Elevation Point Wealth Partners LLC Has $1.21 Million Position in Raymond James (NYSE:RJF)

Elevation Point Wealth Partners LLC lessened its holdings in shares of Raymond James (NYSE:RJF - Free Report) by 53.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,709 shares of the financial services provider's stock after selling 9,978 shares during the period. Elevation Point Wealth Partners LLC's holdings in Raymond James were worth $1,210,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in RJF. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Raymond James in the 1st quarter valued at $25,000. TCTC Holdings LLC boosted its holdings in shares of Raymond James by 176.7% in the fourth 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. Plato Investment Management Ltd increased its position in shares of Raymond James by 1,142.1% in 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 in the last quarter. Covestor Ltd increased its position in shares of Raymond James by 56.7% in the fourth quarter. Covestor Ltd now owns 337 shares of the financial services provider's stock worth $52,000 after acquiring an additional 122 shares in the last quarter. Finally, Mizuho Bank Ltd. acquired a new stake in shares of Raymond James during the fourth quarter valued at approximately $53,000. 83.83% of the stock is currently owned by institutional investors and hedge funds.

Raymond James Stock Up 2.5%

Shares of NYSE:RJF traded up $3.67 during midday trading on Monday, reaching $149.29. 153,337 shares of the company were exchanged, compared to its average volume of 1,321,647. The firm has a market cap of $30.12 billion, a PE ratio of 14.55, a P/E/G ratio of 0.90 and a beta of 1.03. Raymond James has a fifty-two week low of $104.24 and a fifty-two week high of $174.32. The stock has a fifty day simple moving average of $142.57 and a two-hundred day simple moving average of $150.62. The company has a quick ratio of 1.01, a current ratio of 1.03 and a debt-to-equity ratio of 0.35.

Raymond James (NYSE:RJF - Get Free Report) last released its earnings results on Wednesday, April 23rd. The financial services provider reported $2.42 earnings per share for the quarter, missing analysts' consensus estimates of $2.44 by ($0.02). The business had revenue of $3.40 billion during the quarter, compared to the consensus estimate of $3.46 billion. Raymond James had a net margin of 14.06% and a return on equity of 19.71%. The firm's revenue for the quarter was up 9.0% on a year-over-year basis. During the same period last year, the business posted $2.31 EPS. As a group, sell-side analysts forecast that Raymond James will post 11.17 earnings per share for the current year.

Raymond James Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Tuesday, July 1st will be given a $0.50 dividend. The ex-dividend date is Tuesday, July 1st. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.34%. Raymond James's payout ratio is 19.25%.

Insider Transactions at Raymond James

In other news, insider Bella Loykhter Allaire sold 6,570 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 74,586 shares in the company, valued at approximately $10,935,053.46. The trade was a 8.10% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider James E. Bunn sold 3,650 shares of the stock in a transaction that occurred on Monday, April 28th. The stock was sold at an average price of $136.49, for a total transaction of $498,188.50. Following the sale, the insider now owns 78,227 shares in the company, valued at $10,677,203.23. This represents a 4.46% decrease in their position. The disclosure for this sale can be found here. 0.54% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Morgan Stanley lifted their price target on Raymond James from $149.00 to $161.00 and gave the company an "equal weight" rating in a report on Tuesday, March 4th. The Goldman Sachs Group lowered their target price on Raymond James from $198.00 to $173.00 and set a "buy" rating on the stock in a research note on Thursday, April 3rd. JMP Securities reissued a "market outperform" rating and issued a $175.00 price target on shares of Raymond James in a research report on Thursday, April 24th. Bank of America cut shares of Raymond James from a "buy" rating to a "neutral" rating and set a $159.00 price target for the company. in a report on Wednesday, April 30th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Raymond James from $149.00 to $143.00 and set a "neutral" rating on the stock in a research note on Thursday, April 24th. Eleven research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $153.82.

About Raymond James

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.