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Raymond James Financial, Inc. , with a market cap of $25 billion, operates in the financial services sector. The Saint Petersburg, Florida-based company offers investment banking, wealth management, asset management, and banking services to individuals, corporations, and municipalities across the U.S., Canada, and Europe.
Companies valued at $10 billion or more are generally considered "large-cap" stocks, and Raymond James Financial fits this criterion perfectly. Raymond James Financial is renowned for its client-focused approach, offering comprehensive financial services through a decentralized model that emphasizes personalized investment and wealth management strategies.
Despite an 8% decline from its 52-week high of $131.19 reached in April, Raymond James Financial's shares have increased 2.3% over the past three months but lagged behind the 7.3% rise seen in the broader Dow Jones Industrials Average ($DOWI) during the same period.
Longer term, RJF is up 8.2% on a YTD basis, lagging behind DOWI's 10.4% gains. Moreover, shares of RJF have surged 12.1% over the past 52 weeks, compared to DOWI’s 20.2% return over the same time frame.
However, since late August, RJF has shifted to a bullish pattern, trading above both its 50-day and 200-day moving averages.
Raymond James Financial has underperformed due to its exposure to headwinds in the commercial real estate sector and lower dividend yield compared to key competitors. However, the stock surged 5.2% following its Q3 earnings release on Jul. 24 due to a 27.3% increase in adjusted net income to $508 million or $2.39 per share, fueled by record revenue, client assets, and bank loans. Additionally, strong growth in investment banking revenue and net new assets in its private client group, along with robust recruiting activity, bolstered investor confidence.
The stock's rival, Morgan Stanley , has slightly outperformed RJF with a 12.9% increase over the past 52 weeks, but MS has lagged behind RJF YTD with a 7.1% gain.
Despite the stock's weak price action, analysts are moderately optimistic about its prospects. The stock has a consensus “Moderate Buy” rating overall from the 13 analysts covering the stock, and the mean price target of $129.54 suggests a premium of just 7.3% to current levels.
On the date of publication, Sohini Mondal 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.
Consumer stocks were edging higher pre-bell Wednesday as the Consumer Staples Select Sector SPDR Fund advanced by 0.1% and the Consumer Discretionary Select Sector SPDR Fund was up 0.2% recently.
General Mills shares declined by almost 3% after the company reported lower fiscal Q1 adjusted earnings and net sales.
Mondee Holdings shares were up about 2% after the company said it got a $15 million letter of credit from Morgan Stanley , which was a condition to extensions to its term loan and preferred equity.
Arko plans to sell its convenience store operations in a deal potentially valued at about $2 billion as a shift away from expansion due to slowing sales, Reuters reported, citing sources. Arko shares were up over 1% premarket.
DUBAI, Sept 18 (Reuters) - PJT Partners PJT.N, a boutique investment bank, has entered into an agreement to buy Dubai-based advisory firm deNovo Partners, which is led by ex-Morgan Stanley Banker May Nasrallah, deNovo said in a statement on Wednesday.
"This acquisition builds upon the highly successful strategic alliance PJT Partners and deNovo entered into in 2020," deNovo said without disclosing the value of the deal, which is expected to close next month.
Nasrallah will keep her existing leadership role in the Middle East and also become part of PJT's senior team.
Founded in 2010, deNovo has a team of over 20 professionals. Its clients include corporates, government-related entities, and investors.
(Reporting by Federico Maccioni, editing by Kirsten Donovan)
(( Federico.maccioni@thomsonreuters.com ; +971 527370852; ))
Keywords: DENOVO-M&A/PJT PARTNERS
For Immediate Releases
Chicago, IL – September 18, 2024 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Micron Technology, Inc. MU, Morgan Stanley MS and NVIDIA Corporation NVDA.
Here are highlights from Wednesday’s Analyst Blog:
Death Cross for MU Stock: Time to Buy Micron Based on Fundamentals?
One of the leading providers of semiconductor memory solutions, Micron Technology, Inc., recently flashed a bearish chart pattern after an eminent investment bank cut off its price target. So, what’s next for Micron investors? Shall they sell the stock or have faith in Micron’s fundamentals and hang on to it? Let’s see –
Micron Stock Is Falling; Death Cross Pattern Appears
Micron’s shares and an array of other semiconductor stocks took a beating on Monday. The Micron stock slumped 4.4% and a death cross chart pattern appeared. The short-term 50-day moving average (DMA) went below the long-term 200-DMA, indicating an imminent downtrend.
Micron’s stock closed at $87.18 yesterday, while the 50-DMA was $104 below the 200-DMA at $104.75. For the Micron stock, such a death cross pattern happened for the first time since April 28, 2022.
Bearish bets have increased on the Micron stock, with analysts at Morgan Stanley slashing the price target as they remain pessimistic about the computer memory maker’s earnings growth in the coming quarters. Morgan Stanley said the Micron stock was $140 a share. But now they expect the shares to be as little as $100.
Will Micron Stock Turn Around?
