AlphaGrep UK Ltd Invests $919,000 in Raymond James Financial, Inc. $RJF

Key Points

• AlphaGrep UK Ltd. initiated a $919,000 position in Raymond James Financial during the second quarter by purchasing 6,045 shares. Institutional investors and hedge funds collectively own 83.83% of the company.
• Raymond James reported quarterly EPS of $3.14, exceeding estimates of $2.91, while revenue rose 15.6% year over year to $3.93 billion. Analysts maintain a consensus “Hold” rating with an average price target of $181.46.
• The company declared a quarterly dividend of $0.54 per share, equivalent to $2.16 annually and a 1.2% yield. Recent insider activity was negative, with insiders selling 23,270 shares worth approximately $4.09 million over the past 90 days.

AlphaGrep UK Ltd bought a new position in Raymond James Financial, Inc. (NYSE:RJF - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 6,045 shares of the financial services provider's stock, valued at approximately $919,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Reflection Asset Management bought a new stake in shares of Raymond James Financial in the fourth quarter valued at approximately $28,000. Hilton Head Capital Partners LLC acquired a new stake in Raymond James Financial in the 4th quarter worth $35,000. Jones Financial Companies Lllp bought a new position in shares of Raymond James Financial during the 2nd quarter worth about $36,000. Steigerwald Gordon & Koch Inc. raised its position in shares of Raymond James Financial by 760.0% during the first 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 last quarter. Finally, DV Equities LLC acquired a new position in shares of Raymond James Financial during the fourth quarter valued at about $40,000. Institutional investors and hedge funds own 83.83% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Citizens Jmp boosted their price target on Raymond James Financial from $200.00 to $205.00 and gave the company a "market outperform" rating in a research note on Thursday, July 23rd. Truist Financial set a $188.00 price objective on Raymond James Financial and gave the stock a "hold" rating in a report on Tuesday. Morgan Stanley upped their target price on Raymond James Financial from $172.00 to $174.00 and gave the company an "equal weight" rating in a research note on Friday, July 10th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Raymond James Financial in a research report on Monday, August 17th. Finally, Barclays boosted their price target on shares of Raymond James Financial from $192.00 to $196.00 and gave the company an "overweight" rating in a report on Thursday, July 23rd. Five equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $181.46.

Raymond James Financial Stock Performance

Shares of NYSE RJF opened at $178.69 on Friday. Raymond James Financial, Inc. has a 12 month low of $138.82 and a 12 month high of $182.73. The stock has a 50 day moving average of $172.58 and a 200-day moving average of $158.66. 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 market capitalization of $34.37 billion, a P/E ratio of 15.58, a P/E/G ratio of 1.11 and a beta of 0.91.

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

Raymond James Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Thursday, October 1st will be paid a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date is Thursday, October 1st. Raymond James Financial's dividend payout ratio is presently 18.83%.

Insider Buying and Selling at Raymond James Financial

In other Raymond James Financial news, insider Tashtego S. Elwyn sold 10,000 shares of Raymond James Financial stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $176.06, for a total transaction of $1,760,600.00. Following the completion of the sale, the insider owned 45,114 shares of the company's stock, valued at $7,942,770.84. The trade was a 18.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Steven M. Raney sold 5,770 shares of the stock in a transaction that occurred on Monday, July 27th. The shares were 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 position. The SEC filing for this sale provides additional information. Insiders have sold 23,270 shares of company stock valued at $4,090,637 in the last 90 days. 0.58% of the stock is currently owned by company insiders.

Raymond James Financial 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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