Bank of New York Mellon Corp Invests $182.25 Million in Raymond James Financial, Inc. $RJF

Key Points

• Bank of New York Mellon purchased 1.2 million shares of Raymond James Financial worth approximately $182.25 million, while institutional investors collectively own 83.83% of the company.
• Raymond James shares traded at $175.37, up 1.8%, near their 52-week high. The company recently beat quarterly earnings and revenue expectations, with revenue rising 15.6% year over year.
• Analysts maintain a consensus “Hold” rating with an average price target of $181, while company insiders recently sold shares worth roughly $2.76 million.

Bank of New York Mellon Corp bought a new stake 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 firm bought 1,198,803 shares of the financial services provider's stock, valued at approximately $182,254,000. Bank of New York Mellon Corp owned 0.62% of Raymond James Financial at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Reflection Asset Management purchased a new stake in Raymond James Financial during the 4th quarter valued at approximately $28,000. Hilton Head Capital Partners LLC purchased a new position in shares of Raymond James Financial in the fourth quarter worth $35,000. DV Equities LLC purchased a new position in shares of Raymond James Financial in the fourth quarter worth $40,000. Steigerwald Gordon & Koch Inc. boosted its position in shares of Raymond James Financial by 760.0% during the first quarter. Steigerwald Gordon & Koch Inc. now owns 258 shares of the financial services provider's stock worth $37,000 after acquiring an additional 228 shares during the last quarter. Finally, Clearstead Trust LLC bought a new position in shares of Raymond James Financial during the second quarter worth $40,000. 83.83% of the stock is currently owned by institutional investors.

Raymond James Financial Trading Up 1.8%

Shares of RJF opened at $175.37 on Friday. The company's fifty day moving average is $168.25 and its 200 day moving average is $157.82. Raymond James Financial, Inc. has a fifty-two week low of $138.82 and a fifty-two week high of $182.73. The stock has a market capitalization of $33.73 billion, a PE ratio of 15.29, a P/E/G ratio of 1.07 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.

Raymond James Financial (NYSE:RJF - Get Free Report) last released its quarterly earnings data 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 business had revenue of $3.93 billion during the quarter, compared to analyst estimates of $3.87 billion. During the same quarter last year, the business earned $2.18 earnings per share. Raymond James Financial's quarterly revenue was up 15.6% compared to the same quarter last year. Sell-side analysts expect that Raymond James Financial, Inc. will post 12.07 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. Weiss Ratings reiterated a "buy (b-)" rating on shares of Raymond James Financial in a report on Monday, August 17th. Morgan Stanley increased their price objective on shares of Raymond James Financial from $172.00 to $174.00 and gave the company an "equal weight" rating in a report on Friday, July 10th. JPMorgan Chase & Co. lifted their target price on Raymond James Financial from $175.00 to $179.00 and gave the stock a "neutral" rating in a report on Thursday, July 23rd. BMO Capital Markets reiterated 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, Citigroup reissued a "market outperform" rating on shares of Raymond James Financial in a research note on Thursday, July 23rd. Five equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $181.00.

Insider Activity

In related news, 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 approximately $7,942,770.84. This trade represents a 18.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Steven M. Raney sold 5,770 shares of the business's stock in a transaction that occurred on 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 in the company, valued at $7,445,666.62. The trade was a 11.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.58% of the stock is currently owned by corporate insiders.

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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