ABC Arbitrage SA Makes New Investment in Raymond James Financial, Inc. $RJF

Key Points

• ABC Arbitrage SA opened a new position in Raymond James Financial during the fourth quarter, buying 9,052 shares worth about $1.45 million.
• Institutional ownership remains heavy, with hedge funds and other institutions holding 83.83% of the company, while several smaller investors also added new stakes or increased positions.
• Raymond James reported better-than-expected quarterly EPS of $2.83 versus $2.76 estimated, and the company also paid a quarterly dividend of $0.54 per share for a 1.4% yield.

ABC Arbitrage SA purchased a new position in shares of Raymond James Financial, Inc. (NYSE:RJF - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 9,052 shares of the financial services provider's stock, valued at approximately $1,454,000.

Other large investors have also made changes to their positions in the company. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Raymond James Financial during the fourth quarter worth about $32,000. Quent Capital LLC purchased a new position in Raymond James Financial in the third quarter valued at about $33,000. Anfield Capital Management LLC acquired a new stake in shares of Raymond James Financial during the 3rd quarter valued at approximately $33,000. Harbor Investment Advisory LLC lifted its position in shares of Raymond James Financial by 452.6% during the 4th quarter. Harbor Investment Advisory LLC now owns 210 shares of the financial services provider's stock valued at $34,000 after acquiring an additional 172 shares during the period. Finally, Salomon & Ludwin LLC boosted its stake in shares of Raymond James Financial by 34.8% during the 4th quarter. Salomon & Ludwin LLC now owns 252 shares of the financial services provider's stock worth $42,000 after acquiring an additional 65 shares in the last quarter. Hedge funds and other institutional investors own 83.83% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. BMO Capital Markets upped their price target on Raymond James Financial from $152.00 to $165.00 and gave the stock a "market perform" rating in a report on Thursday, April 23rd. Weiss Ratings raised Raymond James Financial from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday, February 20th. 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 report on Thursday, April 23rd. Jefferies Financial Group dropped their price target on Raymond James Financial from $165.00 to $145.00 and set a "hold" rating for the company in a research report on Monday, April 6th. Finally, Morgan Stanley raised their price target on Raymond James Financial from $171.00 to $172.00 and gave the company an "equal weight" rating in a research report on Tuesday, April 28th. Four analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $173.25.

Insider Buying and Selling

In related news, insider Bella Loykhter Allaire sold 29,551 shares of the company's stock in a transaction that occurred on Thursday, March 19th. The shares were sold at an average price of $142.34, for a total transaction of $4,206,289.34. Following the completion of the transaction, the insider owned 53,586 shares of the company's stock, valued at approximately $7,627,431.24. This represents a 35.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.58% of the company's stock.

Raymond James Financial Price Performance

RJF stock opened at $150.90 on Tuesday. The stock has a market capitalization of $29.41 billion, a price-to-earnings ratio of 14.26, a price-to-earnings-growth ratio of 1.18 and a beta of 0.99. The company has a quick ratio of 1.05, a current ratio of 1.07 and a debt-to-equity ratio of 0.44. Raymond James Financial, Inc. has a 52-week low of $138.82 and a 52-week high of $177.66. The stock's fifty day simple moving average is $149.50 and its 200-day simple moving average is $158.08.

Raymond James Financial (NYSE:RJF - Get Free Report) last released its earnings results on Wednesday, April 22nd. The financial services provider reported $2.83 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $3.92 billion. During the same period in the prior year, the firm posted $2.42 earnings per share. The business's quarterly revenue was up 13.4% compared to the same quarter last year. Equities research analysts expect that Raymond James Financial, Inc. will post 11.83 EPS for the current year.

Raymond James Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Wednesday, April 1st were issued a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date was Wednesday, April 1st. Raymond James Financial's payout ratio is presently 20.42%.

Raymond James Financial Company 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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