Bank of New York Mellon Corp Has $171.76 Million Stock Position in Raymond James Financial, Inc. (NYSE:RJF)

Bank of New York Mellon Corp reduced its position in Raymond James Financial, Inc. (NYSE:RJF - Free Report) by 1.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,236,504 shares of the financial services provider's stock after selling 12,556 shares during the quarter. Bank of New York Mellon Corp owned 0.60% of Raymond James Financial worth $171,763,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Raymond James Financial during the 1st quarter worth approximately $25,000. TCTC Holdings LLC raised its position in shares of Raymond James Financial by 176.7% during the 4th quarter. TCTC Holdings LLC now owns 166 shares of the financial services provider's stock worth $26,000 after acquiring an additional 106 shares in the last quarter. Alpine Bank Wealth Management acquired a new stake in shares of Raymond James Financial during the 1st quarter worth about $27,000. Golden State Wealth Management LLC increased its position in Raymond James Financial by 164.0% during the first quarter. Golden State Wealth Management LLC now owns 198 shares of the financial services provider's stock worth $28,000 after buying an additional 123 shares during the period. Finally, Olde Wealth Management LLC purchased a new position in shares of Raymond James Financial in the 1st quarter valued at approximately $33,000. 83.83% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages have recently issued reports on RJF. Wells Fargo & Company reduced their price objective on Raymond James Financial from $176.00 to $143.00 and set an "equal weight" rating on the stock in a research report on Tuesday, April 8th. JPMorgan Chase & Co. lifted their target price on Raymond James Financial from $143.00 to $151.00 and gave the stock a "neutral" rating in a research report on Tuesday. 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. The Goldman Sachs Group cut their target price on Raymond James Financial from $198.00 to $173.00 and set a "buy" rating on the stock in a research note on Thursday, April 3rd. Finally, Cowen reaffirmed a "hold" rating on shares of Raymond James Financial in a report on Thursday, April 24th. Ten analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $155.91.

Raymond James Financial Trading Up 0.6%

Shares of RJF stock traded up $1.02 during mid-day trading on Wednesday, reaching $158.60. The stock had a trading volume of 70,270 shares, compared to its average volume of 1,325,303. Raymond James Financial, Inc. has a 52-week low of $104.24 and a 52-week high of $174.32. The company has a current ratio of 1.04, a quick ratio of 1.02 and a debt-to-equity ratio of 0.32. The stock's 50-day moving average price is $148.86 and its two-hundred day moving average price is $149.74. The firm has a market capitalization of $32.00 billion, a PE ratio of 15.29, a price-to-earnings-growth ratio of 1.89 and a beta of 1.02.

Raymond James Financial (NYSE:RJF - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The financial services provider reported $2.42 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.44 by ($0.02). Raymond James Financial had a net margin of 13.99% and a return on equity of 19.31%. The company had revenue of $3.40 billion during the quarter, compared to the consensus estimate of $3.46 billion. During the same quarter in the prior year, the firm posted $2.31 earnings per share. The business's revenue was up 9.0% on a year-over-year basis. Equities analysts expect that Raymond James Financial, Inc. will post 11.17 earnings per share for the current fiscal year.

Raymond James Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Tuesday, July 1st will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 1.26%. The ex-dividend date of this dividend is Tuesday, July 1st. Raymond James Financial's payout ratio is presently 19.25%.

Insiders Place Their Bets

In other 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 approximately $10,935,053.46. This represents a 8.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider James E. Bunn sold 3,650 shares of the stock in a transaction on Monday, April 28th. The stock was sold at an average price of $136.49, for a total value of $498,188.50. Following the sale, the insider directly owned 78,227 shares of the company's stock, valued at approximately $10,677,203.23. This represents a 4.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.54% of the stock is owned by corporate insiders.

About Raymond James Financial

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.