Bank of New York Mellon Corp Has $192.99 Million Stock Holdings in Raymond James Financial, Inc. $RJF

Key Points

• Bank of New York Mellon increased its stake in Raymond James Financial by 22% in the fourth quarter, bringing its holdings to 1.2 million shares valued at about $193 million.
• Raymond James reported better-than-expected quarterly EPS of $2.83, though revenue of $3.86 billion came in slightly below forecasts; analysts currently rate the stock Hold on consensus.
• The company also announced a quarterly dividend of $0.54 per share, payable July 15, which implies an annualized yield of about 1.4%.

Bank of New York Mellon Corp boosted its holdings in shares of Raymond James Financial, Inc. (NYSE:RJF - Free Report) by 22.0% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 1,201,739 shares of the financial services provider's stock after acquiring an additional 216,907 shares during the period. Bank of New York Mellon Corp owned 0.61% of Raymond James Financial worth $192,987,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Anfield Capital Management LLC acquired a new position in shares of Raymond James Financial in the 3rd quarter valued at $33,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Raymond James Financial in the 4th quarter valued at $32,000. Harbor Investment Advisory LLC grew its holdings in shares of Raymond James Financial by 452.6% in the 4th quarter. Harbor Investment Advisory LLC now owns 210 shares of the financial services provider's stock valued at $34,000 after buying an additional 172 shares during the period. Salomon & Ludwin LLC boosted its stake in Raymond James Financial by 34.8% in the 4th quarter. Salomon & Ludwin LLC now owns 252 shares of the financial services provider's stock worth $42,000 after purchasing an additional 65 shares during the period. Finally, Eagle Bay Advisors LLC acquired a new position in Raymond James Financial in the 4th quarter worth $44,000. Institutional investors and hedge funds own 83.83% of the company's stock.

Insider Activity at Raymond James Financial

In other news, insider Bella Loykhter Allaire sold 29,551 shares of the firm's stock in a transaction that occurred on Thursday, March 19th. The shares were sold at an average price of $142.34, for a total transaction of $4,206,289.34. Following the transaction, the insider directly owned 53,586 shares of the company's stock, valued at approximately $7,627,431.24. This trade represents a 35.54% 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 this hyperlink. Corporate insiders own 0.58% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on RJF shares. Jefferies Financial Group reduced their target price on shares of Raymond James Financial from $165.00 to $145.00 and set a "hold" rating for the company in a research note on Monday, April 6th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Raymond James Financial in a research note on Wednesday, May 20th. Morgan Stanley upped their target price on shares of Raymond James Financial from $171.00 to $172.00 and gave the stock an "equal weight" rating in a research note on Tuesday, April 28th. UBS Group reaffirmed a "neutral" rating and issued a $166.00 target price (up from $158.00) on shares of Raymond James Financial in a research note on Thursday, April 23rd. Finally, BMO Capital Markets upped their target price on shares of Raymond James Financial from $152.00 to $165.00 and gave the stock a "market perform" rating in a research note on Thursday, April 23rd. Four equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Raymond James Financial presently has a consensus rating of "Hold" and a consensus target price of $172.92.

Raymond James Financial Stock Up 0.6%

Raymond James Financial stock opened at $151.48 on Friday. The stock has a market cap of $29.52 billion, a P/E ratio of 14.32, a P/E/G ratio of 1.16 and a beta of 0.94. The company has a quick ratio of 1.05, a current ratio of 1.07 and a debt-to-equity ratio of 0.44. Raymond James Financial, Inc. has a twelve month low of $138.82 and a twelve month high of $177.66. The company's 50-day moving average price is $150.20 and its two-hundred day moving average price is $156.64.

Raymond James Financial (NYSE:RJF - Get Free Report) last released its quarterly earnings results on Wednesday, April 22nd. The financial services provider reported $2.83 earnings per share for the quarter, beating the consensus estimate of $2.76 by $0.07. Raymond James Financial had a net margin of 13.04% and a return on equity of 17.93%. The firm had revenue of $3.86 billion for the quarter, compared to analysts' expectations of $3.92 billion. During the same period in the prior year, the firm earned $2.42 EPS. The business's revenue was up 13.4% on a year-over-year basis. As a group, analysts expect that Raymond James Financial, Inc. will post 11.82 EPS for the current year.

Raymond James Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Wednesday, July 1st will be issued a dividend of $0.54 per share. The ex-dividend date of this dividend is Wednesday, July 1st. This represents a $2.16 annualized dividend and a dividend yield of 1.4%. Raymond James Financial's dividend payout ratio (DPR) is currently 20.42%.

About Raymond James Financial

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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