BlackRock Inc. Invests $2.18 Billion in Raymond James Financial, Inc. $RJF

BlackRock Inc. acquired a new position in Raymond James Financial, Inc. (NYSE:RJF - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 14,343,870 shares of the financial services provider's stock, valued at approximately $2,180,699,000. BlackRock Inc. owned 7.36% of Raymond James Financial at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Kingsview Wealth Management LLC boosted its stake in Raymond James Financial by 586.7% in the 4th quarter. Kingsview Wealth Management LLC now owns 20,374 shares of the financial services provider's stock valued at $3,272,000 after buying an additional 17,407 shares in the last quarter. Algebris UK Ltd. bought a new stake in Raymond James Financial during the 4th quarter worth approximately $10,179,000. Fisher Asset Management LLC increased its holdings in Raymond James Financial by 6.9% during the 4th quarter. Fisher Asset Management LLC now owns 392,663 shares of the financial services provider's stock valued at $63,058,000 after purchasing an additional 25,410 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH increased its holdings in Raymond James Financial by 7.2% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 107,794 shares of the financial services provider's stock valued at $17,343,000 after purchasing an additional 7,202 shares in the last quarter. Finally, Swedbank AB raised its position in Raymond James Financial by 31.1% in the 4th quarter. Swedbank AB now owns 41,436 shares of the financial services provider's stock valued at $6,654,000 after purchasing an additional 9,838 shares during the last quarter. 83.83% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Tashtego S. Elwyn sold 10,000 shares of the firm's stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $176.06, for a total transaction of $1,760,600.00. Following the sale, the insider owned 45,114 shares of the company's stock, valued at approximately $7,942,770.84. This trade represents a 18.14% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Steven M. Raney sold 5,770 shares of the business's stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $172.97, for a total value of $998,036.90. Following the completion of the transaction, the insider directly owned 43,046 shares of the company's stock, valued at approximately $7,445,666.62. The trade was a 11.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.58% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently commented on RJF shares. Barclays increased their target price on Raymond James Financial from $192.00 to $196.00 and gave the stock an "overweight" rating in a report on Thursday, July 23rd. UBS Group set a $184.00 price target on Raymond James Financial and gave the company a "neutral" rating in a report on Monday, July 27th. Argus increased their price objective on shares of 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 restated a "buy (b-)" rating on shares of Raymond James Financial in a research report on Monday. Finally, 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 note on Thursday, July 23rd. Five investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $181.00.

Raymond James Financial Trading Down 0.8%

NYSE RJF opened at $177.93 on Thursday. Raymond James Financial, Inc. has a 12 month low of $138.82 and a 12 month high of $182.73. The stock has a 50-day simple moving average of $167.39 and a 200 day simple moving average of $157.65. The company has a current ratio of 1.06, a quick ratio of 1.03 and a debt-to-equity ratio of 0.43. The company has a market capitalization of $34.23 billion, a PE ratio of 15.51, a P/E/G ratio of 1.10 and a beta of 0.92.

Raymond James Financial (NYSE:RJF - Get Free Report) last issued its earnings results on Wednesday, July 22nd. The financial services provider reported $3.14 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.91 by $0.23. The firm had revenue of $3.93 billion for the quarter, compared to analysts' expectations of $3.87 billion. Raymond James Financial had a return on equity of 19.07% and a net margin of 13.57%.The company's revenue was up 15.6% compared to the same quarter last year. During the same quarter last year, the business earned $2.18 earnings per share. 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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