Sumitomo Mitsui Trust Holdings Inc. raised its stake in Raymond James (NYSE:RJF – Free Report) by 1.6% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 563,338 shares of the financial services provider’s stock after purchasing an additional 8,657 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned 0.26% of Raymond James worth $52,543,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Covestor Ltd raised its holdings in shares of Raymond James by 77.1% during the first quarter. Covestor Ltd now owns 317 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 138 shares in the last quarter. RFP Financial Group LLC bought a new position in shares of Raymond James during the fourth quarter valued at approximately $35,000. Dupont Capital Management Corp bought a new position in shares of Raymond James during the fourth quarter valued at approximately $41,000. Accurate Wealth Management LLC bought a new position in shares of Raymond James during the fourth quarter valued at approximately $55,000. Finally, Atlas Capital Advisors LLC bought a new position in shares of Raymond James during the second quarter valued at approximately $49,000. Institutional investors own 74.14% of the company’s stock.
Insider Activity at Raymond James
In related news, COO Jeffrey A. Dowdle sold 5,281 shares of the stock in a transaction on Wednesday, June 7th. The stock was sold at an average price of $96.36, for a total transaction of $508,877.16. Following the sale, the chief operating officer now directly owns 48,314 shares of the company’s stock, valued at $4,655,537.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 9.46% of the stock is currently owned by insiders.
Raymond James Trading Up 3.0 %
Raymond James (NYSE:RJF – Get Free Report) last released its quarterly earnings data on Wednesday, April 26th. The financial services provider reported $2.03 EPS for the quarter, missing the consensus estimate of $2.17 by ($0.14). Raymond James had a net margin of 14.01% and a return on equity of 18.43%. The business had revenue of $2.87 billion for the quarter, compared to analysts’ expectations of $2.89 billion. During the same period last year, the business earned $1.55 earnings per share. The company’s quarterly revenue was up 7.4% on a year-over-year basis. As a group, equities analysts forecast that Raymond James will post 8.64 EPS for the current fiscal year.
Raymond James Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 17th. Investors of record on Monday, July 3rd were given a dividend of $0.42 per share. The ex-dividend date was Friday, June 30th. This represents a $1.68 annualized dividend and a dividend yield of 1.53%. Raymond James’s dividend payout ratio (DPR) is presently 22.13%.
Analyst Ratings Changes
Several brokerages recently weighed in on RJF. Jefferies Financial Group upped their price target on Raymond James from $112.00 to $120.00 in a research note on Monday, July 10th. StockNews.com began coverage on Raymond James in a research note on Thursday, May 18th. They issued a “hold” rating on the stock. Citigroup reduced their price target on Raymond James from $130.00 to $100.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 11th. Finally, Morgan Stanley reduced their price target on Raymond James from $121.00 to $114.00 and set an “overweight” rating on the stock in a research note on Thursday, April 20th. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $118.00.
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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