Quantinno Capital Management LP decreased its position in Raymond James Financial, Inc. (NYSE:RJF – Free Report) by 6.4% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 148,644 shares of the financial services provider’s stock after selling 10,083 shares during the quarter. Quantinno Capital Management LP’s holdings in Raymond James Financial were worth $21,522,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. Reflection Asset Management bought a new position in Raymond James Financial during the 4th quarter valued at about $28,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Raymond James Financial in the fourth quarter valued at about $32,000. Hilton Head Capital Partners LLC bought a new stake in Raymond James Financial during the fourth quarter worth about $35,000. Steigerwald Gordon & Koch Inc. grew its stake in Raymond James Financial by 760.0% during the first quarter. Steigerwald Gordon & Koch Inc. now owns 258 shares of the financial services provider’s stock worth $37,000 after buying an additional 228 shares during the last quarter. Finally, DV Equities LLC acquired a new stake in shares of Raymond James Financial during the fourth quarter worth approximately $40,000. Institutional investors and hedge funds own 83.83% of the company’s stock.
Insiders Place Their Bets
In other news, insider Tashtego S. Elwyn sold 10,000 shares of the company’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $176.06, for a total transaction of $1,760,600.00. Following the transaction, the insider owned 45,114 shares of the company’s stock, valued at $7,942,770.84. This represents a 18.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Steven M. Raney sold 5,770 shares of the firm’s stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $172.97, for a total value of $998,036.90. Following the completion of the transaction, the insider owned 43,046 shares in the company, valued at approximately $7,445,666.62. This represents a 11.82% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.58% of the company’s stock.
Raymond James Financial Price Performance
Raymond James Financial (NYSE:RJF – Get Free Report) last posted its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $3.14 earnings per share for the quarter, topping the consensus estimate of $2.91 by $0.23. Raymond James Financial had a net margin of 13.57% and a return on equity of 19.17%. The firm had revenue of $3.93 billion during the quarter, compared to analysts’ expectations of $3.87 billion. During the same quarter in the previous year, the company posted $2.18 EPS. Raymond James Financial’s revenue was up 15.6% on a year-over-year basis. Sell-side analysts anticipate that Raymond James Financial, Inc. will post 12.07 earnings per share for the current fiscal year.
Raymond James Financial Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Wednesday, July 1st were given a dividend of $0.54 per share. The ex-dividend date was Wednesday, July 1st. This represents a $2.16 dividend on an annualized basis and a dividend yield of 1.2%. Raymond James Financial’s payout ratio is presently 18.83%.
Wall Street Analyst Weigh In
RJF has been the subject of a number of research analyst reports. Jefferies Financial Group cut their target price on shares of Raymond James Financial from $165.00 to $145.00 and set a “hold” rating for the company in a research note on Monday, April 6th. BMO Capital Markets restated a “market perform” rating and set a $175.00 price target (up from $160.00) on shares of Raymond James Financial in a research report on Thursday, July 23rd. UBS Group set a $184.00 price target on Raymond James Financial and gave the company a “neutral” rating in a report on Monday, July 27th. JPMorgan Chase & Co. lifted their price objective on Raymond James Financial from $175.00 to $179.00 and gave the company a “neutral” rating in a research report on Thursday, July 23rd. Finally, Citigroup reissued a “market outperform” rating on shares of Raymond James Financial in a research note on Thursday, July 23rd. Five research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. According to MarketBeat.com, Raymond James Financial has a consensus rating of “Hold” and an average price target of $181.00.
Read Our Latest Stock Analysis on RJF
Raymond James Financial Profile
Raymond James Financial is a diversified financial services firm headquartered in St. Petersburg, Florida. Founded in 1962, the company provides a range of services to individual investors, businesses and institutions through a combination of wealth management, capital markets, investment banking, asset management, banking and trust services. Its business model centers on a network of financial advisors and broker-dealer operations that deliver personalized financial planning, investment advisory services and brokerage solutions.
The firm’s core offerings include private client wealth management delivered by independent and employee advisors, equity and fixed-income research, institutional sales and trading, and investment banking services such as mergers and acquisitions advisory and capital raising.
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