American Century Companies Inc. Grows Stake in Raymond James Financial, Inc. $RJF

Key Points

• American Century Companies Inc. increased its stake in Raymond James Financial by 38.3%, now owning 246,065 shares valued at approximately $34.2 million.
• Raymond James Financial reported Q2 earnings of $2.18 EPS, missing analysts' expectations, while their quarterly revenue increased by 5.3% year-over-year.
• The company announced a quarterly dividend of $0.50 per share, which will be paid on October 15th, reflecting a 1.2% yield.

American Century Companies Inc. raised its stake in Raymond James Financial, Inc. (NYSE:RJF - Free Report) by 38.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 246,065 shares of the financial services provider's stock after acquiring an additional 68,132 shares during the period. American Century Companies Inc. owned approximately 0.12% of Raymond James Financial worth $34,181,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in shares of Raymond James Financial by 1.6% during the first quarter. Vanguard Group Inc. now owns 22,244,204 shares of the financial services provider's stock valued at $3,089,942,000 after purchasing an additional 347,916 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of Raymond James Financial by 19.1% during the first quarter. Invesco Ltd. now owns 2,901,435 shares of the financial services provider's stock valued at $403,038,000 after purchasing an additional 466,129 shares in the last quarter. Earnest Partners LLC lifted its holdings in shares of Raymond James Financial by 1.0% during the fourth quarter. Earnest Partners LLC now owns 2,533,666 shares of the financial services provider's stock valued at $393,554,000 after purchasing an additional 24,195 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of Raymond James Financial by 8.3% during the first quarter. Massachusetts Financial Services Co. MA now owns 2,335,254 shares of the financial services provider's stock valued at $324,390,000 after purchasing an additional 178,262 shares in the last quarter. Finally, Northern Trust Corp lifted its holdings in shares of Raymond James Financial by 18.4% during the fourth quarter. Northern Trust Corp now owns 2,107,218 shares of the financial services provider's stock valued at $327,314,000 after purchasing an additional 327,739 shares in the last quarter. 83.83% of the stock is owned by hedge funds and other institutional investors.

Raymond James Financial Stock Performance

RJF traded up $0.21 during midday trading on Wednesday, reaching $168.17. The company had a trading volume of 590,169 shares, compared to its average volume of 900,051. The company has a quick ratio of 1.02, a current ratio of 1.04 and a debt-to-equity ratio of 0.33. The business has a 50-day moving average of $161.03 and a two-hundred day moving average of $150.08. The company has a market cap of $33.53 billion, a P/E ratio of 16.49, a P/E/G ratio of 1.38 and a beta of 1.05. Raymond James Financial, Inc. has a 1 year low of $113.91 and a 1 year high of $174.32.

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

Raymond James Financial Announces Dividend

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

Wall Street Analyst Weigh In

RJF has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods upped their price target on Raymond James Financial from $167.00 to $170.00 and gave the company a "market perform" rating in a report on Thursday, July 24th. Bank of America downgraded Raymond James Financial from a "buy" rating to a "neutral" rating and set a $159.00 price target on the stock. in a report on Wednesday, April 30th. JPMorgan Chase & Co. upped 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. Citigroup reaffirmed an "outperform" rating on shares of Raymond James Financial in a report on Monday, July 14th. Finally, Wells Fargo & Company increased their target price on 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 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 stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $163.80.

Insider Buying and Selling

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

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.