WEALTHFRONT Corp lowered its stake in Raymond James (NYSE:RJF) by 10.2% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 11,652 shares of the financial services provider’s stock after selling 1,328 shares during the quarter. WEALTHFRONT Corp’s holdings in Raymond James were worth $1,073,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of RJF. Rehmann Capital Advisory Group lifted its stake in shares of Raymond James by 57.7% in the 2nd quarter. Rehmann Capital Advisory Group now owns 1,448 shares of the financial services provider’s stock valued at $129,000 after purchasing an additional 530 shares during the period. Migdal Insurance & Financial Holdings Ltd. lifted its stake in shares of Raymond James by 86.3% in the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,405 shares of the financial services provider’s stock valued at $129,000 after purchasing an additional 651 shares during the period. Piedmont Investment Advisors LLC acquired a new position in shares of Raymond James in the 2nd quarter valued at $135,000. CENTRAL TRUST Co lifted its stake in shares of Raymond James by 59.9% in the 3rd quarter. CENTRAL TRUST Co now owns 1,868 shares of the financial services provider’s stock valued at $172,000 after purchasing an additional 700 shares during the period. Finally, Flagship Harbor Advisors LLC acquired a new position in shares of Raymond James in the 2nd quarter valued at $183,000. 72.74% of the stock is currently owned by institutional investors.
A number of research analysts have recently weighed in on RJF shares. Credit Suisse Group cut their price target on Raymond James from $110.00 to $100.00 and set a “neutral” 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. Goldman Sachs Group started coverage on shares of Raymond James in a research report on Tuesday, November 27th. They issued a “neutral” rating and a $85.00 price objective for the company. Citigroup cut shares of Raymond James from a “buy” rating to a “neutral” rating in a research report on Friday, October 26th. Finally, ValuEngine cut shares of Raymond James from a “hold” rating to a “sell” rating in a research report on Tuesday, October 23rd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $100.63.
RJF opened at $75.38 on Friday. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.13 and a quick ratio of 1.10. Raymond James has a 12 month low of $71.93 and a 12 month high of $102.17. The firm has a market capitalization of $11.10 billion, a P/E ratio of 11.65, a PEG ratio of 0.61 and a beta of 1.74.
Raymond James (NYSE:RJF) last released its quarterly earnings data 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). Raymond James had a net margin of 11.46% and a return on equity of 15.72%. The firm had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.91 billion. As a group, sell-side analysts forecast that Raymond James will post 7.48 earnings per share for the current fiscal year.
The company also recently disclosed 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 dividend yield of 1.80%. This is a boost from Raymond James’s previous quarterly dividend of $0.30. Raymond James’s dividend payout ratio is currently 18.55%.
In other Raymond James news, SVP George Catanese sold 6,611 shares of the stock in a transaction dated Tuesday, December 4th. The stock was sold at an average price of $78.71, for a total transaction of $520,351.81. Following the completion of the transaction, the senior vice president now owns 6,180 shares in the company, valued at approximately $486,427.80. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Tashtego S. Elwyn bought 1,500 shares of the stock in a transaction on Monday, October 29th. The shares were purchased at an average price of $73.75 per share, with a total value of $110,625.00. Following the acquisition, the insider now owns 12,055 shares in the company, valued at approximately $889,056.25. The disclosure for this purchase can be found here. 10.46% of the stock is owned by corporate insiders.
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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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