Alliancebernstein L.P. Sells 19,763 Shares of Raymond James Financial, Inc. $RJF

Key Points

• Alliancebernstein L.P. sold 19,763 shares of Raymond James Financial, Inc., reducing its stake by 8.0% to approximately 227,837 shares, valued at $31.6 million.
• Raymond James Financial reported EPS of $2.18 for the last quarter, missing expectations by $0.18, while its revenue increased by 5.3% year-over-year.
• The company recently announced a quarterly dividend of $0.50 per share, with a payout ratio of 19.61% and a dividend yield of 1.2%.

Alliancebernstein L.P. cut its stake in Raymond James Financial, Inc. (NYSE:RJF - Free Report) by 8.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 227,837 shares of the financial services provider's stock after selling 19,763 shares during the period. Alliancebernstein L.P. owned about 0.11% of Raymond James Financial worth $31,649,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. D.A. Davidson & CO. raised its holdings in shares of Raymond James Financial by 3.6% in the 1st quarter. D.A. Davidson & CO. now owns 5,603 shares of the financial services provider's stock worth $778,000 after buying an additional 197 shares in the last quarter. Golden State Wealth Management LLC raised its holdings in shares of Raymond James Financial by 164.0% in the 1st quarter. Golden State Wealth Management LLC now owns 198 shares of the financial services provider's stock worth $28,000 after buying an additional 123 shares in the last quarter. Jefferies Financial Group Inc. bought a new stake in Raymond James Financial during the 4th quarter worth approximately $9,366,000. Assenagon Asset Management S.A. grew its position in Raymond James Financial by 13.8% during the 1st quarter. Assenagon Asset Management S.A. now owns 24,979 shares of the financial services provider's stock worth $3,470,000 after acquiring an additional 3,035 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. grew its position in Raymond James Financial by 0.8% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 468,343 shares of the financial services provider's stock worth $65,058,000 after acquiring an additional 3,691 shares during the last quarter. 83.83% of the stock is owned by institutional investors and hedge funds.

Raymond James Financial Trading Down 0.5%

Shares of NYSE:RJF traded down $0.86 during midday trading on Friday, hitting $170.22. The company had a trading volume of 1,188,301 shares, compared to its average volume of 826,323. Raymond James Financial, Inc. has a 12 month low of $116.89 and a 12 month high of $174.32. The company has a current ratio of 1.04, a quick ratio of 1.02 and a debt-to-equity ratio of 0.33. The stock has a market cap of $33.94 billion, a price-to-earnings ratio of 16.69, a PEG ratio of 1.40 and a beta of 1.04. The firm has a fifty day simple moving average of $164.55 and a 200 day simple moving average of $150.92.

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 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.36 by ($0.18). Raymond James Financial had a return on equity of 18.38% and a net margin of 13.56%.The company had revenue of $3.40 billion during the quarter, compared to the consensus estimate of $3.38 billion. During the same quarter in the prior year, the business earned $2.39 earnings per share. The firm's revenue for the quarter was up 5.3% on a year-over-year basis. On average, analysts predict that Raymond James Financial, Inc. will post 11.17 EPS for the current year.

Raymond James Financial Announces Dividend

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 issued a dividend of $0.50 per share. The ex-dividend date is Wednesday, October 1st. This represents a $2.00 annualized dividend and a yield of 1.2%. Raymond James Financial's payout ratio is currently 19.61%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on RJF shares. Morgan Stanley increased their price target on Raymond James Financial from $136.00 to $180.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 15th. Citigroup restated an "outperform" rating on shares of Raymond James Financial in a research report on Monday, July 14th. Keefe, Bruyette & Woods increased their price target on Raymond James Financial from $167.00 to $170.00 and gave the stock a "market perform" rating in a research report on Thursday, July 24th. Wells Fargo & Company increased their price objective on 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. increased their price objective on 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 equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and eight have given a Hold rating to the company. According to MarketBeat.com, Raymond James Financial has an average 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.