sale of mutual funds and other investment products. Its market cap currently stands at $25 billion. RJF is scheduled to release its fiscal 2024 Q3 earnings results on Wednesday, Jul. 24.
Ahead of the event, analysts expect Raymond James to report a profit of $2.30 per share, up 24.3% from $1.85 per share in the year-ago quarter. The company has failed to exceed Wall Street’s EPS estimates in three of the last four quarters while beating on one occasion.
Raymond James’ EPS of $2.31 for the last reported quarter rose 13.8% year over year but failed to beat the consensus estimate marginally despite higher asset management and related administrative fees for the quarter.
Looking ahead, analysts expect Raymond James to report an EPS of $9.55 in fiscal 2024, up 15.1% from $8.30 in fiscal year 2023. Moreover, its fiscal 2025 EPS is projected to rise 7.1% annually to $10.23.
Over the past 52 weeks, RJF stock has soared 14.8%, trailing behind the broader S&P 500 Index's ($SPX) 25.8% gains and the S&P 500 Financials Sector SPDR’s (XLF) 23.7% returns during the same period.
Adding to the lackluster price performance, RJF stock dropped 4.4% in the subsequent trading session after rising marginally on Apr. 24 following the release of the Q2 earnings report. The company missed its top-line but surpassed bottom-line consensus estimates.
Moreover, a significant rebound in global mergers and acquisitions (M&A) activity bolstered its capital markets business. Additionally, favorable market conditions, including expectations of potential interest rate cuts and a rally in equity markets, further supported financial activities.
The current consensus opinion on Raymond James stock is “Moderate Buy” overall. Out of 12 analysts covering the stock, three suggest a “Strong Buy,” and the remaining nine analysts advise a “Hold.”
The average analyst price target for Raymond James is $131, indicating a potential upside of 8.5% from the current price levels.
On the date of publication, Kritika Sarmah did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
