New York State Common Retirement Fund Trims Position in Raymond James (NYSE:RJF)

Posted by Defense World Staff on Apr 14th, 2023

New York State Common Retirement Fund trimmed its position in Raymond James (NYSE:RJF – Get Rating) by 37.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 354,233 shares of the financial services provider’s stock after selling 211,989 shares during the period. New York State Common Retirement Fund owned 0.16% of Raymond James worth $37,850,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in RJF. Wellington Management Group LLP grew its stake in Raymond James by 80.5% in the first quarter. Wellington Management Group LLP now owns 5,629,875 shares of the financial services provider’s stock worth $618,780,000 after purchasing an additional 2,510,966 shares during the period. Vanguard Group Inc. grew its stake in shares of Raymond James by 1.9% in the first quarter. Vanguard Group Inc. now owns 21,689,564 shares of the financial services provider’s stock worth $2,383,900,000 after acquiring an additional 410,025 shares during the last quarter. Amundi grew its stake in shares of Raymond James by 177.1% in the second quarter. Amundi now owns 451,796 shares of the financial services provider’s stock worth $39,441,000 after acquiring an additional 288,769 shares during the last quarter. Renaissance Group LLC purchased a new stake in shares of Raymond James in the first quarter worth $27,163,000. Finally, MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH purchased a new stake in shares of Raymond James in the third quarter worth $21,775,000. 74.77% of the stock is owned by hedge funds and other institutional investors.

Raymond James Trading Up 0.8 %

Shares of NYSE:RJF opened at $92.86 on Friday. Raymond James has a 1 year low of $84.86 and a 1 year high of $126.00. The stock’s fifty day moving average price is $100.56 and its 200-day moving average price is $107.77. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.98 and a quick ratio of 0.96. The company has a market cap of $20.00 billion, a P/E ratio of 12.93 and a beta of 1.02.

Raymond James (NYSE:RJF – Get Rating) last posted its earnings results on Wednesday, January 25th. The financial services provider reported $2.29 earnings per share for the quarter, beating analysts’ consensus estimates of $2.28 by $0.01. Raymond James had a return on equity of 17.78% and a net margin of 13.65%. The company had revenue of $2.79 billion for the quarter, compared to the consensus estimate of $2.83 billion. During the same quarter in the prior year, the company earned $2.12 earnings per share. Raymond James’s revenue was up .2% on a year-over-year basis. Sell-side analysts expect that Raymond James will post 9.3 earnings per share for the current year.

Raymond James Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 17th. Shareholders of record on Monday, April 3rd will be issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 1.81%. The ex-dividend date of this dividend is Friday, March 31st. Raymond James’s dividend payout ratio is 23.40%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on RJF shares. Citigroup cut their target price on Raymond James from $130.00 to $100.00 and set a “neutral” rating on the stock in a research note on Tuesday. StockNews.com started coverage on Raymond James in a research note on Thursday, March 16th. They issued a “hold” rating on the stock. Keefe, Bruyette & Woods increased their target price on Raymond James from $120.00 to $126.00 and gave the stock a “market perform” rating in a research note on Thursday, January 12th. UBS Group lowered their price target on Raymond James from $127.00 to $125.00 and set a “neutral” rating on the stock in a report on Monday, January 9th. Finally, The Goldman Sachs Group lowered their price target on Raymond James from $148.00 to $125.00 and set a “buy” rating on the stock in a report on Wednesday, January 4th. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, Raymond James currently has a consensus rating of “Hold” and a consensus price target of $120.43.

Insider Buying and Selling at Raymond James

In other Raymond James news, insider Jodi Perry sold 6,343 shares of the stock in a transaction dated Monday, February 6th. The stock was sold at an average price of $112.30, for a total value of $712,318.90. Following the transaction, the insider now owns 7,150 shares of the company’s stock, valued at $802,945. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 9.46% of the stock is owned by corporate insiders.

Raymond James Company Profile

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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.