Algebris UK Ltd. Makes New Investment in Raymond James Financial, Inc. $RJF

Key Points

• Algebris UK Ltd. opened a new position in Raymond James Financial, buying 63,355 shares valued at about $10.2 million in the fourth quarter. Several other hedge funds also increased or initiated stakes, and institutional ownership now stands at 83.83%.
• Raymond James Financial reported Q3 earnings of $2.83 per share, beating analyst expectations, while revenue rose 13.4% year over year to $3.86 billion. The stock was trading up about 0.7% at $152.13, with a market cap of $29.65 billion.
• The company announced a quarterly dividend of $0.54 per share, payable July 15, which implies a 1.4% annualized yield. Analysts currently have a consensus rating of Hold with an average price target of $173.25.

Algebris UK Ltd. purchased a new position in shares of Raymond James Financial, Inc. (NYSE:RJF - Free Report) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 63,355 shares of the financial services provider's stock, valued at approximately $10,179,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Leonteq Securities AG bought a new position in shares of Raymond James Financial in the fourth quarter valued at about $320,000. ABN Amro Investment Solutions raised its stake in Raymond James Financial by 497.0% in the fourth quarter. ABN Amro Investment Solutions now owns 7,182 shares of the financial services provider's stock valued at $1,153,000 after buying an additional 5,979 shares in the last quarter. Intrust Bank NA raised its stake in Raymond James Financial by 4.9% in the fourth quarter. Intrust Bank NA now owns 6,338 shares of the financial services provider's stock valued at $1,018,000 after buying an additional 298 shares in the last quarter. Fairtree Asset Management Pty Ltd raised its stake in Raymond James Financial by 77.3% in the fourth quarter. Fairtree Asset Management Pty Ltd now owns 11,665 shares of the financial services provider's stock valued at $1,873,000 after buying an additional 5,087 shares in the last quarter. Finally, Muirfield Wealth Advisors LLC raised its stake in Raymond James Financial by 4.8% in the fourth quarter. Muirfield Wealth Advisors LLC now owns 7,090 shares of the financial services provider's stock valued at $1,139,000 after buying an additional 323 shares in the last quarter. 83.83% of the stock is currently owned by hedge funds and other institutional investors.

Raymond James Financial Trading Up 0.7%

Shares of NYSE:RJF opened at $152.13 on Thursday. The stock has a market capitalization of $29.65 billion, a PE ratio of 14.38, a P/E/G ratio of 1.16 and a beta of 0.99. Raymond James Financial, Inc. has a 1 year low of $138.82 and a 1 year high of $177.66. The firm has a fifty day moving average price of $149.47 and a 200 day moving average price of $157.69. The company has a current ratio of 1.07, a quick ratio of 1.05 and a debt-to-equity ratio of 0.44.

Raymond James Financial (NYSE:RJF - Get Free Report) last announced its quarterly earnings results on Wednesday, April 22nd. The financial services provider reported $2.83 EPS for the quarter, topping analysts' consensus estimates of $2.76 by $0.07. Raymond James Financial had a net margin of 13.04% and a return on equity of 17.93%. The firm had revenue of $3.86 billion during the quarter, compared to analysts' expectations of $3.92 billion. During the same quarter last year, the company earned $2.42 earnings per share. The company's revenue for the quarter was up 13.4% compared to the same quarter last year. Analysts expect that Raymond James Financial, Inc. will post 11.83 EPS for the current fiscal year.

Raymond James Financial Announces Dividend

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

Analysts Set New Price Targets

RJF has been the topic of several research reports. UBS Group reaffirmed a "neutral" rating and set a $166.00 price objective (up from $158.00) on shares of Raymond James Financial in a report on Thursday, April 23rd. Morgan Stanley raised their price objective on Raymond James Financial from $171.00 to $172.00 and gave the stock an "equal weight" rating in a report on Tuesday, April 28th. TD Cowen reaffirmed a "hold" rating and set a $159.00 price objective (up from $156.00) on shares of Raymond James Financial in a report on Thursday, April 23rd. Jefferies Financial Group dropped their price objective on Raymond James Financial from $165.00 to $145.00 and set a "hold" rating on the stock in a report on Monday, April 6th. Finally, Barclays reaffirmed an "overweight" rating and issued a $182.00 price objective (up from $174.00) on shares of Raymond James Financial in a report on Thursday, April 23rd. Four investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price 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 stock was sold at an average price of $142.34, for a total value of $4,206,289.34. Following the sale, the insider directly owned 53,586 shares in the company, valued at $7,627,431.24. This represents a 35.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.58% of the stock is owned by insiders.

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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