Loomis Sayles & Co. L P cut its stake in Raymond James (NYSE:RJF) by 9.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 171,962 shares of the financial services provider’s stock after selling 18,348 shares during the period. Loomis Sayles & Co. L P owned approximately 0.12% of Raymond James worth $15,829,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Cornerstone Wealth Management LLC purchased a new stake in shares of Raymond James during the second quarter worth about $277,000. Piedmont Investment Advisors LLC purchased a new stake in shares of Raymond James during the second quarter worth about $135,000. Aperio Group LLC grew its stake in shares of Raymond James by 7.7% during the second quarter. Aperio Group LLC now owns 67,377 shares of the financial services provider’s stock worth $6,020,000 after acquiring an additional 4,810 shares during the last quarter. TD Asset Management Inc. grew its stake in shares of Raymond James by 43.9% during the second quarter. TD Asset Management Inc. now owns 110,336 shares of the financial services provider’s stock worth $9,859,000 after acquiring an additional 33,651 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its stake in shares of Raymond James by 8.9% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 408,967 shares of the financial services provider’s stock worth $36,541,000 after acquiring an additional 33,257 shares during the last quarter. 72.74% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages have recently weighed in on RJF. Buckingham Research dropped 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. Zacks Investment Research upgraded Raymond James from a “sell” rating to a “hold” rating in a research note on Tuesday, November 20th. Wells Fargo & Co dropped 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. Goldman Sachs Group began coverage on Raymond James in a research note on Tuesday, November 27th. They set a “neutral” rating and a $85.00 price target on the stock. Finally, Wolfe Research began coverage on Raymond James in a research note on Tuesday, September 25th. They set an “outperform” rating on the stock. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $100.63.
In related news, President John C. Jr. Carson sold 5,698 shares of the company’s stock in a transaction that occurred on Monday, September 10th. The stock was sold at an average price of $92.66, for a total value of $527,976.68. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, SVP George Catanese sold 6,611 shares of the company’s stock in a transaction that occurred on Tuesday, December 4th. The shares were sold at an average price of $78.71, for a total value of $520,351.81. Following the completion of the sale, the senior vice president now owns 6,180 shares in the company, valued at approximately $486,427.80. The disclosure for this sale can be found here. 10.46% of the stock is owned by corporate insiders.
Shares of RJF stock opened at $75.38 on Friday. Raymond James has a fifty-two week low of $71.93 and a fifty-two week high of $102.17. The stock has a market cap of $11.10 billion, a PE ratio of 11.98, a price-to-earnings-growth ratio of 0.61 and a beta of 1.74. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.10 and a current ratio of 1.13.
Raymond James (NYSE:RJF) last issued its earnings results on Wednesday, October 24th. The financial services provider reported $1.68 EPS for the quarter, missing the Zacks’ consensus estimate of $1.81 by ($0.13). The firm had revenue of $1.90 billion during the quarter, compared to analysts’ expectations of $1.91 billion. Raymond James had a net margin of 11.46% and a return on equity of 15.72%. Sell-side analysts predict that Raymond James will post 7.48 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, January 17th. Investors of record on Thursday, January 3rd will be given a $0.34 dividend. The ex-dividend date is Wednesday, January 2nd. This represents a $1.36 dividend on an annualized basis and a yield of 1.80%. This is a positive change from Raymond James’s previous quarterly dividend of $0.30. Raymond James’s dividend payout ratio is currently 18.55%.
About Raymond James
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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