Adage Capital Partners GP L.L.C. Has $13.25 Million Stake in Raymond James Financial, Inc. $RJF

Key Points

• Adage Capital Partners GP L.L.C. reduced its holdings in Raymond James Financial by 39.0%, selling 61,050 shares during the first quarter and now owns 95,350 shares valued at approximately $13.25 million.
• Raymond James Financial reported a quarterly earnings per share of $2.18, missing analysts' expectations by $0.18, but their revenue increased to $3.40 billion, surpassing projections.
• The company announced a quarterly dividend of $0.50 per share, with an ex-dividend date set for October 1st, representing an annualized dividend yield of 1.2%.

Adage Capital Partners GP L.L.C. trimmed its stake in shares of Raymond James Financial, Inc. (NYSE:RJF - Free Report) by 39.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 95,350 shares of the financial services provider's stock after selling 61,050 shares during the quarter. Adage Capital Partners GP L.L.C.'s holdings in Raymond James Financial were worth $13,245,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in Raymond James Financial by 1.6% during the first quarter. Vanguard Group Inc. now owns 22,244,204 shares of the financial services provider's stock worth $3,089,942,000 after purchasing an additional 347,916 shares during the period. T. Rowe Price Investment Management Inc. boosted its position in Raymond James Financial by 0.7% during the first quarter. T. Rowe Price Investment Management Inc. now owns 4,136,413 shares of the financial services provider's stock worth $574,590,000 after purchasing an additional 29,086 shares during the period. Invesco Ltd. boosted its position in shares of Raymond James Financial by 19.1% in the first quarter. Invesco Ltd. now owns 2,901,435 shares of the financial services provider's stock valued at $403,038,000 after acquiring an additional 466,129 shares during the period. Massachusetts Financial Services Co. MA boosted its position in shares of Raymond James Financial by 8.3% in the first quarter. Massachusetts Financial Services Co. MA now owns 2,335,254 shares of the financial services provider's stock valued at $324,390,000 after acquiring an additional 178,262 shares during the period. Finally, Northern Trust Corp boosted its position in shares of Raymond James Financial by 6.7% in the first quarter. Northern Trust Corp now owns 2,247,922 shares of the financial services provider's stock valued at $312,259,000 after acquiring an additional 140,704 shares during the period. 83.83% of the stock is owned by institutional investors.

Raymond James Financial Price Performance

RJF stock traded down $0.86 during midday trading on Friday, reaching $170.22. The company had a trading volume of 1,188,301 shares, compared to its average volume of 826,323. The company has a market capitalization of $33.94 billion, a price-to-earnings ratio of 16.69, a price-to-earnings-growth ratio of 1.40 and a beta of 1.04. The stock has a 50 day moving average price of $164.55 and a 200-day moving average price of $150.93. Raymond James Financial, Inc. has a 1-year low of $116.89 and a 1-year high of $174.32. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.04 and a quick ratio of 1.02.

Raymond James Financial (NYSE:RJF - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The financial services provider reported $2.18 EPS for the quarter, missing analysts' consensus estimates of $2.36 by ($0.18). The company had revenue of $3.40 billion during the quarter, compared to analyst estimates of $3.38 billion. Raymond James Financial had a net margin of 13.56% and a return on equity of 18.38%. The firm's revenue for the quarter was up 5.3% compared to the same quarter last year. During the same period last year, the firm earned $2.39 EPS. Equities research analysts expect that Raymond James Financial, Inc. will post 11.17 earnings per share for the current year.

Raymond James Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Wednesday, October 1st will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $2.00 annualized dividend and a yield of 1.2%. Raymond James Financial's payout ratio is presently 19.61%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. JMP Securities boosted their target price on shares of Raymond James Financial from $175.00 to $180.00 and gave the company a "market outperform" rating in a research report on Monday, July 14th. Citigroup reissued an "outperform" rating on shares of Raymond James Financial in a research report on Monday, July 14th. Morgan Stanley boosted their target price on shares of Raymond James Financial from $136.00 to $180.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 15th. Wells Fargo & Company boosted their target price on shares of Raymond James Financial from $155.00 to $163.00 and gave the company an "equal weight" rating in a research report on Friday, July 11th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Raymond James Financial from $151.00 to $172.00 and gave the company a "neutral" rating in a research report on Thursday, July 24th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and eight have given a Hold rating to the company's stock. Based on data from MarketBeat, Raymond James Financial presently has a consensus rating of "Hold" and a consensus target price of $163.80.

Raymond James Financial Company Profile

Raymond James Financial, Inc, a financial holding company, through its subsidiaries, engages in the underwriting, distribution, trading, and brokerage of equity and debt securities, and the sale of mutual funds and other investment products in the United States, Canada, Europe, and internationally. The company operates through Private Client Group, Capital Markets, Asset Management, RJ Bank, and Other segments.