Raymond James Net Worth
Raymond James Net Worth Breakdown | RJF |
Raymond James Net Worth Analysis
Raymond James' net worth analysis, or its valuation, is the process of determining the total value of the company. This involves assessing a range of factors, including Raymond James' financial performance, assets, liabilities, and potential for growth. The ultimate goal is to provide a clear understanding of Raymond James' overall worth, which can help investors make informed investment decisions. There are several methods that can be used to perform Raymond James' net worth analysis. One common approach is to calculate Raymond James' market capitalization.Another approach is to use the price-to-earnings ratio (P/E ratio), which compares Raymond James' stock price to its earnings per share (EPS). Discounted cash flow (DCF) analysis is another popular method for assessing Raymond James' net worth. This approach calculates the present value of Raymond James' future cash flows, taking into account factors such as growth rate, profitability, and risk. By comparing the present value of Raymond James' cash flows to its current stock price, investors can gain a better understanding of the company's overall value. Finally, investors may use comparable company analysis to evaluate Raymond James' net worth. This involves comparing Raymond James' financial metrics to similar companies in the same industry. By identifying companies with similar financial characteristics, investors can gain insight into Raymond James' net worth relative to its peers.
Enterprise Value |
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To determine if Raymond James is a good investment, evaluating the company's potential for future growth is also very important. This may include expanding into new markets, launching new products or services, or improving operational efficiency. Companies with strong growth prospects can be more attractive investments. This aspect of the research should be conducted in the context of the overall market and industry in which the company operates and should include an analysis of growth potential, competitive landscape, and any regulatory or economic factors that could impact the business. Some of the essential points regarding Raymond James' net worth research are outlined below:
| Over 78.0% of the company shares are owned by institutional investors | |
| On 16th of January 2025 Raymond James paid $ 0.5 per share dividend to its current shareholders | |
| Latest headline from zacks.com: Heres Why Raymond James Financial, Inc. is a Great Momentum Stock to Buy |
Raymond James Quarterly Good Will |
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Raymond James uses earnings reports to provide investors with an update of all three financial statements, including the income statement, the balance sheet, and the cash flow statement. Therefore, it is also crucial when considering investing in Raymond James Financial. Every quarterly earnings report provides investors with an overview of sales, expenses, and net income for the most recent period. It also may provide a comparison to Raymond James' previous reporting period. The quarterly earnings reports are usually disseminated to the public via Form 10-Q, which is a legal document filed with the Securities and Exchange Commission every quarter.
| 24th of April 2024 Upcoming Quarterly Report | View | |
| 24th of July 2024 Next Financial Report | View | |
| 31st of March 2024 Next Fiscal Quarter End | View | |
| 23rd of October 2024 Next Fiscal Year End | View | |
| 31st of December 2023 Last Quarter Report | View | |
| 30th of September 2023 Last Financial Announcement | View |
Raymond James Target Price Consensus
Raymond target price is determined by taking all analyst projections and averaging them out. There is no one specific way to measure analysts' performance other than comparing it to past results via a very sophisticated attribution analysis. Raymond James' target price projections below should be used in combination with other traditional price prediction techniques such as stock price forecasting, investor sentiment analysis, technical analysis, earnings estimate, and various momentum models.
| 16 | Buy |
Most Raymond analysts issue ratings four times a year, at intervals of three months. Ratings are usually accompanied by a target price to help potential investors understand Raymond stock's fair price compared to its market value. Analysts arrive at stock ratings after researching the public financial statements of Raymond James Financial, talking to its executives and customers, or listening to those companies' conference calls.
Macroaxis Advice Exposure ValuationRaymond James Target Price Projection
Raymond James' current and average target prices are 170.16 and 165.29, respectively. The current price of Raymond James is the price at which Raymond James Financial is currently trading. On the other hand, Raymond James' target price is what analysts think the stock is worth or could sell for in the future. The more significant the discrepancy between the two prices, the more it stimulates investors to act.Current Price
Raymond James Market Quote on 22nd of January 2025
Target Price
Analyst Consensus On Raymond James Target Price
Know Raymond James' Top Institutional Investors
Have you ever been surprised when a price of an equity instrument such as Raymond James is soaring high without any particular reason? This is usually happening because many institutional investors are aggressively trading Raymond James Financial backward and forwards among themselves. Raymond James' institutional investor refers to the entity that pools money to purchase Raymond James' securities or originate loans. Institutional investors include commercial and private banks, credit unions, insurance companies, pension funds, hedge funds, endowments, and mutual funds. Operating companies that invest excess capital in these types of assets may also be included in the term and may influence corporate governance by exercising voting rights in their investments.
