DAVENPORT & Co LLC Cuts Stake in Raymond James Financial, Inc. (NYSE:RJF)

DAVENPORT & Co LLC cut its stake in Raymond James Financial, Inc. (NYSE:RJF - Free Report) by 61.4% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 22,505 shares of the financial services provider's stock after selling 35,773 shares during the period. DAVENPORT & Co LLC's holdings in Raymond James Financial were worth $3,126,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Raymond James Financial in the 1st quarter valued at $25,000. TCTC Holdings LLC raised its position in shares of Raymond James Financial by 176.7% in the 4th quarter. TCTC Holdings LLC now owns 166 shares of the financial services provider's stock worth $26,000 after buying an additional 106 shares during the period. Alpine Bank Wealth Management acquired a new position in Raymond James Financial in the first quarter valued at $27,000. Golden State Wealth Management LLC grew its position in Raymond James Financial by 164.0% during the first quarter. Golden State Wealth Management LLC now owns 198 shares of the financial services provider's stock valued at $28,000 after acquiring an additional 123 shares during the period. Finally, Plato Investment Management Ltd increased its stake in Raymond James Financial by 1,142.1% during the fourth quarter. Plato Investment Management Ltd now owns 236 shares of the financial services provider's stock worth $37,000 after acquiring an additional 217 shares during the last quarter. 83.83% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

RJF has been the topic of several research analyst reports. Cowen reaffirmed a "hold" rating on shares of Raymond James Financial in a research note on Thursday, April 24th. Bank of America downgraded shares of Raymond James Financial from a "buy" rating to a "neutral" rating and set a $159.00 price objective for the company. in a research note on Wednesday, April 30th. JMP Securities reissued a "market outperform" rating and issued a $175.00 price objective on shares of Raymond James Financial in a research report on Thursday, April 24th. The Goldman Sachs Group reduced their target price on shares of Raymond James Financial from $198.00 to $173.00 and set a "buy" rating on the stock in a report on Thursday, April 3rd. Finally, JPMorgan Chase & Co. lowered their price target on Raymond James Financial 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 target price of $153.82.

Insider Buying and Selling

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

Raymond James Financial Stock Performance

NYSE:RJF opened at $159.88 on Friday. The firm has a 50-day moving average of $147.63 and a two-hundred day moving average of $149.68. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.04 and a quick ratio of 1.02. The stock has a market cap of $32.26 billion, a P/E ratio of 15.39, a PEG ratio of 1.90 and a beta of 1.02. Raymond James Financial, Inc. has a 1-year low of $104.24 and a 1-year high of $174.32.

Raymond James Financial (NYSE:RJF - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The financial services provider reported $2.42 EPS for the quarter, missing the consensus estimate of $2.44 by ($0.02). Raymond James Financial had a return on equity of 19.31% and a net margin of 13.99%. The business had revenue of $3.40 billion during the quarter, compared to analyst estimates of $3.46 billion. During the same quarter last year, the firm posted $2.31 EPS. The company's revenue was up 9.0% compared to the same quarter last year. On average, research analysts expect that Raymond James Financial, Inc. will post 11.17 earnings per share for the current fiscal year.

Raymond James Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Tuesday, July 1st will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 1.25%. The ex-dividend date of this dividend is Tuesday, July 1st. Raymond James Financial's dividend payout ratio (DPR) is currently 19.25%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.