Royal Bank of Canada decreased its holdings in shares of Raymond James Financial, Inc. (NYSE:RJF – Free Report) by 28.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 182,279 shares of the financial services provider’s stock after selling 70,816 shares during the quarter. Royal Bank of Canada owned approximately 0.09% of Raymond James Financial worth $26,392,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in RJF. Great Valley Advisor Group Inc. lifted its position in Raymond James Financial by 1.5% during the 2nd quarter. Great Valley Advisor Group Inc. now owns 4,076 shares of the financial services provider’s stock worth $625,000 after buying an additional 61 shares in the last quarter. Salomon & Ludwin LLC grew its holdings in shares of Raymond James Financial by 34.8% in the 4th quarter. Salomon & Ludwin LLC now owns 252 shares of the financial services provider’s stock valued at $42,000 after acquiring an additional 65 shares in the last quarter. Bridgewater Advisors Inc. increased its position in shares of Raymond James Financial by 1.3% in the fourth quarter. Bridgewater Advisors Inc. now owns 5,261 shares of the financial services provider’s stock valued at $892,000 after acquiring an additional 68 shares during the last quarter. Parallel Advisors LLC increased its position in shares of Raymond James Financial by 4.3% in the third quarter. Parallel Advisors LLC now owns 1,722 shares of the financial services provider’s stock valued at $297,000 after acquiring an additional 71 shares during the last quarter. Finally, Meeder Advisory Services Inc. raised its holdings in Raymond James Financial by 3.0% during the first quarter. Meeder Advisory Services Inc. now owns 2,469 shares of the financial services provider’s stock worth $358,000 after acquiring an additional 72 shares in the last quarter. Institutional investors own 83.83% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of research firms have weighed in on RJF. Argus raised their price target on Raymond James Financial from $178.00 to $196.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. JPMorgan Chase & Co. upped their price objective on Raymond James Financial from $175.00 to $179.00 and gave the stock a “neutral” rating in a research note on Thursday, July 23rd. Weiss Ratings reissued a “buy (b-)” rating on shares of Raymond James Financial in a report on Wednesday, May 20th. Citigroup reissued a “market outperform” rating on shares of Raymond James Financial in a research note on Thursday, July 23rd. Finally, BMO Capital Markets reaffirmed 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. Five research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat.com, Raymond James Financial has a consensus rating of “Hold” and a consensus price target of $181.00.
Raymond James Financial Stock Up 0.6%
RJF opened at $178.75 on Wednesday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.05 and a current ratio of 1.07. The company has a market capitalization of $34.83 billion, a P/E ratio of 15.58, a P/E/G ratio of 1.09 and a beta of 0.92. Raymond James Financial, Inc. has a fifty-two week low of $138.82 and a fifty-two week high of $179.69. The stock has a fifty day moving average of $160.39 and a 200-day moving average of $156.91.
Raymond James Financial (NYSE:RJF – Get Free Report) last announced its earnings results on Wednesday, July 22nd. The financial services provider reported $3.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.91 by $0.23. The firm had revenue of $3.93 billion for the quarter, compared to analyst estimates of $3.87 billion. Raymond James Financial had a net margin of 13.57% and a return on equity of 19.17%. The business’s revenue was up 15.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.18 EPS. On average, equities analysts expect that Raymond James Financial, Inc. will post 12.07 EPS for the current year.
Raymond James Financial Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Wednesday, July 1st were given a dividend of $0.54 per share. The ex-dividend date of this dividend was Wednesday, July 1st. This represents a $2.16 annualized dividend and a yield of 1.2%. Raymond James Financial’s dividend payout ratio is currently 18.83%.
Insider Buying and Selling
In related news, insider Tashtego S. Elwyn sold 10,000 shares of the stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $176.06, for a total transaction of $1,760,600.00. Following the sale, the insider owned 45,114 shares in the company, valued at approximately $7,942,770.84. This trade represents a 18.14% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Steven M. Raney sold 5,770 shares of the business’s stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $172.97, for a total transaction of $998,036.90. Following the transaction, the insider owned 43,046 shares of the company’s stock, valued at approximately $7,445,666.62. This represents a 11.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.58% of the company’s stock.
Raymond James Financial Company 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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