Deroy & Devereaux Private Investment Counsel Inc. Lowers Position in Raymond James Financial, Inc. $RJF

Key Points

• Deroy & Devereaux Private Investment Counsel Inc. reduced its holdings in Raymond James Financial by 1.2% during the second quarter, owning approximately 284,869 shares valued at $43.69 million.
• Analysts have issued mixed ratings on Raymond James Financial, with a consensus "Hold" rating and a price target of $172.20, following recent upgrades from JMP Securities and others.
• Raymond James Financial recently declared a $0.50 quarterly dividend, which has a yield of 1.2%, with the dividend payout ratio standing at 19.61%.

Deroy & Devereaux Private Investment Counsel Inc. trimmed its holdings in shares of Raymond James Financial, Inc. (NYSE:RJF - Free Report) by 1.2% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 284,869 shares of the financial services provider's stock after selling 3,453 shares during the quarter. Raymond James Financial comprises about 2.4% of Deroy & Devereaux Private Investment Counsel Inc.'s investment portfolio, making the stock its 5th largest holding. Deroy & Devereaux Private Investment Counsel Inc. owned approximately 0.14% of Raymond James Financial worth $43,690,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Vanguard Group Inc. grew its stake in Raymond James Financial by 1.6% during the first quarter. Vanguard Group Inc. now owns 22,244,204 shares of the financial services provider's stock worth $3,089,942,000 after buying an additional 347,916 shares in the last quarter. T. Rowe Price Investment Management Inc. grew its stake in Raymond James Financial by 0.7% during the first quarter. T. Rowe Price Investment Management Inc. now owns 4,136,413 shares of the financial services provider's stock worth $574,590,000 after buying an additional 29,086 shares in the last quarter. Invesco Ltd. grew its stake in Raymond James Financial by 19.1% during the first quarter. Invesco Ltd. now owns 2,901,435 shares of the financial services provider's stock worth $403,038,000 after buying an additional 466,129 shares in the last quarter. Massachusetts Financial Services Co. MA grew its stake in Raymond James Financial by 8.3% during the first quarter. Massachusetts Financial Services Co. MA now owns 2,335,254 shares of the financial services provider's stock worth $324,390,000 after buying an additional 178,262 shares in the last quarter. Finally, Northern Trust Corp grew its stake in Raymond James Financial by 6.7% during the first quarter. Northern Trust Corp now owns 2,247,922 shares of the financial services provider's stock worth $312,259,000 after buying an additional 140,704 shares in the last quarter. 83.83% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on RJF. JMP Securities increased their price objective on shares of Raymond James Financial from $180.00 to $185.00 and gave the stock a "market outperform" rating in a research note on Thursday, October 9th. Citigroup reiterated an "outperform" rating on shares of Raymond James Financial in a research note on Thursday, October 9th. JPMorgan Chase & Co. increased their price objective on shares of Raymond James Financial from $172.00 to $178.00 and gave the stock a "neutral" rating in a research note on Tuesday, October 7th. BMO Capital Markets initiated coverage on shares of Raymond James Financial in a research note on Friday, October 3rd. They set a "market perform" rating and a $180.00 price objective on the stock. Finally, Keefe, Bruyette & Woods raised their price target on shares of Raymond James Financial from $167.00 to $170.00 and gave the company a "market perform" rating in a research note on Thursday, July 24th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, Raymond James Financial has a consensus rating of "Hold" and a consensus price target of $172.20.

Raymond James Financial Trading Up 1.7%

RJF opened at $162.58 on Wednesday. The company's 50 day moving average is $167.57 and its 200-day moving average is $154.75. Raymond James Financial, Inc. has a 1-year low of $117.57 and a 1-year high of $177.66. The company has a current ratio of 1.04, a quick ratio of 1.02 and a debt-to-equity ratio of 0.33. The company has a market cap of $32.42 billion, a P/E ratio of 15.94, a PEG ratio of 1.22 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 earnings per share for the quarter, missing analysts' consensus estimates of $2.36 by ($0.18). The company had revenue of $3.40 billion during the quarter, compared to analyst estimates of $3.38 billion. Raymond James Financial had a net margin of 13.56% and a return on equity of 18.38%. The company's revenue for the quarter was up 5.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.39 earnings per share. Equities research analysts predict that Raymond James Financial, Inc. will post 11.17 earnings per share for the current fiscal year.

Raymond James Financial Dividend Announcement

The firm also recently disclosed 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. This represents a $2.00 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Wednesday, October 1st. Raymond James Financial's dividend payout ratio (DPR) is 19.61%.

About Raymond James Financial

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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