Davis Asset Management L.P. purchased a new position in Raymond James Financial, Inc. (NYSE:RJF - Free Report) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund purchased 270,000 shares of the financial services provider's stock, valued at approximately $41,048,000. Davis Asset Management L.P. owned 0.14% of Raymond James Financial as of its most recent SEC filing.
A number of other large investors also recently modified their holdings of RJF. Empowered Funds LLC raised its stake in Raymond James Financial by 8.2% during the 1st quarter. Empowered Funds LLC now owns 4,142 shares of the financial services provider's stock valued at $573,000 after purchasing an additional 314 shares during the last quarter. Woodline Partners LP grew its position in Raymond James Financial by 41.8% in the 1st quarter. Woodline Partners LP now owns 15,580 shares of the financial services provider's stock worth $2,164,000 after purchasing an additional 4,592 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in shares of Raymond James Financial by 137.3% during the second quarter. EverSource Wealth Advisors LLC now owns 1,184 shares of the financial services provider's stock valued at $182,000 after buying an additional 685 shares during the last quarter. Brown Advisory Inc. grew its holdings in shares of Raymond James Financial by 15.1% during the 2nd quarter. Brown Advisory Inc. now owns 2,268 shares of the financial services provider's stock worth $348,000 after purchasing an additional 298 shares in the last quarter. Finally, Cresset Asset Management LLC bought a new stake in Raymond James Financial in the 2nd quarter valued at $363,000. 83.83% of the stock is currently owned by institutional investors and hedge funds.
Raymond James Financial Trading Up 1.8%
Shares of RJF stock opened at $175.37 on Friday. Raymond James Financial, Inc. has a 12-month low of $138.82 and a 12-month high of $182.73. The company has a market capitalization of $33.73 billion, a P/E ratio of 15.29, a P/E/G ratio of 1.07 and a beta of 0.92. The firm has a 50-day moving average price of $168.25 and a 200 day moving average price of $157.82. 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 results on Wednesday, July 22nd. The financial services provider reported $3.14 EPS for the quarter, beating analysts' consensus estimates of $2.91 by $0.23. The firm had revenue of $3.93 billion for the quarter, compared to analyst estimates of $3.87 billion. Raymond James Financial had a net margin of 13.57% and a return on equity of 19.07%. The company's revenue for the quarter was up 15.6% compared to the same quarter last year. During the same period in the previous year, the business earned $2.18 earnings per share. Research analysts forecast that Raymond James Financial, Inc. will post 12.07 earnings per share for the current fiscal year.
Analyst Ratings Changes
A number of brokerages have commented on RJF. UBS Group set a $184.00 price target on shares of Raymond James Financial and gave the stock a "neutral" rating in a research note on Monday, July 27th. Morgan Stanley upped their price objective on Raymond James Financial from $172.00 to $174.00 and gave the company an "equal weight" rating in a research note on Friday, July 10th. Argus increased their target price on Raymond James Financial from $178.00 to $196.00 and gave the stock a "buy" rating in a report on Thursday, July 30th. JPMorgan Chase & Co. raised 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. Finally, TD Cowen decreased their price target on Raymond James Financial from $162.00 to $161.00 and set a "hold" rating on the stock in a research note on Thursday, July 23rd. Five equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $181.00.
Check Out Our Latest Stock Report on Raymond James Financial
Insider Buying and Selling
In related news, insider Steven M. Raney sold 5,770 shares of the firm's stock in a transaction on Monday, July 27th. The stock was sold at an average price of $172.97, for a total transaction of $998,036.90. Following the completion of the sale, the insider directly owned 43,046 shares of the company's stock, valued at $7,445,666.62. This trade represents a 11.82% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Tashtego S. Elwyn sold 10,000 shares of the firm's stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $176.06, for a total value of $1,760,600.00. Following the sale, the insider directly owned 45,114 shares of the company's stock, valued at $7,942,770.84. This represents a 18.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 0.58% of the company's stock.
Raymond James Financial Company Profile
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Free Report)
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.
Further Reading
Want to see what other hedge funds are holding RJF? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Raymond James Financial, Inc. (NYSE:RJF - Free Report).
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