Allianz Asset Management GmbH Reduces Stock Position in Raymond James Financial, Inc. $RJF

Allianz Asset Management GmbH reduced its stake in Raymond James Financial, Inc. (NYSE:RJF - Free Report) by 19.9% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 84,481 shares of the financial services provider's stock after selling 20,991 shares during the quarter. Allianz Asset Management GmbH's holdings in Raymond James Financial were worth $12,774,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Reflection Asset Management purchased a new stake in shares of Raymond James Financial in the 4th quarter valued at approximately $28,000. Hilton Head Capital Partners LLC purchased a new position in shares of Raymond James Financial during the 4th quarter worth $35,000. Jones Financial Companies Lllp purchased a new position in shares of Raymond James Financial during the 2nd quarter worth $36,000. Steigerwald Gordon & Koch Inc. raised its holdings in Raymond James Financial by 760.0% in the 1st quarter. Steigerwald Gordon & Koch Inc. now owns 258 shares of the financial services provider's stock valued at $37,000 after buying an additional 228 shares during the period. Finally, Clearstead Trust LLC acquired a new stake in shares of Raymond James Financial during the second quarter valued at about $40,000. 83.83% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider Steven Raney sold 5,770 shares of Raymond James Financial stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $172.97, for a total transaction of $998,036.90. Following the sale, the insider owned 43,046 shares in the company, valued at approximately $7,445,666.62. The trade was a 11.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Tashtego Elwyn sold 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $176.06, for a total value of $1,760,600.00. Following the transaction, the insider owned 45,114 shares in the company, valued at $7,942,770.84. This represents a 18.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 23,270 shares of company stock valued at $4,090,637. 0.58% of the stock is currently owned by insiders.

Raymond James Financial Price Performance

Raymond James Financial stock opened at $176.52 on Wednesday. The company has a current ratio of 1.06, a quick ratio of 1.03 and a debt-to-equity ratio of 0.43. The company has a fifty day simple moving average of $173.67 and a 200-day simple moving average of $158.91. The stock has a market cap of $33.96 billion, a P/E ratio of 15.39, a price-to-earnings-growth ratio of 1.09 and a beta of 0.91. Raymond James Financial, Inc. has a 12-month low of $138.82 and a 12-month high of $182.73.

Raymond James Financial (NYSE:RJF - Get Free Report) last posted its earnings results on Wednesday, July 22nd. The financial services provider reported $3.14 EPS for the quarter, beating the consensus estimate of $2.91 by $0.23. The firm had revenue of $3.93 billion for the quarter, compared to analyst estimates of $3.87 billion. Raymond James Financial had a return on equity of 19.07% and a net margin of 13.57%.Raymond James Financial's revenue for the quarter was up 15.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.18 earnings per share. Equities analysts expect that Raymond James Financial, Inc. will post 12.08 EPS for the current fiscal year.

Raymond James Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Thursday, October 1st will be issued a dividend of $0.54 per share. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $2.16 annualized dividend and a dividend yield of 1.2%. Raymond James Financial's dividend payout ratio (DPR) is presently 18.83%.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. TD Cowen decreased their price objective on shares of Raymond James Financial from $161.00 to $160.00 and set a "hold" rating on the stock in a report on Tuesday, September 1st. Weiss Ratings restated a "buy (b-)" rating on shares of Raymond James Financial in a research note on Monday, August 17th. Truist Financial set a $188.00 price target on Raymond James Financial and gave the stock a "hold" rating in a research report on Tuesday, September 1st. UBS Group set a $184.00 target price on Raymond James Financial and gave the company a "neutral" rating in a report on Monday, July 27th. Finally, Barclays lifted their target price on Raymond James Financial from $192.00 to $196.00 and gave the company an "overweight" rating in a research report on Thursday, July 23rd. Five investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $181.46.

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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