Alpine Woods Capital Investors LLC Makes New Investment in Raymond James Financial, Inc. $RJF

Key Points

• Alpine Woods Capital Investors initiated a position in Raymond James Financial, purchasing 7,916 shares valued at approximately $1.2 million. Institutional investors and hedge funds collectively own 83.83% of the company.
• Raymond James Financial exceeded quarterly expectations, reporting $3.14 in earnings per share versus the $2.91 consensus estimate, while revenue rose 15.6% year over year to $3.93 billion.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and a $181 price target. The stock opened at $179.19, near its 52-week high, while two insiders recently sold shares.

Alpine Woods Capital Investors LLC purchased a new position in shares of Raymond James Financial, Inc. (NYSE:RJF - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 7,916 shares of the financial services provider's stock, valued at approximately $1,203,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Empowered Funds LLC raised its stake in shares of Raymond James Financial by 8.2% during the 1st quarter. Empowered Funds LLC now owns 4,142 shares of the financial services provider's stock worth $573,000 after buying an additional 314 shares during the last quarter. Woodline Partners LP increased its stake in shares of Raymond James Financial by 41.8% during the 1st quarter. Woodline Partners LP now owns 15,580 shares of the financial services provider's stock worth $2,164,000 after purchasing an additional 4,592 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in Raymond James Financial by 137.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,184 shares of the financial services provider's stock valued at $182,000 after buying an additional 685 shares during the last quarter. Brown Advisory Inc. grew its holdings in Raymond James Financial by 15.1% during the 2nd quarter. Brown Advisory Inc. now owns 2,268 shares of the financial services provider's stock valued at $348,000 after buying an additional 298 shares during the last quarter. Finally, Cresset Asset Management LLC purchased a new position in Raymond James Financial during the second quarter worth $363,000. Institutional investors and hedge funds own 83.83% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. TD Cowen cut their price target on Raymond James Financial from $162.00 to $161.00 and set a "hold" rating for the company in a report on Thursday, July 23rd. BMO Capital Markets reaffirmed a "market perform" rating and set a $175.00 price objective (up from $160.00) on shares of Raymond James Financial in a research note on Thursday, July 23rd. UBS Group set a $184.00 price objective on Raymond James Financial and gave the stock a "neutral" rating in a research report on Monday, July 27th. Citigroup restated a "market outperform" rating on shares of Raymond James Financial in a research report on Thursday, July 23rd. Finally, Argus lifted their target price on shares of Raymond James Financial from $178.00 to $196.00 and gave the stock a "buy" rating in a research note on Thursday, July 30th. Five equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company's stock. Based on data from MarketBeat, Raymond James Financial presently has a consensus rating of "Hold" and a consensus target price of $181.00.

Raymond James Financial Stock Performance

NYSE RJF opened at $179.19 on Wednesday. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.06 and a quick ratio of 1.03. Raymond James Financial, Inc. has a 1-year low of $138.82 and a 1-year high of $182.73. The firm has a market capitalization of $34.47 billion, a P/E ratio of 15.62, a P/E/G ratio of 1.11 and a beta of 0.92. The business's 50-day simple moving average is $166.85 and its 200-day simple moving average is $157.58.

Raymond James Financial (NYSE:RJF - Get Free Report) last posted its quarterly 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. Raymond James Financial had a net margin of 13.57% and a return on equity of 19.07%. The firm had revenue of $3.93 billion for the quarter, compared to analyst estimates of $3.87 billion. During the same quarter last year, the firm posted $2.18 earnings per share. Raymond James Financial's revenue for the quarter was up 15.6% compared to the same quarter last year. Equities analysts predict that Raymond James Financial, Inc. will post 12.07 EPS for the current year.

Insider Buying and Selling at Raymond James Financial

In related news, insider Steven M. Raney sold 5,770 shares of the company's stock in a transaction 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 completion of the sale, the insider directly owned 43,046 shares of the company's stock, valued at approximately $7,445,666.62. This represents a 11.82% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Tashtego S. Elwyn sold 10,000 shares of the stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $176.06, for a total value of $1,760,600.00. Following the completion of the sale, the insider owned 45,114 shares of the company's stock, valued at approximately $7,942,770.84. This represents a 18.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 0.58% of the company's stock.

Raymond James Financial Company 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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