Confluence Wealth Services Inc. Sells 2,435 Shares of Raymond James Financial, Inc. $RJF

Confluence Wealth Services Inc. reduced its stake in shares of Raymond James Financial, Inc. (NYSE:RJF) by 54.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,023 shares of the financial services provider’s stock after selling 2,435 shares during the quarter. Confluence Wealth Services Inc.’s holdings in Raymond James Financial were worth $310,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of RJF. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Raymond James Financial in the 1st quarter worth approximately $25,000. Alpine Bank Wealth Management bought a new position in shares of Raymond James Financial in the first quarter worth approximately $27,000. Golden State Wealth Management LLC increased its stake in shares of Raymond James Financial by 164.0% in the first quarter. Golden State Wealth Management LLC now owns 198 shares of the financial services provider’s stock worth $28,000 after buying an additional 123 shares during the period. Olde Wealth Management LLC bought a new stake in Raymond James Financial during the 1st quarter valued at $33,000. Finally, TCTC Holdings LLC boosted its position in Raymond James Financial by 72.9% during the 1st quarter. TCTC Holdings LLC now owns 287 shares of the financial services provider’s stock valued at $40,000 after buying an additional 121 shares during the period. Institutional investors own 83.83% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Morgan Stanley upped their price objective on shares of Raymond James Financial from $176.00 to $184.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 1st. Keefe, Bruyette & Woods lifted their price objective on Raymond James Financial from $167.00 to $170.00 and gave the stock a “market perform” rating in a research report on Thursday, July 24th. JPMorgan Chase & Co. boosted their target price on Raymond James Financial from $151.00 to $172.00 and gave the company a “neutral” rating in a research note on Thursday, July 24th. BMO Capital Markets began coverage on Raymond James Financial in a research note on Friday. They issued a “market perform” rating and a $180.00 price target for the company. Finally, JMP Securities lifted their price target on shares of Raymond James Financial from $175.00 to $180.00 and gave the company a “market outperform” rating in a report on Monday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and ten have issued a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $171.10.

Raymond James Financial Trading Up 0.5%

NYSE RJF opened at $167.70 on Tuesday. The firm has a market capitalization of $33.44 billion, a PE ratio of 16.44, a P/E/G ratio of 1.28 and a beta of 1.03. The stock’s 50 day moving average is $168.04 and its 200 day moving average is $154.02. Raymond James Financial, Inc. has a twelve month low of $117.57 and a twelve month high of $177.66. The company has a quick ratio of 1.02, a current ratio of 1.04 and a debt-to-equity ratio of 0.33.

Raymond James Financial (NYSE:RJF) last posted its quarterly earnings data on Wednesday, July 23rd. The financial services provider reported $2.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.36 by ($0.18). Raymond James Financial had a return on equity of 18.38% and a net margin of 13.56%.The firm had revenue of $3.40 billion during the quarter, compared to the consensus estimate of $3.38 billion. During the same quarter last year, the company posted $2.39 EPS. Raymond James Financial’s revenue for the quarter was up 5.3% compared to the same quarter last year. Research analysts forecast that Raymond James Financial, Inc. will post 11.17 earnings per share for the current fiscal year.

Raymond James Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Wednesday, October 1st will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend is Wednesday, October 1st. Raymond James Financial’s dividend payout ratio (DPR) is 19.61%.

About Raymond James Financial

Raymond James Financial, Inc, a financial holding company, through its subsidiaries, engages in the underwriting, distribution, trading, and brokerage of equity and debt securities, and the sale of mutual funds and other investment products in the United States, Canada, Europe, and internationally. The company operates through Private Client Group, Capital Markets, Asset Management, RJ Bank, and Other segments.