7,700 Shares in Raymond James Financial, Inc. $RJF Purchased by AlphaCore Capital LLC

Key Points

• AlphaCore Capital LLC opened a new position in Raymond James Financial, buying 7,700 shares in the fourth quarter worth about $1.24 million.
• Institutional ownership remains heavy, with 83.83% of Raymond James Financial’s stock held by institutions and hedge funds. Several other funds also increased their stakes in the company recently.
• Raymond James reported better-than-expected earnings of $2.83 per share, though revenue came in slightly below estimates. Analysts currently have a consensus Hold rating on the stock, with an average target price of $173.25.

AlphaCore Capital LLC purchased a new position in Raymond James Financial, Inc. (NYSE:RJF - Free Report) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 7,700 shares of the financial services provider's stock, valued at approximately $1,237,000.

A number of other hedge funds have also bought and sold shares of RJF. Empowered Funds LLC grew its stake in Raymond James Financial by 8.2% in the first quarter. Empowered Funds LLC now owns 4,142 shares of the financial services provider's stock worth $573,000 after purchasing an additional 314 shares in the last quarter. Woodline Partners LP grew its stake 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 purchasing an additional 4,592 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in Raymond James Financial by 137.3% in the second quarter. EverSource Wealth Advisors LLC now owns 1,184 shares of the financial services provider's stock worth $182,000 after purchasing an additional 685 shares in the last quarter. Brown Advisory Inc. grew its stake in Raymond James Financial by 15.1% in the second quarter. Brown Advisory Inc. now owns 2,268 shares of the financial services provider's stock worth $348,000 after purchasing an additional 298 shares in the last quarter. Finally, Cresset Asset Management LLC acquired a new position in Raymond James Financial in the second quarter worth about $363,000. 83.83% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. TD Cowen reissued a "hold" rating and issued a $159.00 target price (up from $156.00) on shares of Raymond James Financial in a report on Thursday, April 23rd. BMO Capital Markets raised their target price on shares of Raymond James Financial from $152.00 to $165.00 and gave the stock a "market perform" rating in a report on Thursday, April 23rd. Jefferies Financial Group cut their target price on shares of Raymond James Financial from $165.00 to $145.00 and set a "hold" rating on the stock in a report on Monday, April 6th. Morgan Stanley raised their target price on shares of Raymond James Financial from $171.00 to $172.00 and gave the stock an "equal weight" rating in a report on Tuesday, April 28th. Finally, Barclays reissued an "overweight" rating and issued a $182.00 target price (up from $174.00) on shares of Raymond James Financial in a report on Thursday, April 23rd. Four research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. According to data from MarketBeat, Raymond James Financial presently has a consensus rating of "Hold" and an average target price of $173.25.

Raymond James Financial Stock Performance

Shares of NYSE RJF opened at $154.28 on Monday. 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 firm's 50-day moving average price is $149.50 and its two-hundred day moving average price is $157.81. Raymond James Financial, Inc. has a 52-week low of $138.82 and a 52-week high of $177.66. The stock has a market capitalization of $30.07 billion, a P/E ratio of 14.58, a P/E/G ratio of 1.18 and a beta of 0.99.

Raymond James Financial (NYSE:RJF - Get Free Report) last released its quarterly earnings results 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. The company had revenue of $3.86 billion for the quarter, compared to analysts' expectations of $3.92 billion. Raymond James Financial had a return on equity of 17.93% and a net margin of 13.04%.The business's revenue for the quarter was up 13.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.42 earnings per share. As a group, sell-side analysts forecast that Raymond James Financial, Inc. will post 11.83 earnings per share for the current year.

Raymond James Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Wednesday, July 1st will be issued a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend is Wednesday, July 1st. Raymond James Financial's payout ratio is 20.42%.

Insider Buying and Selling at Raymond James Financial

In other news, insider Bella Loykhter Allaire sold 29,551 shares of Raymond James Financial stock in a transaction that occurred on Thursday, March 19th. The stock was sold at an average price of $142.34, for a total transaction of $4,206,289.34. Following the sale, the insider 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.58% of the company's stock.

About Raymond James Financial

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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