In a report released yesterday, Michael Brown from Wells Fargo maintained a Hold rating on Raymond James Financial (RJF – Research Report), with a price target of $155.00.
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Michael Brown has given his Hold rating due to a combination of factors influencing Raymond James Financial’s current market position. One key reason is the mixed performance in client cash and assets under administration. While there was a 3% increase in assets under administration, driven by higher equity market levels and net asset inflows, client cash balances saw a decline of 3% month-over-month. This decline in cash aligns with the strong market conditions and increased buying demand, which is a trend observed across the industry.
Additionally, the company’s investment banking pipeline is strong, but the timing of deal closings remains uncertain, adding a layer of unpredictability to future performance. Furthermore, the net loan balance showed only a marginal increase, which may not meet investor expectations. Overall, these factors suggest a stable but not overly optimistic outlook, leading to the Hold rating.
In another report released on June 9, Morgan Stanley also maintained a Hold rating on the stock with a $136.00 price target.
Based on the recent corporate insider activity of 69 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of RJF in relation to earlier this year.