| Shares | Earnest Partners Llc | 2024-09-30 | 2.5 M | Norges Bank | 2024-06-30 | 2.3 M | Amvescap Plc. | 2024-09-30 | 2.2 M | Massachusetts Financial Services Company | 2024-09-30 | 2.2 M | Dimensional Fund Advisors, Inc. | 2024-09-30 | 2.1 M | Morgan Stanley - Brokerage Accounts | 2024-09-30 | 1.8 M | Northern Trust Corp | 2024-09-30 | 1.8 M | First Trust Advisors L.p. | 2024-09-30 | 1.6 M | Legal & General Group Plc | 2024-09-30 | 1.5 M | Vanguard Group Inc | 2024-09-30 | 21.9 M | Blackrock Inc | 2024-09-30 | 13.6 M |
Follow Raymond James' market capitalization trends
The company currently falls under 'Large-Cap' category with a total capitalization of 34.75 B.Market Cap |
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Project Raymond James' profitablity
| Last Reported | Projected for Next Year | ||
| Return On Tangible Assets | 0.03 | 0.02 | |
| Return On Capital Employed | 0.07 | 0.09 | |
| Return On Assets | 0.03 | 0.02 | |
| Return On Equity | 0.20 | 0.17 |
When accessing Raymond James' net worth, it's important to look at multiple sources and consider different scenarios. For example, gross profit margin measures Raymond James' profitability after accounting for the cost of goods sold, while net profit margin measures profitability after accounting for all expenses. Other important metrics include return on assets, return on equity, and free cash flow. By reviewing multiple sources and metrics, you can gain a complete picture of Raymond James' profitability and make more informed investment decisions.
Evaluate Raymond James' management efficiency
Raymond James Financial has Return on Asset of 0.024 % which means that on every $100 spent on assets, it made $0.024 of profit. This is way below average. In the same way, it shows a return on shareholders' equity (ROE) of 0.1935 %, implying that it generated $0.1935 on every 100 dollars invested. Raymond James' management efficiency ratios could be used to measure how well Raymond James manages its routine affairs as well as how well it operates its assets and liabilities. The Raymond James' current Return On Capital Employed is estimated to increase to 0.09, while Return On Tangible Assets are projected to decrease to 0.02. At this time, Raymond James' Total Current Assets are most likely to increase significantly in the upcoming years. The Raymond James' current Intangible Assets is estimated to increase to about 525.3 M, while Non Currrent Assets Other are forecasted to increase to (10.8 B).| Last Reported | Projected for Next Year | ||
| Book Value Per Share | 50.70 | 53.24 | |
| Tangible Book Value Per Share | 42.51 | 44.63 | |
| Enterprise Value Over EBITDA | 3.31 | 4.90 | |
| Price Book Value Ratio | 1.96 | 1.43 | |
| Enterprise Value Multiple | 3.31 | 4.90 | |
| Price Fair Value | 1.96 | 1.43 | |
| Enterprise Value | 7.1 B | 7.5 B |
Leadership at Raymond James has been instrumental in navigating market challenges and seizing growth opportunities. Our analysis focuses on how these leadership qualities translate into financial performance.
Enterprise Value Revenue 2.9568 | Revenue | Quarterly Revenue Growth 0.132 | Revenue Per Share | Return On Equity |
Some recent studies suggest that insider trading raises the cost of capital for securities issuers and decreases overall economic growth. Trading by specific Raymond James insiders, such as employees or executives, is commonly permitted as long as it does not rely on Raymond James' material information that is not in the public domain. Local jurisdictions usually require such trading to be reported in order to monitor insider transactions. In many U.S. states, trading conducted by corporate officers, key employees, directors, or significant shareholders must be reported to the regulator or publicly disclosed, usually within a few business days of the trade. In these cases Raymond James insiders are required to file a Form 4 with the U.S. Securities and Exchange Commission (SEC) when buying or selling shares of their own companies.
