Ancora Advisors LLC Buys Shares of 42,992 Raymond James Financial, Inc. $RJF

Key Points

• Ancora Advisors initiated a position in Raymond James Financial during the second quarter, purchasing 42,992 shares valued at approximately $6.5 million. Institutional investors collectively own 83.83% of the company.
• Analysts maintain a generally cautious outlook, with five Buy ratings and eight Hold ratings producing a consensus rating of Hold and an average price target of $181.
• Raymond James exceeded quarterly expectations, reporting $3.14 in adjusted EPS versus a $2.91 estimate and $3.93 billion in revenue, up 15.6% year over year. Shares opened at $174.92, near the company’s 12-month high of $182.73.

Ancora Advisors LLC bought a new position in Raymond James Financial, Inc. (NYSE:RJF - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 42,992 shares of the financial services provider's stock, valued at approximately $6,536,000.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Great Valley Advisor Group Inc. grew its stake in Raymond James Financial by 1.5% during the 2nd quarter. Great Valley Advisor Group Inc. now owns 4,076 shares of the financial services provider's stock valued at $625,000 after acquiring an additional 61 shares in the last quarter. Collective Family Office LLC boosted its holdings in shares of Raymond James Financial by 3.0% during the second quarter. Collective Family Office LLC now owns 2,124 shares of the financial services provider's stock worth $323,000 after purchasing an additional 62 shares during the period. MassMutual Private Wealth & Trust FSB boosted its holdings in shares of Raymond James Financial by 10.2% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 765 shares of the financial services provider's stock worth $116,000 after purchasing an additional 71 shares during the period. Parallel Advisors LLC grew its position in Raymond James Financial by 4.3% during the third quarter. Parallel Advisors LLC now owns 1,722 shares of the financial services provider's stock valued at $297,000 after purchasing an additional 71 shares in the last quarter. Finally, Meeder Advisory Services Inc. grew its position in Raymond James Financial by 3.0% during the first quarter. Meeder Advisory Services Inc. now owns 2,469 shares of the financial services provider's stock valued at $358,000 after purchasing an additional 72 shares in the last quarter. Hedge funds and other institutional investors own 83.83% of the company's stock.

Wall Street Analyst Weigh In

RJF has been the topic of several research analyst reports. JPMorgan Chase & Co. boosted their price target on shares of Raymond James Financial from $175.00 to $179.00 and gave the company a "neutral" rating in a report on Thursday, July 23rd. Argus increased their price objective on Raymond James Financial from $178.00 to $196.00 and gave the stock a "buy" rating in a report on Thursday, July 30th. Weiss Ratings reissued a "buy (b-)" rating on shares of Raymond James Financial in a research report on Monday, August 17th. BMO Capital Markets reaffirmed a "market perform" rating and issued a $175.00 target price (up from $160.00) on shares of Raymond James Financial in a research report on Thursday, July 23rd. Finally, UBS Group set a $184.00 price target on Raymond James Financial and gave the stock a "neutral" rating in a research note on Monday, July 27th. Five research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat, Raymond James Financial has an average rating of "Hold" and a consensus price target of $181.00.

Insiders Place Their Bets

In other news, insider Steven M. Raney sold 5,770 shares of the firm's stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $172.97, for a total value of $998,036.90. Following the sale, the insider directly owned 43,046 shares of the company's stock, valued at approximately $7,445,666.62. This trade represents a 11.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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 value of $1,760,600.00. Following the completion of the transaction, the insider owned 45,114 shares in the company, valued at $7,942,770.84. The trade was a 18.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.58% of the company's stock.

Raymond James Financial Stock Down 1.0%

RJF opened at $174.92 on Wednesday. The firm has a market cap of $33.65 billion, a P/E ratio of 15.25, a price-to-earnings-growth ratio of 1.08 and a beta of 0.92. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.03 and a current ratio of 1.06. The business has a 50 day moving average price of $169.03 and a 200 day moving average price of $157.87. Raymond James Financial, Inc. has a twelve month low of $138.82 and a twelve month high of $182.73.

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 EPS for the quarter, beating the consensus estimate of $2.91 by $0.23. Raymond James Financial had a return on equity of 19.07% and a net margin of 13.57%.The company had revenue of $3.93 billion for the quarter, compared to the consensus estimate of $3.87 billion. During the same quarter last year, the company posted $2.18 earnings per share. The company's revenue for the quarter was up 15.6% compared to the same quarter last year. Research analysts forecast that Raymond James Financial, Inc. will post 12.07 EPS for the current year.

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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