18,509 Shares in Raymond James Financial, Inc. $RJF Bought by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia acquired 18,509 shares of Raymond James Financial in the second quarter, valued at approximately $2.8 million. Institutional investors collectively own 83.83% of the company.
• Analysts remain broadly cautious, with five Buy ratings and eight Hold ratings, producing an average rating of Hold and an average price target of $181. Barclays was the most bullish, raising its target to $196.
• Raymond James reported quarterly earnings of $3.14 per share, exceeding estimates of $2.91, while revenue rose 15.6% year over year to $3.93 billion. The stock opened at $176.85, near its 52-week high of $182.73.

Bank of Nova Scotia acquired a new stake in shares of Raymond James Financial, Inc. (NYSE:RJF - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 18,509 shares of the financial services provider's stock, valued at approximately $2,814,000.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Empowered Funds LLC grew its position in Raymond James Financial by 8.2% during the first quarter. Empowered Funds LLC now owns 4,142 shares of the financial services provider's stock valued at $573,000 after buying an additional 314 shares during the period. Woodline Partners LP raised its position in Raymond James Financial by 41.8% in the first quarter. Woodline Partners LP now owns 15,580 shares of the financial services provider's stock worth $2,164,000 after acquiring an additional 4,592 shares during the period. EverSource Wealth Advisors LLC boosted its stake in shares of Raymond James Financial by 137.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,184 shares of the financial services provider's stock worth $182,000 after acquiring an additional 685 shares during the last quarter. Brown Advisory Inc. boosted its stake in shares of Raymond James Financial by 15.1% during the 2nd quarter. Brown Advisory Inc. now owns 2,268 shares of the financial services provider's stock worth $348,000 after acquiring an additional 298 shares during the last quarter. Finally, Cresset Asset Management LLC bought a new stake in shares of Raymond James Financial during the 2nd quarter valued at $363,000. 83.83% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have issued reports on RJF shares. JPMorgan Chase & Co. boosted their price target on Raymond James Financial from $175.00 to $179.00 and gave the company a "neutral" rating in a report on Thursday, July 23rd. UBS Group set a $184.00 price objective on Raymond James Financial and gave the stock a "neutral" rating in a research note on Monday, July 27th. Morgan Stanley boosted their price objective on Raymond James Financial from $172.00 to $174.00 and gave the company an "equal weight" rating in a research note on Friday, July 10th. Weiss Ratings reissued a "buy (b-)" rating on shares of Raymond James Financial in a report on Monday, August 17th. Finally, Barclays raised their target price on shares of Raymond James Financial from $192.00 to $196.00 and gave the stock an "overweight" rating in a research note on Thursday, July 23rd. Five investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $181.00.

Raymond James Financial Stock Performance

NYSE:RJF opened at $176.85 on Thursday. The company has a market cap of $34.02 billion, a price-to-earnings ratio of 15.42, a PEG ratio of 1.07 and a beta of 0.92. Raymond James Financial, Inc. has a 1 year low of $138.82 and a 1 year high of $182.73. The stock's 50 day simple moving average is $169.39 and its two-hundred day simple moving average is $157.93. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.06 and a quick ratio of 1.03.

Raymond James Financial (NYSE:RJF - Get Free Report) last posted its earnings results on Wednesday, July 22nd. The financial services provider reported $3.14 earnings per share for the quarter, beating analysts' consensus estimates of $2.91 by $0.23. The firm had revenue of $3.93 billion during the quarter, compared to analyst estimates of $3.87 billion. Raymond James Financial had a net margin of 13.57% and a return on equity of 19.07%. Raymond James Financial's revenue for the quarter was up 15.6% compared to the same quarter last year. During the same period last year, the firm posted $2.18 earnings per share. As a group, equities analysts anticipate that Raymond James Financial, Inc. will post 12.07 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Steven M. Raney sold 5,770 shares of the stock in a transaction on Monday, July 27th. The shares were sold at an average price of $172.97, for a total value of $998,036.90. Following the sale, the insider owned 43,046 shares of the company's stock, valued at approximately $7,445,666.62. This represents a 11.82% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Tashtego S. Elwyn sold 10,000 shares of the firm's stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $176.06, for a total transaction of $1,760,600.00. Following the completion of the sale, the insider directly owned 45,114 shares of the company's stock, valued at approximately $7,942,770.84. The trade was a 18.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.58% of the stock is currently owned by insiders.

Raymond James Financial Profile

Raymond James Financial is a diversified financial services firm headquartered in St. Petersburg, Florida. Founded in 1962, the company provides a range of services to individual investors, businesses and institutions through a combination of wealth management, capital markets, investment banking, asset management, banking and trust services. Its business model centers on a network of financial advisors and broker-dealer operations that deliver personalized financial planning, investment advisory services and brokerage solutions.

The firm's core offerings include private client wealth management delivered by independent and employee advisors, equity and fixed-income research, institutional sales and trading, and investment banking services such as mergers and acquisitions advisory and capital raising.

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