Clearbridge Investments LLC Decreases Stock Holdings in Raymond James Financial, Inc. $RJF

Key Points

• Clearbridge Investments cut its Raymond James Financial stake by 3.0% in the fourth quarter, leaving it with 279,203 shares valued at about $44.8 million.
• Raymond James reported better-than-expected earnings for the quarter, posting $2.83 EPS versus $2.76 expected, while revenue rose 13.4% year over year to $3.86 billion.
• The company also announced a quarterly dividend of $0.54 per share, and analysts currently rate the stock a Hold overall with a consensus target price of $172.92.

Clearbridge Investments LLC reduced its stake in shares of Raymond James Financial, Inc. (NYSE:RJF - Free Report) by 3.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 279,203 shares of the financial services provider's stock after selling 8,717 shares during the quarter. Clearbridge Investments LLC owned approximately 0.14% of Raymond James Financial worth $44,837,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in RJF. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Raymond James Financial in the fourth quarter valued at about $32,000. Anfield Capital Management LLC purchased a new stake in Raymond James Financial in the third quarter valued at about $33,000. Harbor Investment Advisory LLC raised its stake in Raymond James Financial by 452.6% in the fourth 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 last quarter. Salomon & Ludwin LLC raised its stake in Raymond James Financial by 34.8% in the fourth quarter. Salomon & Ludwin LLC now owns 252 shares of the financial services provider's stock valued at $42,000 after buying an additional 65 shares during the last quarter. Finally, Eagle Bay Advisors LLC purchased a new stake in Raymond James Financial in the fourth quarter valued at about $44,000. 83.83% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider Bella Loykhter Allaire sold 29,551 shares of the business's stock in a transaction on Thursday, March 19th. The stock was sold at an average price of $142.34, for a total transaction of $4,206,289.34. Following the completion of the transaction, the insider directly owned 53,586 shares of the company's stock, valued at $7,627,431.24. The trade was a 35.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.58% of the stock is owned by insiders.

Raymond James Financial Stock Performance

Shares of Raymond James Financial stock opened at $151.29 on Wednesday. Raymond James Financial, Inc. has a one year low of $138.82 and a one year high of $177.66. The company has a market cap of $29.48 billion, a price-to-earnings ratio of 14.30, a PEG ratio of 1.15 and a beta of 0.94. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.05 and a current ratio of 1.07. The business's 50 day moving average price is $150.52 and its 200 day moving average price is $156.57.

Raymond James Financial (NYSE:RJF - Get Free Report) last posted its earnings results on Wednesday, April 22nd. The financial services provider reported $2.83 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 company had revenue of $3.86 billion for the quarter, compared to the consensus estimate of $3.92 billion. During the same quarter in the previous year, the business earned $2.42 earnings per share. The company's revenue for the quarter was up 13.4% on a year-over-year basis. On average, research analysts predict that Raymond James Financial, Inc. will post 11.82 EPS for the current year.

Raymond James Financial Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Weiss Ratings reiterated a "buy (b-)" rating on shares of Raymond James Financial in a research note on Wednesday, May 20th. Jefferies Financial Group decreased their price target on 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. UBS Group reiterated a "neutral" rating and issued a $166.00 price target (up from $158.00) on shares of Raymond James Financial in a research note on Thursday, April 23rd. TD Cowen decreased their price target on Raymond James Financial from $159.00 to $155.00 and set a "hold" rating for the company in a research note on Thursday, May 28th. Finally, Morgan Stanley increased their price target on Raymond James Financial from $171.00 to $172.00 and gave the company an "equal weight" rating in a research note on Tuesday, April 28th. Four analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. According to data from MarketBeat, Raymond James Financial currently has a consensus rating of "Hold" and a consensus 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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