CIBC Asset Management Inc Grows Position in Raymond James Financial, Inc. $RJF

Key Points

• CIBC Asset Management increased its stake in Raymond James Financial by 61.5% in the fourth quarter, bringing its holdings to 43,261 shares valued at about $6.95 million.
• Raymond James Financial reported better-than-expected earnings of $2.83 per share for the latest quarter, though revenue of $3.86 billion came in slightly below estimates. Revenue still rose 13.4% year over year.
• The company declared a quarterly dividend of $0.54 per share, payable July 15, and analysts currently have a Hold consensus on the stock with an average price target of $172.92.

CIBC Asset Management Inc boosted its holdings in shares of Raymond James Financial, Inc. (NYSE:RJF - Free Report) by 61.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 43,261 shares of the financial services provider's stock after purchasing an additional 16,475 shares during the quarter. CIBC Asset Management Inc's holdings in Raymond James Financial were worth $6,947,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of RJF. Plato Investment Management Ltd grew its stake in shares of Raymond James Financial by 2,000.9% during the 3rd quarter. Plato Investment Management Ltd now owns 4,559 shares of the financial services provider's stock worth $781,000 after acquiring an additional 4,342 shares in the last quarter. Allianz Asset Management GmbH grew its stake in shares of Raymond James Financial by 24.6% during the 3rd quarter. Allianz Asset Management GmbH now owns 59,067 shares of the financial services provider's stock worth $10,195,000 after acquiring an additional 11,680 shares in the last quarter. Kingsview Wealth Management LLC grew its stake in shares of 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 worth $3,272,000 after acquiring an additional 17,407 shares in the last quarter. Algebris UK Ltd. bought a new position in shares of Raymond James Financial during the 4th quarter worth approximately $10,179,000. Finally, Public Sector Pension Investment Board grew its stake in shares of Raymond James Financial by 139.1% during the 3rd quarter. Public Sector Pension Investment Board now owns 89,267 shares of the financial services provider's stock worth $15,407,000 after acquiring an additional 51,928 shares in the last quarter. Hedge funds and other institutional investors own 83.83% of the company's stock.

Insider Transactions at Raymond James Financial

In other Raymond James Financial news, insider Bella Loykhter Allaire sold 29,551 shares of Raymond James Financial stock in a transaction dated Thursday, March 19th. The stock was sold at an average price of $142.34, for a total value of $4,206,289.34. Following the transaction, the insider owned 53,586 shares in the company, valued at $7,627,431.24. The trade was a 35.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.58% of the stock is currently owned by corporate insiders.

Raymond James Financial Stock Performance

Shares of Raymond James Financial stock opened at $151.48 on Friday. The company has a 50 day moving average of $150.20 and a 200-day moving average of $156.64. Raymond James Financial, Inc. has a 1-year low of $138.82 and a 1-year high of $177.66. The company has a current ratio of 1.07, a quick ratio of 1.05 and a debt-to-equity ratio of 0.44. The company has a market cap of $29.52 billion, a PE ratio of 14.32, a price-to-earnings-growth ratio of 1.16 and a beta of 0.94.

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

Raymond James Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Wednesday, July 1st will be given a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date is Wednesday, July 1st. Raymond James Financial's payout ratio is currently 20.42%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on RJF shares. UBS Group reissued a "neutral" rating and issued a $166.00 price objective (up from $158.00) on shares of Raymond James Financial in a report on Thursday, April 23rd. Morgan Stanley increased their price objective on Raymond James Financial from $171.00 to $172.00 and gave the company an "equal weight" rating in a report on Tuesday, April 28th. TD Cowen cut their price objective on Raymond James Financial from $159.00 to $155.00 and set a "hold" rating for the company in a report on Thursday, May 28th. BMO Capital Markets increased their price objective on Raymond James Financial from $152.00 to $165.00 and gave the company a "market perform" rating in a report on Thursday, April 23rd. Finally, Barclays reissued an "overweight" rating and issued a $182.00 price objective (up from $174.00) on shares of Raymond James Financial in a report on Thursday, April 23rd. Four equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $172.92.

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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