2,371,847 Shares in Raymond James Financial, Inc. $RJF Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 2.37 million Raymond James shares worth approximately $360.6 million, giving it a 1.23% stake. Other major institutions, including BlackRock and Primecap Management, also established or increased positions.
• Raymond James reported quarterly EPS of $3.14, beating estimates of $2.91, while revenue rose 15.6% year over year to $3.93 billion.
• Analysts hold a consensus “Hold” rating with an average price target of $181.46, compared with the stock’s reported price of $168.75; the company also declared a quarterly dividend of $0.54 per share.

Bank of America Corp DE purchased a new stake in shares of Raymond James Financial, Inc. (NYSE:RJF - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 2,371,847 shares of the financial services provider's stock, valued at approximately $360,592,000. Bank of America Corp DE owned about 1.23% of Raymond James Financial at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. BlackRock Inc. purchased a new position in Raymond James Financial in the second quarter worth approximately $2,180,699,000. Primecap Management Co. CA purchased a new position in shares of Raymond James Financial during the second quarter worth approximately $1,405,145,000. Victory Capital Management Inc. increased its stake in Raymond James Financial by 0.8% in the fourth quarter. Victory Capital Management Inc. now owns 2,785,857 shares of the financial services provider's stock valued at $447,381,000 after purchasing an additional 21,856 shares during the period. Dimensional Fund Advisors LP increased its position in Raymond James Financial by 1.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,399,638 shares of the financial services provider's stock valued at $347,390,000 after acquiring an additional 41,413 shares during the period. Finally, Norges Bank purchased a new stake in shares of Raymond James Financial during the fourth quarter worth approximately $324,263,000. Hedge funds and other institutional investors own 83.83% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Citizens Jmp raised their price target on Raymond James Financial from $200.00 to $205.00 and gave the company a "market outperform" rating in a report on Thursday, July 23rd. Truist Financial set a $188.00 price target on shares of Raymond James Financial and gave the company a "hold" rating in a research report on Tuesday, September 1st. Citigroup reiterated a "market outperform" rating on shares of Raymond James Financial in a research report on Thursday, July 23rd. BMO Capital Markets reissued a "market perform" rating and set a $175.00 price target (up from $160.00) on shares of Raymond James Financial in a research note on Thursday, July 23rd. Finally, Morgan Stanley increased their price objective on shares of Raymond James Financial from $172.00 to $174.00 and gave the stock an "equal weight" rating in a report on Friday, July 10th. Five investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $181.46.

Raymond James Financial Stock Down 1.2%

NYSE:RJF opened at $168.75 on Wednesday. Raymond James Financial, Inc. has a one year low of $138.82 and a one year high of $182.73. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.03 and a current ratio of 1.06. The company has a market capitalization of $32.46 billion, a price-to-earnings ratio of 14.71, a price-to-earnings-growth ratio of 1.05 and a beta of 0.91. The stock has a 50-day simple moving average of $174.56 and a 200 day simple moving average of $159.47.

Raymond James Financial (NYSE:RJF - Get Free Report) last released its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $3.14 earnings per share for the quarter, topping the consensus estimate of $2.91 by $0.23. The firm had revenue of $3.93 billion for 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 quarterly revenue was up 15.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.18 earnings per share. Sell-side analysts predict that Raymond James Financial, Inc. will post 12.08 EPS for the current fiscal year.

Raymond James Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Thursday, October 1st will be paid a $0.54 dividend. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $2.16 annualized dividend and a dividend yield of 1.3%. Raymond James Financial's payout ratio is currently 18.83%.

Insiders Place Their Bets

In other Raymond James Financial news, 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 in the company, valued at approximately $7,942,770.84. This trade represents a 18.14% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Bella Allaire sold 7,500 shares of the business's stock in a transaction on Friday, August 28th. The shares were sold at an average price of $177.60, for a total transaction of $1,332,000.00. Following the transaction, the insider owned 46,086 shares in the company, valued at approximately $8,184,873.60. This represents a 14.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 23,270 shares of company stock worth $4,090,637. 0.58% of the stock is owned by insiders.

Raymond James Financial Profile

Raymond James Financial, Inc is a diversified financial services company headquartered in St. Petersburg, Florida. Founded in 1962, the company provides investment, wealth management and financial planning services to individuals, corporations, institutions and municipalities.

Through its principal businesses, Raymond James offers securities brokerage, investment advisory, retirement planning, trust services and banking products. Its operations also include equity and debt capital markets, investment banking, institutional sales and trading, research, and asset management.

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