Korea Investment CORP acquired a new stake in Raymond James Financial, Inc. (NYSE:RJF – Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 50,606 shares of the financial services provider’s stock, valued at approximately $7,694,000.
Several other hedge funds and other institutional investors have also made changes to their positions in RJF. Reflection Asset Management acquired a new position in Raymond James Financial during the fourth quarter worth $28,000. Hilton Head Capital Partners LLC bought a new position in shares of Raymond James Financial in the 4th quarter valued at about $35,000. Steigerwald Gordon & Koch Inc. grew its position in shares of Raymond James Financial by 760.0% in the 1st quarter. Steigerwald Gordon & Koch Inc. now owns 258 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 228 shares during the period. Clearstead Trust LLC acquired a new position in shares of Raymond James Financial during the 2nd quarter worth about $40,000. Finally, DV Equities LLC bought a new stake in shares of Raymond James Financial in the 4th quarter valued at about $40,000. 83.83% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
Several brokerages recently issued reports on RJF. BMO Capital Markets reiterated a “market perform” rating and issued a $175.00 target price (up from $160.00) on shares of Raymond James Financial in a research note on Thursday, July 23rd. TD Cowen lowered their price target on Raymond James Financial from $162.00 to $161.00 and set a “hold” rating on the stock in a research report on Thursday, July 23rd. Morgan Stanley upped their price objective on Raymond James Financial from $172.00 to $174.00 and gave the company an “equal weight” rating in a research note on Friday, July 10th. Citizens Jmp raised their price objective on Raymond James Financial from $200.00 to $205.00 and gave the company a “market outperform” rating in a research report on Thursday, July 23rd. Finally, Argus lifted their target price on Raymond James Financial from $178.00 to $196.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. Five equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $181.00.
Raymond James Financial Price Performance
Shares of RJF opened at $176.66 on Tuesday. The company’s 50-day moving average is $168.69 and its 200-day moving average is $157.83. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.06 and a quick ratio of 1.03. The firm has a market capitalization of $33.98 billion, a PE ratio of 15.40, a PEG ratio of 1.07 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 $182.73.
Raymond James Financial (NYSE:RJF – Get Free Report) last announced its earnings results on Wednesday, July 22nd. The financial services provider reported $3.14 EPS 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 19.07%. The business had revenue of $3.93 billion during the quarter, compared to the consensus estimate of $3.87 billion. During the same quarter in the previous year, the firm posted $2.18 EPS. Raymond James Financial’s revenue was up 15.6% compared to the same quarter last year. Equities analysts forecast that Raymond James Financial, Inc. will post 12.07 EPS for the current year.
Insider Activity at Raymond James Financial
In other news, insider Tashtego S. Elwyn sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $176.06, for a total value of $1,760,600.00. Following the transaction, the insider owned 45,114 shares of the company’s stock, valued at approximately $7,942,770.84. This represents a 18.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Steven M. Raney sold 5,770 shares of the stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $172.97, for a total value of $998,036.90. Following the transaction, the insider owned 43,046 shares in the company, valued at approximately $7,445,666.62. This trade represents a 11.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company 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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