Congress Asset Management Co. Lowers Stock Holdings in Raymond James (NYSE:RJF)

Congress Asset Management Co. cut its holdings in shares of Raymond James (NYSE:RJF - Free Report) by 7.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 853,002 shares of the financial services provider's stock after selling 64,750 shares during the period. Congress Asset Management Co. owned about 0.42% of Raymond James worth $118,491,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Raymond James during the 1st quarter worth approximately $25,000. TCTC Holdings LLC raised its stake in shares of Raymond James by 176.7% in the fourth quarter. TCTC Holdings LLC now owns 166 shares of the financial services provider's stock valued at $26,000 after acquiring an additional 106 shares in the last quarter. Y.D. More Investments Ltd boosted its holdings in Raymond James by 121.0% in the fourth quarter. Y.D. More Investments Ltd now owns 232 shares of the financial services provider's stock valued at $36,000 after purchasing an additional 127 shares during the period. Plato Investment Management Ltd grew its stake in Raymond James by 1,142.1% during the 4th quarter. Plato Investment Management Ltd now owns 236 shares of the financial services provider's stock worth $37,000 after purchasing an additional 217 shares in the last quarter. Finally, Covestor Ltd increased its holdings in Raymond James by 56.7% during the 4th quarter. Covestor Ltd now owns 337 shares of the financial services provider's stock worth $52,000 after purchasing an additional 122 shares during the period. 83.83% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on RJF shares. Morgan Stanley upped their target price on shares of Raymond James from $149.00 to $161.00 and gave the stock an "equal weight" rating in a research note on Tuesday, March 4th. Bank of America lowered Raymond James from a "buy" rating to a "neutral" rating and set a $159.00 target price on the stock. in a report on Wednesday, April 30th. Wells Fargo & Company cut their price target on Raymond James from $176.00 to $143.00 and set an "equal weight" rating on the stock in a research note on Tuesday, April 8th. JMP Securities reaffirmed a "market outperform" rating and set a $175.00 price target on shares of Raymond James in a report on Thursday, April 24th. Finally, JPMorgan Chase & Co. decreased their price target on Raymond James from $149.00 to $143.00 and set a "neutral" rating for the company in a report on Thursday, April 24th. Eleven analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $153.82.

Insider Activity at Raymond James

In related news, insider Bella Loykhter Allaire sold 6,570 shares of the business's stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $146.61, for a total value of $963,227.70. Following the transaction, the insider now owns 74,586 shares in the company, valued at $10,935,053.46. The trade was a 8.10% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider James E. Bunn sold 3,650 shares of the business's stock in a transaction dated Monday, April 28th. The shares were sold at an average price of $136.49, for a total value of $498,188.50. Following the completion of the transaction, the insider now owns 78,227 shares in the company, valued at $10,677,203.23. This trade represents a 4.46% decrease in their position. The disclosure for this sale can be found here. 0.54% of the stock is currently owned by insiders.

Raymond James Stock Up 2.4%

Raymond James stock opened at $146.83 on Friday. Raymond James has a fifty-two week low of $104.24 and a fifty-two week high of $174.32. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.01 and a current ratio of 1.03. The company has a market capitalization of $29.62 billion, a P/E ratio of 14.33, a PEG ratio of 0.90 and a beta of 1.03. The stock has a 50-day simple moving average of $140.76 and a 200-day simple moving average of $151.52.

Raymond James (NYSE:RJF - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The financial services provider reported $2.42 earnings per share for the quarter, missing the consensus estimate of $2.44 by ($0.02). Raymond James had a net margin of 14.06% and a return on equity of 19.71%. The firm had revenue of $3.40 billion during the quarter, compared to analysts' expectations of $3.46 billion. During the same period in the previous year, the firm posted $2.31 earnings per share. The firm's revenue for the quarter was up 9.0% on a year-over-year basis. Equities research analysts expect that Raymond James will post 11.17 earnings per share for the current year.

Raymond James Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Tuesday, July 1st will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 1.36%. The ex-dividend date of this dividend is Tuesday, July 1st. Raymond James's payout ratio is currently 19.25%.

Raymond James Profile

Raymond James Financial, Inc, a financial holding company, through its subsidiaries, engages in the underwriting, distribution, trading, and brokerage of equity and debt securities, and the sale of mutual funds and other investment products in the United States, Canada, Europe, and internationally. The company operates through Private Client Group, Capital Markets, Asset Management, RJ Bank, and Other segments.

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