2,019,197 Shares in Raymond James Financial, Inc. $RJF Purchased by Norges Bank

Key Points

• Norges Bank disclosed a new stake in Raymond James Financial, buying 2,019,197 shares valued at about $324.3 million, which amounts to roughly 1.02% of the company.
• Raymond James Financial recently reported quarterly EPS of $2.83, topping analyst estimates, while revenue came in at $3.86 billion versus expectations of $3.92 billion.
• The company announced a quarterly dividend of $0.54 per share, or $2.16 annualized, implying a 1.5% yield; the stock also remains a Hold overall among analysts.

Norges Bank acquired a new position in Raymond James Financial, Inc. (NYSE:RJF - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 2,019,197 shares of the financial services provider's stock, valued at approximately $324,263,000. Norges Bank owned approximately 1.02% of Raymond James Financial as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently bought and sold shares of the business. JPMorgan Chase & Co. increased its holdings in Raymond James Financial by 4.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,847,869 shares of the financial services provider's stock worth $1,009,342,000 after buying an additional 230,871 shares in the last quarter. First Trust Advisors LP increased its holdings in Raymond James Financial by 4.5% in the 3rd quarter. First Trust Advisors LP now owns 2,597,519 shares of the financial services provider's stock worth $448,332,000 after buying an additional 111,950 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Raymond James Financial by 10.7% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,357,328 shares of the financial services provider's stock worth $406,941,000 after buying an additional 227,337 shares in the last quarter. Sei Investments Co. increased its holdings in Raymond James Financial by 2.8% in the 3rd quarter. Sei Investments Co. now owns 932,602 shares of the financial services provider's stock worth $160,968,000 after buying an additional 25,018 shares in the last quarter. Finally, UBS Group AG increased its holdings in Raymond James Financial by 37.1% in the 4th quarter. UBS Group AG now owns 841,859 shares of the financial services provider's stock worth $135,194,000 after buying an additional 227,781 shares in the last quarter. 83.83% of the stock is currently owned by institutional investors.

Raymond James Financial Stock Up 1.9%

RJF stock opened at $146.10 on Tuesday. Raymond James Financial, Inc. has a twelve month low of $138.82 and a twelve month high of $177.66. The company has a quick ratio of 1.05, a current ratio of 1.07 and a debt-to-equity ratio of 0.44. The stock has a market cap of $28.47 billion, a P/E ratio of 13.81, a PEG ratio of 1.10 and a beta of 0.99. The business's 50-day moving average price is $149.89 and its 200-day moving average price is $156.97.

Raymond James Financial (NYSE:RJF - Get Free Report) last posted its quarterly earnings data on Wednesday, April 22nd. The financial services provider reported $2.83 earnings per share for the quarter, beating analysts' consensus estimates of $2.76 by $0.07. Raymond James Financial had a return on equity of 17.93% and a net margin of 13.04%.The firm had revenue of $3.86 billion for the quarter, compared to analysts' expectations of $3.92 billion. During the same period in the previous year, the firm earned $2.42 EPS. The business's quarterly revenue was up 13.4% on a year-over-year basis. On average, equities research analysts forecast that Raymond James Financial, Inc. will post 11.84 EPS for the current year.

Raymond James Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Wednesday, July 1st will be issued a $0.54 dividend. The ex-dividend date of this dividend is Wednesday, July 1st. This represents a $2.16 dividend on an annualized basis and a yield of 1.5%. Raymond James Financial's payout ratio is currently 20.42%.

Insider Buying and Selling

In related news, insider Bella Loykhter Allaire sold 29,551 shares of the business's stock in a transaction that occurred on Thursday, March 19th. The stock was sold at an average price of $142.34, for a total value of $4,206,289.34. Following the transaction, the insider directly owned 53,586 shares of the company's stock, valued at approximately $7,627,431.24. The trade was a 35.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.58% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on RJF. UBS Group reissued a "neutral" rating and issued a $166.00 target price (up from $158.00) on shares of Raymond James Financial in a research report on Thursday, April 23rd. Morgan Stanley raised their target price on Raymond James Financial from $171.00 to $172.00 and gave the stock an "equal weight" rating in a research report on Tuesday, April 28th. TD Cowen dropped their target price on Raymond James Financial from $159.00 to $155.00 and set a "hold" rating on the stock in a research report on Thursday, May 28th. BMO Capital Markets raised their target price on Raymond James Financial from $152.00 to $165.00 and gave the stock a "market perform" rating in a research report on Thursday, April 23rd. Finally, Jefferies Financial Group dropped their target price on Raymond James Financial from $165.00 to $145.00 and set a "hold" rating on the stock in a research report on Monday, April 6th. Four research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company's stock. According to MarketBeat.com, Raymond James Financial presently has an average rating of "Hold" and a consensus price target of $172.92.

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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