Raymond James Corporate Filings
| 8th of January 2025 Other Reports | ViewVerify | |
F4 | 6th of January 2025 The report filed by a party regarding the acquisition or disposition of a company's common stock, as well as derivative securities such as options, warrants, and convertible securities | ViewVerify |
8K | 18th of December 2024 Report filed with the SEC to announce major events that shareholders should know about | ViewVerify |
13A | 12th of November 2024 An amended filing to the original Schedule 13G | ViewVerify |
Raymond James Earnings Estimation Breakdown
The calculation of Raymond James' earning per share is based on the data from the past 12 consecutive months, used for reporting the company's financial figures. The next projected EPS of Raymond James is estimated to be 2.6838 with the future projection ranging from a low of 2.4416 to a high of 2.9955. Please be aware that this consensus of annual earnings estimates for Raymond James Financial is based on EPS before non-recurring items and includes expenses related to employee stock options.Last Reported EPS
2.44 Lowest | Expected EPS | 3.00 Highest |
Raymond James Earnings Projection Consensus
Suppose the current estimates of Raymond James' value are higher than the current market price of the Raymond James stock. In this case, investors may conclude that Raymond James is overpriced and will exhibit bullish sentiment. On the other hand, if the present value is lower than the stock price, analysts may conclude that the market undervalues the equity. These scenarios may suggest that the market is not as efficient as it should be at the estimation time, and Raymond James' stock will quickly adjusts to the new information provided by the consensus estimate.
| Number of Analysts | Historical Accuracy | Last Reported EPS | Estimated EPS for 31st of December 2024 | Current EPS (TTM) | |
| 16 | 93.19% | 2.95 | 2.6838 | 9.7 |
Raymond James Earnings per Share Projection vs Actual
Actual Earning per Share of Raymond James refers to what the company shows during its earnings calls or quarterly reports. The Expected EPS is what analysts covering Raymond James Financial predict the company's earnings will be in the future. The higher the earnings per share of Raymond James, the better is its profitability. While calculating the Earning per Share, we use the weighted ratio, as the number of shares outstanding can change over time.Raymond James Estimated Months Earnings per Share
For an investor who is primarily interested in generating an income out of investing in entities such as Raymond James, the EPS ratio can tell if the company is intending to increase its current dividend. Although EPS is an essential tool for investors, it should not be used in isolation. EPS of Raymond James should always be considered in relation to other companies to make a more educated investment decision.Raymond Quarterly Analyst Estimates and Surprise Metrics
Earnings surprises can significantly impact Raymond James' stock price both in the short term and over time. Negative earnings surprises usually result in a price decline. However, it has been seen that positive earnings surprises lead to an immediate rise in a stock's price and a gradual increase over time. This is why we often hear news about some companies beating earning projections. Financial analysts spend a large amount of time predicting earnings per share (EPS) along with other important future indicators. Many analysts use forecasting models, management guidance, and additional fundamental information to derive an EPS estimate.
