Raymond James Financial, on Dec.22, reported that its client assets in November increased 13% to $993.3 billion year-on-year, primarily driven by activity in equity markets. The company’s financial assets under management grew by 10% to $163.8 billion for the period.
“The investment banking pipeline remains healthy and institutional fixed income activity continues to be strong.” said Raymond James Financial (RJF) CEO Paul Reilly.
Net loans at Raymond James Bank rose by 3% to $21.6 billion. The clients’ domestic cash sweep balance rose by 58% to $58.8 billion.
On Dec. 16, JMP Securities analyst Devin Ryan reiterated a Buy rating to on RJF stock and raised the price target from $92 to $106.
Ryan said the “constructive” market backdrop should yield a “strong quarter” among the majority of his capital markets stocks, while he also sees momentum heading into 2021. (See RJF stock analysis on TipRanks)
From the rest of the Street, the stock scores a cautiously optimistic analyst consensus of a Moderate Buy based on 3 Buys and 2 Holds. The average analyst price target of $105.60 implies upside potential of close to 13% at current levels.
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