Corient Private Wealth LP Invests $4.34 Million in Raymond James Financial, Inc. $RJF

Key Points

• Corient Private Wealth acquired 28,579 Raymond James Financial shares worth approximately $4.34 million, while institutional investors collectively own 83.83% of the company.
• Raymond James exceeded quarterly expectations, reporting $3.14 in EPS and $3.93 billion in revenue, with revenue up 15.6% year over year.
• The company declared a quarterly dividend of $0.54 per share, equivalent to a 1.2% yield; analysts maintain a consensus “Hold” rating with an average price target of $181.

Corient Private Wealth LP acquired a new stake in shares of Raymond James Financial, Inc. (NYSE:RJF - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 28,579 shares of the financial services provider's stock, valued at approximately $4,345,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in RJF. Kingsview Wealth Management LLC lifted its stake in shares of Raymond James Financial by 586.7% during the fourth 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 during the period. Algebris UK Ltd. purchased a new stake in Raymond James Financial in the 4th quarter worth approximately $10,179,000. Fisher Asset Management LLC grew its stake in Raymond James Financial by 6.9% in 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 during the period. Swedbank AB raised its holdings 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 acquiring an additional 9,838 shares during the last quarter. Finally, Mizuho Markets Cayman LP purchased a new position in shares of Raymond James Financial during the 4th quarter worth $5,347,000. Hedge funds and other institutional investors own 83.83% of the company's stock.

Raymond James Financial Stock Down 0.6%

Shares of RJF opened at $178.33 on Tuesday. Raymond James Financial, Inc. has a fifty-two week low of $138.82 and a fifty-two week high of $182.73. The company's fifty day moving average is $170.68 and its two-hundred day moving average is $158.13. The firm has a market cap of $34.30 billion, a PE ratio of 15.55, a price-to-earnings-growth ratio of 1.10 and a beta of 0.92. The company has a quick ratio of 1.03, a current ratio of 1.06 and a debt-to-equity ratio of 0.43.

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

Raymond James Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Thursday, October 1st will be issued a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date is Thursday, October 1st. Raymond James Financial's dividend payout ratio (DPR) is 18.83%.

Insider Transactions at Raymond James Financial

In other news, 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 value of $998,036.90. Following the transaction, the insider directly owned 43,046 shares of the company's stock, valued at $7,445,666.62. The trade was a 11.82% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Bella Loykhter Allaire sold 7,500 shares of the business's stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $177.60, for a total value of $1,332,000.00. Following the sale, the insider owned 46,086 shares of the company's stock, valued at $8,184,873.60. The trade was a 14.00% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 23,270 shares of company stock worth $4,090,637 in the last three months. 0.58% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. BMO Capital Markets restated a "market perform" rating and set a $175.00 price objective (up from $160.00) on shares of Raymond James Financial in a report on Thursday, July 23rd. Argus upped their target price on Raymond James Financial from $178.00 to $196.00 and gave the company a "buy" rating in a research note on Thursday, July 30th. JPMorgan Chase & Co. increased their target price on Raymond James Financial from $175.00 to $179.00 and gave the stock a "neutral" rating in a research report on Thursday, July 23rd. UBS Group set a $184.00 price target on Raymond James Financial and gave the stock a "neutral" rating in a research note on Monday, July 27th. Finally, Morgan Stanley lifted their price target on Raymond James Financial from $172.00 to $174.00 and gave the company an "equal weight" rating in a report on Friday, July 10th. Five equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $181.00.

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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