Empowered Funds LLC Buys Shares of 17,815 Raymond James Financial, Inc. $RJF

Key Points

• Empowered Funds LLC initiated a Raymond James Financial position by purchasing 17,815 shares worth approximately $2.7 million. Institutional investors own 83.83% of the company.
• Analyst sentiment remains cautious: five analysts rate RJF a Buy and nine rate it Hold, producing a consensus Hold rating and an average price target of $181.46.
• Raymond James exceeded quarterly expectations with $3.14 in EPS and $3.93 billion in revenue, while revenue rose 15.6% year over year. The company also declared a quarterly dividend of $0.54 per share, representing a 1.2% yield.

Empowered Funds LLC purchased a new position in shares of Raymond James Financial, Inc. (NYSE:RJF - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 17,815 shares of the financial services provider's stock, valued at approximately $2,699,000.

Several other hedge funds also recently modified their holdings of the business. Great Valley Advisor Group Inc. increased its position in Raymond James Financial by 1.5% during the second quarter. Great Valley Advisor Group Inc. now owns 4,076 shares of the financial services provider's stock worth $625,000 after acquiring an additional 61 shares during the period. Collective Family Office LLC raised its stake in Raymond James Financial by 3.0% during the 2nd quarter. Collective Family Office LLC now owns 2,124 shares of the financial services provider's stock valued at $323,000 after purchasing an additional 62 shares during the last quarter. MassMutual Private Wealth & Trust FSB boosted its holdings in Raymond James Financial by 10.2% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 765 shares of the financial services provider's stock valued at $116,000 after purchasing an additional 71 shares during the period. Parallel Advisors LLC boosted its holdings in Raymond James Financial by 4.3% in the 3rd quarter. Parallel Advisors LLC now owns 1,722 shares of the financial services provider's stock valued at $297,000 after purchasing an additional 71 shares during the period. Finally, Meeder Advisory Services Inc. grew its position in Raymond James Financial by 3.0% in the 1st quarter. Meeder Advisory Services Inc. now owns 2,469 shares of the financial services provider's stock worth $358,000 after purchasing an additional 72 shares during the last quarter. 83.83% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on RJF shares. Truist Financial set a $188.00 price objective on shares of Raymond James Financial and gave the stock a "hold" rating in a report on Tuesday. JPMorgan Chase & Co. increased their target price on shares of Raymond James Financial from $175.00 to $179.00 and gave the company a "neutral" rating in a research note on Thursday, July 23rd. Citizens Jmp lifted their target price on Raymond James Financial from $200.00 to $205.00 and gave the stock a "market outperform" rating in a research report on Thursday, July 23rd. Weiss Ratings restated a "buy (b-)" rating on shares of Raymond James Financial in a research note on Monday, August 17th. Finally, Citigroup reaffirmed a "market outperform" rating on shares of Raymond James Financial in a report on Thursday, July 23rd. Five research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat, Raymond James Financial currently has a consensus rating of "Hold" and a consensus target price of $181.46.

Insider Buying and Selling at Raymond James Financial

In other news, insider Tashtego S. Elwyn sold 10,000 shares of the company's stock in a transaction that occurred on Tuesday, July 28th. The stock was 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 in the company, valued at approximately $7,942,770.84. This represents a 18.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Steven M. Raney sold 5,770 shares of the stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $172.97, for a total value of $998,036.90. Following the completion of the transaction, the insider directly owned 43,046 shares of the company's stock, valued at approximately $7,445,666.62. The trade was a 11.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 23,270 shares of company stock valued at $4,090,637. 0.58% of the stock is currently owned by corporate insiders.

Raymond James Financial Trading Up 1.3%

Shares of Raymond James Financial stock opened at $175.69 on Thursday. Raymond James Financial, Inc. has a 52-week low of $138.82 and a 52-week high of $182.73. The firm has a market capitalization of $33.80 billion, a PE ratio of 15.32, a price-to-earnings-growth ratio of 1.06 and a beta of 0.91. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.06 and a quick ratio of 1.03. The company's fifty day moving average price is $171.41 and its two-hundred day moving average price is $158.36.

Raymond James Financial (NYSE:RJF - Get Free Report) last released its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $3.14 EPS for the quarter, topping analysts' consensus estimates of $2.91 by $0.23. Raymond James Financial had a net margin of 13.57% and a return on equity of 19.07%. The company had revenue of $3.93 billion during the quarter, compared to the consensus estimate of $3.87 billion. During the same period last year, the firm earned $2.18 EPS. The firm's revenue for the quarter was up 15.6% compared to the same quarter last year. On average, analysts expect that Raymond James Financial, Inc. will post 12.07 EPS for the current year.

Raymond James Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Thursday, October 1st will be paid a dividend of $0.54 per share. The ex-dividend date is Thursday, October 1st. This represents a $2.16 dividend on an annualized basis and a yield of 1.2%. Raymond James Financial's dividend payout ratio (DPR) is currently 18.83%.

Raymond James Financial Profile

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.

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).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source