| Reported | Fiscal Date | Estimated EPS | Reported EPS | Surprise | |||
|---|---|---|---|---|---|---|---|
2024-10-23 | 2024-09-30 | 2.41 | 2.95 | 0.54 | 22 | ||
2024-07-24 | 2024-06-30 | 2.32 | 2.39 | 0.07 | 3 | ||
2024-04-24 | 2024-03-31 | 2.31 | 2.31 | 0.0 | 0 | ||
2024-01-24 | 2023-12-31 | 2.26 | 2.4 | 0.14 | 6 | ||
2023-10-25 | 2023-09-30 | 2.28 | 2.13 | -0.15 | 6 | ||
2023-07-26 | 2023-06-30 | 2.16 | 1.85 | -0.31 | 14 | ||
2023-04-26 | 2023-03-31 | 2.23 | 2.03 | -0.2 | 8 | ||
2023-01-25 | 2022-12-31 | 2.28 | 2.29 | 0.01 | 0 | ||
2022-10-26 | 2022-09-30 | 2 | 2.08 | 0.08 | 4 | ||
2022-07-27 | 2022-06-30 | 1.66 | 1.61 | -0.05 | 3 | ||
2022-04-27 | 2022-03-31 | 1.64 | 1.55 | -0.09 | 5 | ||
2022-01-26 | 2021-12-31 | 1.76 | 2.12 | 0.36 | 20 | ||
2021-10-27 | 2021-09-30 | 1.71 | 2.06 | 0.35 | 20 | ||
2021-07-28 | 2021-06-30 | 1.59 | 1.83 | 0.24 | 15 | ||
2021-04-28 | 2021-03-31 | 1.45 | 1.67 | 0.22 | 15 | ||
2021-01-27 | 2020-12-31 | 1.15 | 1.49 | 0.34 | 29 | ||
2020-10-28 | 2020-09-30 | 0.89 | 1.19 | 0.3 | 33 | ||
2020-07-29 | 2020-06-30 | 0.65 | 0.82 | 0.17 | 26 | ||
2020-04-29 | 2020-03-31 | 0.97 | 0.8 | -0.17 | 17 | ||
2020-01-22 | 2019-12-31 | 1.29 | 1.26 | -0.03 | 2 | ||
2019-10-24 | 2019-09-30 | 1.27 | 1.33 | 0.06 | 4 | ||
2019-07-24 | 2019-06-30 | 1.22 | 1.2 | -0.02 | 1 | ||
2019-04-24 | 2019-03-31 | 1.09 | 1.21 | 0.12 | 11 | ||
2019-01-23 | 2018-12-31 | 1.15 | 1.19 | 0.04 | 3 | ||
2018-10-24 | 2018-09-30 | 1.21 | 1.12 | -0.09 | 7 | ||
2018-07-25 | 2018-06-30 | 1.15 | 1.03 | -0.12 | 10 | ||
2018-04-25 | 2018-03-31 | 1.08 | 1.09 | 0.01 | 0 | ||
2018-01-24 | 2017-12-31 | 0.83 | 1.07 | 0.24 | 28 | ||
2017-10-25 | 2017-09-30 | 0.88 | 0.98 | 0.1 | 11 | ||
2017-07-26 | 2017-06-30 | 0.85 | 0.84 | -0.01 | 1 | ||
2017-04-26 | 2017-03-31 | 0.76 | 0.85 | 0.09 | 11 | ||
2017-01-25 | 2016-12-31 | 0.67 | 0.71 | 0.04 | 5 | ||
2016-10-26 | 2016-09-30 | 0.66 | 0.85 | 0.19 | 28 | ||
2016-07-20 | 2016-06-30 | 0.6 | 0.62 | 0.02 | 3 | ||
2016-04-20 | 2016-03-31 | 0.5 | 0.6 | 0.1 | 20 | ||
2016-01-20 | 2015-12-31 | 0.56 | 0.49 | -0.07 | 12 | ||
2015-10-21 | 2015-09-30 | 0.61 | 0.59 | -0.02 | 3 | ||
2015-07-22 | 2015-06-30 | 0.59 | 0.61 | 0.02 | 3 | ||
2015-04-22 | 2015-03-31 | 0.55 | 0.51 | -0.04 | 7 | ||
2015-01-21 | 2014-12-31 | 0.57 | 0.58 | 0.01 | 1 | ||
2014-10-29 | 2014-09-30 | 0.57 | 0.63 | 0.06 | 10 | ||
2014-07-23 | 2014-06-30 | 0.51 | 0.57 | 0.06 | 11 | ||
2014-04-23 | 2014-03-31 | 0.52 | 0.48 | -0.04 | 7 | ||
2014-01-22 | 2013-12-31 | 0.49 | 0.54 | 0.05 | 10 | ||
2013-10-23 | 2013-09-30 | 0.42 | 0.62 | 0.2 | 47 | ||
2013-07-24 | 2013-06-30 | 0.44 | 0.43 | -0.01 | 2 | ||
2013-04-24 | 2013-03-31 | 0.53 | 0.45 | -0.08 | 15 | ||
2013-01-23 | 2012-12-31 | 0.46 | 0.46 | 0.0 | 0 | ||
2012-10-24 | 2012-09-30 | 0.42 | 0.46 | 0.04 | 9 | ||
2012-07-26 | 2012-06-30 | 0.44 | 0.43 | -0.01 | 2 | ||
