Russell Investments Group Ltd. grew its holdings in Raymond James (NYSE:RJF) by 150.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 182,647 shares of the financial services provider’s stock after purchasing an additional 109,803 shares during the period. Russell Investments Group Ltd. owned about 0.13% of Raymond James worth $16,832,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds have also added to or reduced their stakes in the company. Wells Fargo & Company MN increased its stake in shares of Raymond James by 7.7% during the second quarter. Wells Fargo & Company MN now owns 4,521,398 shares of the financial services provider’s stock valued at $403,986,000 after buying an additional 322,014 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Raymond James by 51.0% during the second quarter. Bank of New York Mellon Corp now owns 1,877,559 shares of the financial services provider’s stock valued at $167,759,000 after buying an additional 634,378 shares during the period. FMR LLC increased its stake in shares of Raymond James by 30.0% during the second quarter. FMR LLC now owns 959,737 shares of the financial services provider’s stock valued at $85,753,000 after buying an additional 221,379 shares during the period. Massachusetts Financial Services Co. MA increased its stake in shares of Raymond James by 5.9% during the third quarter. Massachusetts Financial Services Co. MA now owns 918,117 shares of the financial services provider’s stock valued at $84,512,000 after buying an additional 50,989 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in shares of Raymond James by 0.4% during the second quarter. Dimensional Fund Advisors LP now owns 737,889 shares of the financial services provider’s stock valued at $65,937,000 after buying an additional 2,883 shares during the period. Institutional investors and hedge funds own 71.44% of the company’s stock.
In other Raymond James news, President John C. Jr. Carson sold 5,698 shares of Raymond James stock in a transaction dated Monday, September 10th. The stock was sold at an average price of $92.66, for a total value of $527,976.68. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Tashtego S. Elwyn bought 1,500 shares of the business’s stock in a transaction on Monday, October 29th. The stock was bought at an average price of $73.75 per share, for a total transaction of $110,625.00. Following the purchase, the insider now directly owns 12,055 shares of the company’s stock, valued at $889,056.25. The disclosure for this purchase can be found here. 10.46% of the stock is owned by insiders.
RJF opened at $79.50 on Friday. Raymond James has a 1 year low of $71.93 and a 1 year high of $102.17. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.10 and a current ratio of 1.12. The stock has a market capitalization of $11.84 billion, a price-to-earnings ratio of 12.29, a P/E/G ratio of 0.64 and a beta of 1.74.
Raymond James (NYSE:RJF) last posted its earnings results on Wednesday, October 24th. The financial services provider reported $1.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.81 by ($0.13). Raymond James had a net margin of 11.46% and a return on equity of 15.99%. The company had revenue of $1.90 billion during the quarter, compared to analysts’ expectations of $1.91 billion. Sell-side analysts predict that Raymond James will post 7.48 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, October 15th. Shareholders of record on Monday, October 1st were paid a $0.30 dividend. The ex-dividend date was Friday, September 28th. This represents a $1.20 annualized dividend and a yield of 1.51%. Raymond James’s dividend payout ratio (DPR) is presently 18.55%.
Several brokerages have recently commented on RJF. Zacks Investment Research lowered Raymond James from a “hold” rating to a “sell” rating in a research note on Monday, July 30th. Buckingham Research cut their price target on Raymond James from $117.00 to $111.00 and set a “buy” rating on the stock in a research note on Friday, October 26th. Wells Fargo & Co cut their price target on Raymond James from $111.00 to $96.00 and set an “outperform” rating on the stock in a research note on Friday, October 26th. Citigroup upgraded Raymond James from a “neutral” rating to a “buy” rating in a research note on Friday, July 13th. Finally, Wolfe Research began coverage on Raymond James in a research note on Tuesday, September 25th. They set an “outperform” rating on the stock. Two research analysts have rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $104.00.
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Raymond James Company Profile
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.
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