AlphaQuest LLC Purchases New Stake in Raymond James Financial, Inc. $RJF

Key Points

• AlphaQuest LLC has acquired 12,204 shares of Raymond James Financial, Inc., valued at approximately $1,695,000.
• Institutional investors now own 83.83% of Raymond James Financial's stock, highlighting strong interest from hedge funds.
• Analysts have mixed opinions on the stock, with a target price consensus of $163.80 and several maintaining an "equal weight" or "hold" rating.

AlphaQuest LLC acquired a new position in shares of Raymond James Financial, Inc. (NYSE:RJF - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 12,204 shares of the financial services provider's stock, valued at approximately $1,695,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in RJF. Kestra Advisory Services LLC raised its holdings in shares of Raymond James Financial by 128.4% during the first quarter. Kestra Advisory Services LLC now owns 10,038 shares of the financial services provider's stock valued at $1,394,000 after acquiring an additional 5,643 shares during the period. Ameriprise Financial Inc. grew its position in Raymond James Financial by 165.9% during the 1st quarter. Ameriprise Financial Inc. now owns 686,647 shares of the financial services provider's stock worth $95,381,000 after purchasing an additional 428,396 shares in the last quarter. Bragg Financial Advisors Inc grew its position in Raymond James Financial by 1.9% during the 1st quarter. Bragg Financial Advisors Inc now owns 85,029 shares of the financial services provider's stock worth $11,811,000 after purchasing an additional 1,581 shares in the last quarter. Norinchukin Bank The raised its stake in Raymond James Financial by 15.7% during the 1st quarter. Norinchukin Bank The now owns 9,818 shares of the financial services provider's stock valued at $1,364,000 after purchasing an additional 1,334 shares during the period. Finally, T. Rowe Price Investment Management Inc. lifted its holdings in shares of Raymond James Financial by 0.7% in the first quarter. T. Rowe Price Investment Management Inc. now owns 4,136,413 shares of the financial services provider's stock valued at $574,590,000 after purchasing an additional 29,086 shares in the last quarter. 83.83% of the stock is currently owned by institutional investors and hedge funds.

Raymond James Financial Stock Performance

RJF traded up $0.21 during midday trading on Wednesday, reaching $168.17. The company's stock had a trading volume of 582,403 shares, compared to its average volume of 1,299,457. Raymond James Financial, Inc. has a twelve month low of $113.91 and a twelve month high of $174.32. The stock has a market cap of $33.53 billion, a P/E ratio of 16.49, a PEG ratio of 1.36 and a beta of 1.05. The company has a fifty day simple moving average of $160.63 and a 200 day simple moving average of $149.95. The company has a current ratio of 1.04, a quick ratio of 1.02 and a debt-to-equity ratio of 0.33.

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

Raymond James Financial Announces Dividend

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

Analyst Upgrades and Downgrades

RJF has been the topic of a number of research analyst reports. JPMorgan Chase & Co. lifted their price target on Raymond James Financial from $151.00 to $172.00 and gave the company a "neutral" rating in a report on Thursday, July 24th. Keefe, Bruyette & Woods lifted their target price on Raymond James Financial from $167.00 to $170.00 and gave the company a "market perform" rating in a research note on Thursday, July 24th. JMP Securities increased their price target on shares of Raymond James Financial from $175.00 to $180.00 and gave the stock a "market outperform" rating in a research report on Monday, July 14th. Morgan Stanley boosted their price objective 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. Finally, Wells Fargo & Company boosted their price target on shares of Raymond James Financial from $155.00 to $163.00 and gave the company an "equal weight" rating in a report on Friday, July 11th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $163.80.

Insider Transactions at Raymond James Financial

In other Raymond James Financial news, insider Bella Loykhter Allaire sold 6,570 shares of the stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $146.61, for a total transaction of $963,227.70. Following the sale, the insider owned 74,586 shares of the company's stock, valued at $10,935,053.46. This represents a 8.10% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.54% of the stock is currently owned by company insiders.

Raymond James Financial 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.