DAVENPORT & Co LLC Boosts Holdings in Raymond James Financial, Inc. $RJF

Key Points

• DAVENPORT & Co LLC increased its stake in Raymond James Financial by 42.0% in Q2, acquiring an additional 9,455 shares, bringing its total holdings to 31,960 shares worth approximately $4.9 million.
• Raymond James Financial reported earnings per share (EPS) of $2.18 for the latest quarter, which missed analysts' expectations of $2.36, although it achieved a revenue of $3.40 billion, slightly above estimates.
• The company declared a quarterly dividend of $0.50 per share, to be paid on October 15th, with a current annualized yield of 1.2%.

DAVENPORT & Co LLC boosted its holdings in shares of Raymond James Financial, Inc. (NYSE:RJF - Free Report) by 42.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 31,960 shares of the financial services provider's stock after buying an additional 9,455 shares during the quarter. DAVENPORT & Co LLC's holdings in Raymond James Financial were worth $4,902,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Capital Investment Advisors LLC grew its position in shares of Raymond James Financial by 0.9% during the 2nd quarter. Capital Investment Advisors LLC now owns 7,629 shares of the financial services provider's stock valued at $1,170,000 after acquiring an additional 68 shares during the period. Venturi Wealth Management LLC raised its holdings in Raymond James Financial by 2.2% in the 1st quarter. Venturi Wealth Management LLC now owns 3,318 shares of the financial services provider's stock worth $461,000 after purchasing an additional 73 shares during the period. EP Wealth Advisors LLC lifted its position in Raymond James Financial by 5.5% during the first quarter. EP Wealth Advisors LLC now owns 1,506 shares of the financial services provider's stock valued at $209,000 after purchasing an additional 78 shares in the last quarter. Cigna Investments Inc. New lifted its position in Raymond James Financial by 4.1% during the first quarter. Cigna Investments Inc. New now owns 2,044 shares of the financial services provider's stock valued at $284,000 after purchasing an additional 81 shares in the last quarter. Finally, Farther Finance Advisors LLC lifted its position in Raymond James Financial by 9.0% during the first quarter. Farther Finance Advisors LLC now owns 994 shares of the financial services provider's stock valued at $137,000 after purchasing an additional 82 shares in the last quarter. 83.83% of the stock is currently owned by institutional investors.

Raymond James Financial Stock Down 1.3%

NYSE RJF opened at $165.43 on Wednesday. The stock's 50 day moving average is $167.99 and its 200 day moving average is $154.10. The company has a current ratio of 1.04, a quick ratio of 1.02 and a debt-to-equity ratio of 0.33. Raymond James Financial, Inc. has a 12 month low of $117.57 and a 12 month high of $177.66. The stock has a market cap of $32.98 billion, a PE ratio of 16.22, a P/E/G ratio of 1.28 and a beta of 1.03.

Raymond James Financial (NYSE:RJF - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The financial services provider reported $2.18 EPS for the quarter, missing analysts' consensus estimates of $2.36 by ($0.18). Raymond James Financial had a return on equity of 18.38% and a net margin of 13.56%.The business had revenue of $3.40 billion during the quarter, compared to analysts' expectations of $3.38 billion. During the same period in the prior year, the firm posted $2.39 earnings per share. The firm's revenue for the quarter was up 5.3% on a year-over-year basis. Research analysts predict that Raymond James Financial, Inc. will post 11.17 EPS for the current fiscal year.

Raymond James Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Wednesday, October 1st will be issued a $0.50 dividend. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $2.00 dividend on an annualized basis and a yield of 1.2%. Raymond James Financial's payout ratio is currently 19.61%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on RJF shares. BMO Capital Markets started coverage on Raymond James Financial in a research note on Friday, October 3rd. They set a "market perform" rating and a $180.00 price objective for the company. Weiss Ratings reiterated a "hold (c+)" rating on shares of Raymond James Financial in a research note on Saturday, September 27th. JPMorgan Chase & Co. boosted their price objective on Raymond James Financial from $172.00 to $178.00 and gave the company a "neutral" rating in a research note on Tuesday. Citigroup reiterated a "neutral" rating and set a $180.00 price objective (up from $170.00) on shares of Raymond James Financial in a research note on Monday, September 22nd. Finally, JMP Securities boosted their price objective on Raymond James Financial from $175.00 to $180.00 and gave the company a "market outperform" rating in a research note on Monday, July 14th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $171.70.

Raymond James Financial 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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