2012-04-25 | 2012-03-31 | 0.37 | 0.43 | 0.06 | 16 | ||
2012-01-25 | 2011-12-31 | 0.35 | 0.35 | 0.0 | 0 | ||
2011-10-19 | 2011-09-30 | 0.36 | 0.36 | 0.0 | 0 | ||
2011-07-20 | 2011-06-30 | 0.22 | 0.25 | 0.03 | 13 | ||
2011-04-20 | 2011-03-31 | 0.41 | 0.43 | 0.02 | 4 | ||
2011-01-19 | 2010-12-31 | 0.35 | 0.43 | 0.08 | 22 | ||
2010-10-20 | 2010-09-30 | 0.28 | 0.37 | 0.09 | 32 | ||
2010-07-21 | 2010-06-30 | 0.32 | 0.32 | 0.0 | 0 | ||
2010-04-21 | 2010-03-31 | 0.28 | 0.3 | 0.02 | 7 | ||
2010-01-20 | 2009-12-31 | 0.25 | 0.26 | 0.01 | 4 | ||
2009-10-21 | 2009-09-30 | 0.18 | 0.24 | 0.06 | 33 | ||
2009-07-22 | 2009-06-30 | 0.15 | 0.24 | 0.09 | 60 | ||
2009-04-22 | 2009-03-31 | 0.08 | 0.03 | -0.05 | 62 | ||
2009-01-21 | 2008-12-31 | 0.23 | 0.35 | 0.12 | 52 | ||
2008-10-21 | 2008-09-30 | 0.34 | 0.27 | -0.07 | 20 | ||
2008-07-22 | 2008-06-30 | 0.37 | 0.39 | 0.02 | 5 | ||
2008-04-22 | 2008-03-31 | 0.28 | 0.33 | 0.05 | 17 | ||
2008-01-23 | 2007-12-31 | 0.38 | 0.31 | -0.07 | 18 | ||
2007-10-23 | 2007-09-30 | 0.34 | 0.35 | 0.01 | 2 | ||
2007-07-24 | 2007-06-30 | 0.35 | 0.38 | 0.03 | 8 | ||
2007-04-24 | 2007-03-31 | 0.34 | 0.33 | -0.01 | 2 | ||
2007-01-23 | 2006-12-31 | 0.32 | 0.33 | 0.01 | 3 | ||
2006-10-25 | 2006-09-30 | 0.29 | 0.29 | 0.0 | 0 | ||
2006-07-26 | 2006-06-30 | 0.3 | 0.29 | -0.01 | 3 | ||
2006-04-26 | 2006-03-31 | 0.28 | 0.29 | 0.01 | 3 | ||
2006-01-25 | 2005-12-31 | 0.24 | 0.27 | 0.03 | 12 | ||
2005-10-26 | 2005-09-30 | 0.22 | 0.26 | 0.04 | 18 | ||
2005-07-18 | 2005-06-30 | 0.2 | 0.19 | -0.01 | 5 | ||
2005-04-18 | 2005-03-31 | 0.23 | 0.2 | -0.03 | 13 | ||
2005-01-19 | 2004-12-31 | 0.21 | 0.23 | 0.02 | 9 | ||
2004-10-20 | 2004-09-30 | 0.18 | 0.18 | 0.0 | 0 | ||
2004-07-13 | 2004-06-30 | 0.21 | 0.18 | -0.03 | 14 | ||
2004-04-13 | 2004-03-31 | 0.17 | 0.26 | 0.09 | 52 | ||
2004-01-14 | 2003-12-31 | 0.15 | 0.15 | 0.0 | 0 | ||
2003-10-21 | 2003-09-30 | 0.13 | 0.2 | 0.07 | 53 | ||
2003-07-16 | 2003-06-30 | 0.11 | 0.14 | 0.03 | 27 | ||
2003-04-15 | 2003-03-31 | 0.1 | 0.09 | -0.01 | 10 | ||
2002-10-22 | 2002-09-30 | 0.09 | 0.13 | 0.04 | 44 | ||
2002-07-16 | 2002-06-30 | 0.15 | 0.13 | -0.02 | 13 | ||
2002-04-16 | 2002-03-31 | 0.12 | 0.11 | -0.01 | 8 | ||
2002-01-15 | 2001-12-31 | 0.12 | 0.11 | -0.01 | 8 | ||
2001-10-23 | 2001-09-30 | 0.12 | 0.08 | -0.04 | 33 | ||
2001-07-18 | 2001-06-30 | 0.13 | 0.17 | 0.04 | 30 | ||
2001-04-17 | 2001-03-31 | 0.18 | 0.14 | -0.04 | 22 | ||
2001-01-16 | 2000-12-31 | 0.19 | 0.2 | 0.01 | 5 | ||
2000-10-25 | 2000-09-30 | 0.18 | 0.23 | 0.05 | 27 | ||
2000-07-18 | 2000-06-30 | 0.18 | 0.15 | -0.03 | 16 | ||
2000-04-18 | 2000-03-31 | 0.16 | 0.24 | 0.08 | 50 | ||
2000-01-18 | 1999-12-31 | 0.13 | 0.17 | 0.04 | 30 | ||
1999-10-19 | 1999-09-30 | 0.13 | 0.14 | 0.01 | 7 | ||
1998-10-20 | 1998-09-30 | 0.14 | 0.13 | -0.01 | 7 | ||
1998-07-14 | 1998-06-30 | 0.15 | 0.14 | -0.01 | 6 | ||
