The Manufacturers Life Insurance Company bought a new stake in Raymond James Financial, Inc. (NYSE:RJF – Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 88,193 shares of the financial services provider’s stock, valued at approximately $13,408,000.
Other large investors have also recently bought and sold shares of the company. Kingsview Wealth Management LLC boosted its holdings in Raymond James Financial by 586.7% during the fourth quarter. Kingsview Wealth Management LLC now owns 20,374 shares of the financial services provider’s stock worth $3,272,000 after buying an additional 17,407 shares during the last quarter. Algebris UK Ltd. bought a new position in Raymond James Financial during the 4th quarter worth approximately $10,179,000. Fisher Asset Management LLC boosted its stake in Raymond James Financial by 6.9% during the 4th quarter. Fisher Asset Management LLC now owns 392,663 shares of the financial services provider’s stock worth $63,058,000 after acquiring an additional 25,410 shares during the last quarter. Swedbank AB grew its holdings in Raymond James Financial by 31.1% during the fourth quarter. Swedbank AB now owns 41,436 shares of the financial services provider’s stock valued at $6,654,000 after purchasing an additional 9,838 shares during the period. Finally, Wealthfront Advisers LLC increased its stake in Raymond James Financial by 40.8% in the fourth quarter. Wealthfront Advisers LLC now owns 24,725 shares of the financial services provider’s stock valued at $3,971,000 after purchasing an additional 7,164 shares in the last quarter. 83.83% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling
In related news, insider Tashtego S. Elwyn sold 10,000 shares of the firm’s stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $176.06, for a total value of $1,760,600.00. Following the completion of the transaction, the insider owned 45,114 shares of the company’s stock, valued at approximately $7,942,770.84. This trade 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 is accessible through this hyperlink. Also, insider Steven M. Raney sold 5,770 shares of Raymond James Financial stock in a transaction 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 completion of the sale, the insider owned 43,046 shares in the company, valued at $7,445,666.62. The trade was a 11.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.58% of the stock is owned by company insiders.
Raymond James Financial Stock 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 (EPS) for the quarter, topping analysts’ consensus estimates of $2.91 by $0.23. Raymond James Financial had a return on equity of 19.07% and a net margin of 13.57%.The business had revenue of $3.93 billion during the quarter, compared to the consensus estimate of $3.87 billion. During the same period last year, the company earned $2.18 earnings per share. Raymond James Financial’s quarterly revenue was up 15.6% on a year-over-year basis. Equities analysts predict that Raymond James Financial, Inc. will post 12.07 earnings per share for the current fiscal year.
Raymond James Financial Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Thursday, October 1st will be issued a $0.54 dividend. The ex-dividend date is Thursday, October 1st. This represents a $2.16 dividend on an annualized basis and a dividend yield of 1.2%. Raymond James Financial’s dividend payout ratio (DPR) is 18.83%.
Analysts Set New Price Targets
A number of equities analysts have recently weighed in on RJF shares. Weiss Ratings reissued a “buy (b-)” rating on shares of Raymond James Financial in a research report on Monday, August 17th. UBS Group set a $184.00 target price on Raymond James Financial and gave the stock a “neutral” rating in a report on Monday, July 27th. Argus boosted their target price 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. Citizens Jmp increased their price target on Raymond James Financial from $200.00 to $205.00 and gave the stock a “market outperform” rating in a report on Thursday, July 23rd. Finally, 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 report on Thursday, July 23rd. Five equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $181.00.
Read Our Latest Stock Report 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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