Cresset Asset Management LLC Sells 12,743 Shares of Raymond James (NYSE:RJF)

Cresset Asset Management LLC cut its stake in shares of Raymond James (NYSE:RJF - Free Report) by 82.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,642 shares of the financial services provider's stock after selling 12,743 shares during the quarter. Cresset Asset Management LLC's holdings in Raymond James were worth $410,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also bought and sold shares of the company. Norges Bank bought a new stake in shares of Raymond James in the fourth quarter worth about $294,647,000. Raymond James Financial Inc. bought a new position in shares of Raymond James in the 4th quarter worth approximately $105,701,000. JPMorgan Chase & Co. lifted its stake in shares of Raymond James by 12.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 4,544,610 shares of the financial services provider's stock valued at $556,533,000 after purchasing an additional 488,245 shares during the period. PNC Financial Services Group Inc. boosted its position in shares of Raymond James by 433.4% during the fourth quarter. PNC Financial Services Group Inc. now owns 567,460 shares of the financial services provider's stock valued at $88,144,000 after purchasing an additional 461,069 shares in the last quarter. Finally, Northern Trust Corp grew its stake in Raymond James by 18.4% in the fourth quarter. Northern Trust Corp now owns 2,107,218 shares of the financial services provider's stock worth $327,314,000 after purchasing an additional 327,739 shares during the period. 83.83% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. Wells Fargo & Company dropped their target price on shares of Raymond James from $176.00 to $143.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 8th. JMP Securities reissued a "market outperform" rating and set a $175.00 price objective on shares of Raymond James in a research note on Thursday, April 24th. The Goldman Sachs Group decreased their target price on shares of Raymond James from $198.00 to $173.00 and set a "buy" rating for the company in a research note on Thursday, April 3rd. StockNews.com cut Raymond James from a "buy" rating to a "hold" rating in a research report on Monday, February 10th. Finally, Keefe, Bruyette & Woods boosted their target price on Raymond James from $170.00 to $177.00 and gave the stock a "market perform" rating in a report on Thursday, January 30th. Eleven analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Raymond James presently has an average rating of "Hold" and an average price target of $153.82.

Raymond James Stock Performance

Shares of NYSE RJF traded down $0.29 during midday trading on Monday, hitting $153.59. 730,077 shares of the stock traded hands, compared to its average volume of 1,303,765. The firm has a market capitalization of $30.99 billion, a P/E ratio of 14.98, a PEG ratio of 0.90 and a beta of 1.02. Raymond James has a one year low of $104.24 and a one year high of $174.32. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.01 and a current ratio of 1.03. The firm has a 50-day moving average of $139.29 and a two-hundred day moving average of $152.50.

Raymond James (NYSE:RJF - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The financial services provider reported $2.42 earnings per share for the quarter, missing the consensus estimate of $2.44 by ($0.02). The business had revenue of $3.40 billion during the quarter, compared to the consensus estimate of $3.46 billion. Raymond James had a return on equity of 19.71% and a net margin of 14.06%. The firm's revenue was up 9.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.31 earnings per share. On average, equities analysts forecast that Raymond James will post 11.17 EPS for the current fiscal year.

Raymond James Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 1st were issued a dividend of $0.50 per share. The ex-dividend date was Tuesday, April 1st. This represents a $2.00 dividend on an annualized basis and a yield of 1.30%. Raymond James's dividend payout ratio is presently 19.25%.

Insider Activity at Raymond James

In related news, insider James E. Bunn sold 3,650 shares of the company's stock in a transaction on Monday, April 28th. The shares were sold at an average price of $136.49, for a total transaction of $498,188.50. Following the sale, the insider now owns 78,227 shares of the company's stock, valued at $10,677,203.23. This represents a 4.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.54% of the stock is currently owned by corporate insiders.

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.