Cumberland Partners Ltd Has $4.67 Million Stock Position in Raymond James Financial, Inc. $RJF

Key Points

• Cumberland Partners Ltd boosted its Raymond James Financial stake by 56.5% in the fourth quarter, buying 10,500 more shares and bringing its total to 29,100 shares worth about $4.67 million.
• Raymond James Financial reported better-than-expected quarterly earnings of $2.83 per share, 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, or $2.16 annualized, for a 1.4% yield, while analysts currently have a consensus rating of Hold with an average price target of $173.25.

Cumberland Partners Ltd increased its position in Raymond James Financial, Inc. (NYSE:RJF - Free Report) by 56.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 29,100 shares of the financial services provider's stock after purchasing an additional 10,500 shares during the quarter. Cumberland Partners Ltd's holdings in Raymond James Financial were worth $4,673,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in RJF. Thrivent Financial for Lutherans raised its holdings in Raymond James Financial by 30.8% during the third quarter. Thrivent Financial for Lutherans now owns 60,372 shares of the financial services provider's stock worth $10,390,000 after acquiring an additional 14,233 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in Raymond James Financial by 28.6% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,295 shares of the financial services provider's stock worth $5,402,000 after acquiring an additional 6,953 shares in the last quarter. Plato Investment Management Ltd raised its holdings in Raymond James Financial by 2,000.9% during the third 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 raised its holdings in Raymond James Financial by 24.6% during the third 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. Finally, Atlantic Union Bankshares Corp bought a new stake in Raymond James Financial during the third quarter worth about $1,487,000. 83.83% of the stock is currently owned by institutional investors and hedge funds.

Raymond James Financial Trading Up 0.7%

Shares of NYSE:RJF opened at $151.48 on Friday. The company has a market capitalization of $29.52 billion, a P/E ratio of 14.32, a P/E/G ratio of 1.15 and a beta of 0.99. Raymond James Financial, Inc. has a 1 year low of $138.82 and a 1 year high of $177.66. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.07 and a quick ratio of 1.05. The business's 50 day simple moving average is $149.56 and its 200 day simple moving average is $157.58.

Raymond James Financial (NYSE:RJF - Get Free Report) last issued its quarterly earnings results on Wednesday, April 22nd. The financial services provider reported $2.83 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.76 by $0.07. The business had revenue of $3.86 billion for the quarter, compared to the consensus estimate of $3.92 billion. Raymond James Financial had a return on equity of 17.93% and a net margin of 13.04%.The firm's quarterly revenue was up 13.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.42 earnings per share. On average, research analysts anticipate that Raymond James Financial, Inc. will post 11.83 EPS for the current fiscal year.

Raymond James Financial Announces Dividend

The company also recently declared 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. This represents a $2.16 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date is Wednesday, July 1st. Raymond James Financial's dividend payout ratio is presently 20.42%.

Insider Activity at Raymond James Financial

In related news, insider Bella Loykhter Allaire sold 29,551 shares of the firm'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. This trade represents a 35.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.58% of the company's stock.

Wall Street Analyst Weigh In

RJF has been the topic of several research analyst reports. Weiss Ratings restated a "buy (b-)" rating on shares of Raymond James Financial in a research note on Wednesday. UBS Group restated a "neutral" rating and issued a $166.00 price objective (up from $158.00) on shares of Raymond James Financial in a research note on Thursday, April 23rd. TD Cowen restated a "hold" rating and issued a $159.00 price objective (up from $156.00) on shares of Raymond James Financial in a research note on Thursday, April 23rd. Barclays restated an "overweight" rating and issued a $182.00 price objective (up from $174.00) on shares of Raymond James Financial in a research note on Thursday, April 23rd. Finally, Morgan Stanley upped their price objective 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 equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $173.25.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.