1998-04-14 | 1998-03-31 | 0.14 | 0.15 | 0.01 | 7 | ||
1998-01-13 | 1997-12-31 | 0.14 | 0.14 | 0.0 | 0 | ||
1997-10-21 | 1997-09-30 | 0.09 | 0.16 | 0.07 | 77 | ||
1997-07-15 | 1997-06-30 | 0.09 | 0.1 | 0.01 | 11 | ||
1997-04-15 | 1997-03-31 | 0.15 | 0.18 | 0.03 | 20 | ||
1997-01-14 | 1996-12-31 | 0.14 | 0.16 | 0.02 | 14 | ||
1996-10-22 | 1996-09-30 | 0.16 | 0.19 | 0.03 | 18 | ||
1995-04-25 | 1995-03-31 | 0.08 | 0.1 | 0.02 | 25 | ||
1995-01-24 | 1994-12-31 | 0.09 | 0.08 | -0.01 | 11 | ||
1994-10-25 | 1994-09-30 | 0.09 | 0.08 | -0.01 | 11 | ||
1994-07-19 | 1994-06-30 | 0.11 | 0.07 | -0.04 | 36 | ||
1993-10-20 | 1993-09-30 | 0.1 | 0.13 | 0.03 | 30 | ||
1993-07-20 | 1993-06-30 | 0.1 | 0.11 | 0.01 | 10 |
Raymond James Corporate Directors
| Susan Story | Non-Executive Lead Independent Director | Profile | |
| Jeffrey Edwards | Non-Executive Independent Director | Profile | |
| Gordon Johnson | Non-Executive Independent Director | Profile | |
| Roderick McGeary | Non-Executive Independent Director | Profile |
Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Raymond James Financial. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in inflation. You can also try the Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
Is Investment Banking & Brokerage space expected to grow? Or is there an opportunity to expand the business' product line in the future? Factors like these will boost the valuation of Raymond James. If investors know Raymond will grow in the future, the company's valuation will be higher. The financial industry is built on trying to define current growth potential and future valuation accurately. All the valuation information about Raymond James listed above have to be considered, but the key to understanding future value is determining which factors weigh more heavily than others.
Quarterly Earnings Growth 0.417 | Dividend Share 1.8 | Earnings Share 9.7 | Revenue Per Share | Quarterly Revenue Growth 0.132 |
The market value of Raymond James Financial is measured differently than its book value, which is the value of Raymond that is recorded on the company's balance sheet. Investors also form their own opinion of Raymond James' value that differs from its market value or its book value, called intrinsic value, which is Raymond James' true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because Raymond James' market value can be influenced by many factors that don't directly affect Raymond James' underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.
Please note, there is a significant difference between Raymond James' value and its price as these two are different measures arrived at by different means. Investors typically determine if Raymond James is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, Raymond James' price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.