Canada Pension Plan Investment Board Invests $89.36 Million in Raymond James Financial, Inc. $RJF

Key Points

• Canada Pension Plan Investment Board acquired 587,783 Raymond James Financial shares worth approximately $89.36 million, representing a 0.31% stake. Institutional investors collectively own 83.83% of the company.
• Raymond James reported quarterly EPS of $3.14, beating estimates of $2.91, while revenue rose 15.6% year over year to $3.93 billion.
• RJF shares opened at $176.85, near their 52-week high of $182.73. Analysts maintain a consensus “Hold” rating with an average price target of $181, while recent insider activity included sales by two executives.

Canada Pension Plan Investment Board bought a new position in Raymond James Financial, Inc. (NYSE:RJF - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The firm bought 587,783 shares of the financial services provider's stock, valued at approximately $89,361,000. Canada Pension Plan Investment Board owned 0.31% of Raymond James Financial as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently bought and sold shares of RJF. Kingsview Wealth Management LLC grew its holdings in Raymond James Financial by 586.7% during 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. purchased a new stake in shares of Raymond James Financial during the 4th quarter worth approximately $10,179,000. Fisher Asset Management LLC raised its holdings in shares of 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 worth $63,058,000 after acquiring an additional 25,410 shares in the last quarter. Swedbank AB boosted its position in shares of Raymond James Financial by 31.1% during the 4th quarter. Swedbank AB now owns 41,436 shares of the financial services provider's stock valued at $6,654,000 after acquiring an additional 9,838 shares during the last quarter. Finally, Wealthfront Advisers LLC boosted its position in shares of Raymond James Financial by 40.8% during the 4th quarter. Wealthfront Advisers LLC now owns 24,725 shares of the financial services provider's stock valued at $3,971,000 after acquiring an additional 7,164 shares during the last quarter. 83.83% of the stock is currently owned by hedge funds and other institutional investors.

Raymond James Financial Price Performance

Shares of Raymond James Financial stock opened at $176.85 on Thursday. The stock has a market cap of $34.02 billion, a price-to-earnings ratio of 15.42, a price-to-earnings-growth 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. The stock has a 50 day moving average price of $169.39 and a 200-day moving average price of $157.93. Raymond James Financial, Inc. has a one year low of $138.82 and a one year high of $182.73.

Raymond James Financial (NYSE:RJF - Get Free Report) last released its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $3.14 earnings per share for the quarter, beating the consensus estimate of $2.91 by $0.23. The company had revenue of $3.93 billion for the quarter, compared to analyst estimates of $3.87 billion. Raymond James Financial had a return on equity of 19.07% and a net margin of 13.57%.Raymond James Financial's quarterly revenue was up 15.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.18 EPS. Equities analysts expect that Raymond James Financial, Inc. will post 12.07 EPS for the current year.

Insider Buying and Selling at Raymond James Financial

In other news, insider Tashtego S. Elwyn sold 10,000 shares of the firm's stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $176.06, for a total value of $1,760,600.00. Following the completion of the sale, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Steven M. Raney sold 5,770 shares of Raymond James Financial stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $172.97, for a total transaction of $998,036.90. Following the transaction, the insider directly owned 43,046 shares of the company's stock, valued at approximately $7,445,666.62. This represents a 11.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.58% of the company's stock.

Analyst Ratings Changes

RJF has been the topic of several research reports. UBS Group set a $184.00 price target on shares of Raymond James Financial and gave the stock a "neutral" rating in a research report on Monday, July 27th. JPMorgan Chase & Co. increased their price objective on shares of Raymond James Financial from $175.00 to $179.00 and gave the company a "neutral" rating in a research report on Thursday, July 23rd. BMO Capital Markets reissued a "market perform" rating and issued a $175.00 price objective (up from $160.00) on shares of Raymond James Financial in a research note on Thursday, July 23rd. Morgan Stanley boosted their target price on shares of Raymond James Financial from $172.00 to $174.00 and gave the stock an "equal weight" rating in a report on Friday, July 10th. Finally, Barclays upped their target price on shares of Raymond James Financial from $192.00 to $196.00 and gave the company an "overweight" rating in a research report on Thursday, July 23rd. Five equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $181.00.

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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