Micron is known to be a cyclical stock, so naturally, the stock would face volatility along with the economy. However, the long term bodes well for the Micron stock mostly because of the boom in artificial intelligence (AI). After all, AI needs data centers that require a lot of memory, and Micron is a memory specialist.
In AI graphic cards, Micron’s high-bandwidth memory chips (HBM) are used by tech behemoths like NVIDIA Corporation. The AI industry is expected to grow beyond $184 billion in the current year and surpass $826 billion by 2030, according to Statista.
Management is optimistic about Micron’s HBM chips, and they are expecting the HBM market to notch $86 billion in revenues by 2030 from a meager $1.8 billion last year, a CAGR of 68%.
Management also confirmed that the company has already utilized its full production capacity to fulfill the ever-growing demand for HBM chips. Interestingly, Morgan Stanley analysts still believe that strong demand by AI companies for HBM chips will boost Micron’s bottom line.
What Fundamentals Say About MU Stock?
Micron is a cash-rich company. This helps the company get involved in tactical acquisitions and other growth initiatives that enhance shareholders’ wealth. The company’s cash and investments came in at a solid $9.2 billion in the fiscal third quarter of 2024.
Micron’s revenues are also expected to improve since the demand for DRAM memory is widely projected to be soon at an all-time high. As a result, the $1.20 Zacks Consensus Estimate for MU’s earnings per share is up 160.3% yearly.
Buy, Hold or Sell MU Stock?
Based on a strong cash balance, and an increase in demand for HBM chips, it’s just a matter of time before the Micron stock would bounce back. Moreover, the Micron stock is less pricey than its peers, encouraging one to buy the dip without burning a hole in the pocket. Per the price/earnings ratio, MU trades at 9.3X forward earnings, while the Semiconductor Memory industry’s forward earnings multiple is 10.4X.
However, if a death cross is playing on your mind, and has apprehensions about Micron stock’s present performance, it’s prudent to wait for an opportune moment to buy the stock. Those who have already bought it, don’t panic, investment in Micron would be beneficial in the long run. Micron has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
Zacks Investment Research
The iShares U.S. Broker-Dealers & Securities Exchanges ETF (IAI) was launched on 05/01/2006, and is a passively managed exchange traded fund designed to offer broad exposure to the Financials - Brokers/ Capital markets segment of the equity market.
An increasingly popular option among retail and institutional investors, passively managed ETFs offer low costs, transparency, flexibility, and tax efficiency; they are also excellent vehicles for long term investors.
Sector ETFs are also funds of convenience, offering many ways to gain low risk and diversified exposure to a broad group of companies in particular sectors. Financials - Brokers/ Capital markets is one of the 16 broad Zacks sectors within the Zacks Industry classification. It is currently ranked 3, placing it in top 19%.
Index Details
The fund is sponsored by Blackrock. It has amassed assets over $1.40 billion, making it one of the larger ETFs attempting to match the performance of the Financials - Brokers/ Capital markets segment of the equity market. IAI seeks to match the performance of the Dow Jones U.S. Select Investment Services Index before fees and expenses.
The Dow Jones U.S. Select Investment Services Index measures the performance of the investment services sector of the U.S. equity market.
Costs
Investors should also pay attention to an ETF's expense ratio. Lower cost products will produce better results than those with a higher cost, assuming all other metrics remain the same.
Annual operating expenses for this ETF are 0.40%, making it on par with most peer products in the space.
It has a 12-month trailing dividend yield of 1.37%.
Sector Exposure and Top Holdings
ETFs offer a diversified exposure and thus minimize single stock risk but it is still important to delve into a fund's holdings before investing. Most ETFs are very transparent products and many disclose their holdings on a daily basis.
This ETF has heaviest allocation in the Financials sector--about 100% of the portfolio.
Looking at individual holdings, S&p Global Inc (SPGI) accounts for about 14.83% of total assets, followed by Goldman Sachs Group Inc (GS) and Morgan Stanley (MS).
The top 10 holdings account for about 71.83% of total assets under management.
Performance and Risk
Year-to-date, the iShares U.S. Broker-Dealers & Securities Exchanges ETF has added roughly 17.37% so far, and is up about 33.01% over the last 12 months (as of 09/18/2024). IAI has traded between $85.18 and $127.73 in this past 52-week period.
The ETF has a beta of 1.12 and standard deviation of 20.68% for the trailing three-year period, making it a high risk choice in the space. With about 38 holdings, it has more concentrated exposure than peers.
Alternatives
IShares U.S. Broker-Dealers & Securities Exchanges ETF sports a Zacks ETF Rank of 4 (Sell), which is based on expected asset class return, expense ratio, and momentum, among other factors. IAI, then, is not a suitable option for investors seeking exposure to the Financials ETFs segment of the market. However, there are better ETFs in the space to consider.
SPDR S&P Capital Markets ETF (KCE) tracks S&P Capital Markets Select Industry Index. The fund has $478.48 million in assets. KCE has an expense ratio of 0.35%.
Bottom Line
To learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center.
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