Mirae Asset Global Investments Co. Ltd. Buys 1,160 Shares of Raymond James (NYSE:RJF)

Posted by on May 26th, 2023

Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Raymond James (NYSE:RJF – Get Rating) by 4.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 25,495 shares of the financial services provider’s stock after acquiring an additional 1,160 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Raymond James were worth $2,724,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Private Advisor Group LLC bought a new position in Raymond James in the 1st quarter worth approximately $364,000. Yousif Capital Management LLC boosted its stake in Raymond James by 1.0% in the 1st quarter. Yousif Capital Management LLC now owns 28,663 shares of the financial services provider’s stock worth $3,150,000 after purchasing an additional 275 shares during the period. Cibc World Market Inc. bought a new position in Raymond James in the 1st quarter worth approximately $4,195,000. Prudential PLC bought a new position in Raymond James in the 1st quarter worth approximately $540,000. Finally, Cetera Investment Advisers boosted its stake in Raymond James by 52.9% in the 1st quarter. Cetera Investment Advisers now owns 4,636 shares of the financial services provider’s stock worth $510,000 after purchasing an additional 1,604 shares during the period. 74.77% of the stock is currently owned by institutional investors.

Raymond James Stock Performance

NYSE:RJF opened at $92.47 on Friday. The stock’s fifty day moving average is $90.48 and its 200 day moving average is $104.29. Raymond James has a fifty-two week low of $82.00 and a fifty-two week high of $126.00. The firm has a market capitalization of $19.60 billion, a PE ratio of 12.18 and a beta of 1.02. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.97 and a current ratio of 0.98.

Raymond James (NYSE:RJF – Get Rating) last announced its quarterly earnings results on Wednesday, April 26th. The financial services provider reported $2.03 earnings per share for the quarter, missing the consensus estimate of $2.17 by ($0.14). The company had revenue of $2.87 billion for the quarter, compared to analysts’ expectations of $2.89 billion. Raymond James had a net margin of 14.01% and a return on equity of 18.43%. The firm’s revenue was up 7.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.55 earnings per share. On average, sell-side analysts anticipate that Raymond James will post 8.99 earnings per share for the current year.

Raymond James Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 17th. Shareholders of record on Monday, July 3rd will be issued a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 1.82%. The ex-dividend date is Friday, June 30th. Raymond James’s payout ratio is currently 22.13%.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. StockNews.com assumed coverage on Raymond James in a research note on Thursday, May 18th. They issued a “hold” rating for the company. Morgan Stanley decreased their price objective on Raymond James from $121.00 to $114.00 and set an “overweight” rating on the stock in a report on Thursday, April 20th. Citigroup decreased their price objective on Raymond James from $130.00 to $100.00 and set a “neutral” rating on the stock in a report on Tuesday, April 11th. Finally, Credit Suisse Group decreased their price objective on Raymond James from $119.00 to $116.00 and set a “neutral” rating on the stock in a report on Thursday, January 26th. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $119.43.

Raymond James 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.

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Institutional Ownership by Quarter for Raymond James (NYSE:RJF)

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