Envestnet Asset Management Inc. Trims Stock Holdings in Raymond James Financial, Inc. (NYSE:RJF)

Envestnet Asset Management Inc. lessened its holdings in Raymond James Financial, Inc. (NYSE:RJF - Free Report) by 42.4% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 613,792 shares of the financial services provider's stock after selling 452,361 shares during the period. Envestnet Asset Management Inc. owned 0.30% of Raymond James Financial worth $85,262,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. Assetmark Inc. lifted its position in shares of Raymond James Financial by 43.8% in the 4th quarter. Assetmark Inc. now owns 453 shares of the financial services provider's stock worth $70,000 after purchasing an additional 138 shares during the period. D.A. Davidson & CO. increased its stake in shares of Raymond James Financial by 3.6% in the 1st quarter. D.A. Davidson & CO. now owns 5,603 shares of the financial services provider's stock valued at $778,000 after purchasing an additional 197 shares in the last quarter. Golden State Wealth Management LLC raised its position in shares of Raymond James Financial by 164.0% during the 1st quarter. Golden State Wealth Management LLC now owns 198 shares of the financial services provider's stock worth $28,000 after purchasing an additional 123 shares during the last quarter. Jefferies Financial Group Inc. purchased a new position in shares of Raymond James Financial in the fourth quarter worth about $9,366,000. Finally, Assenagon Asset Management S.A. grew its holdings in Raymond James Financial by 13.8% in the 1st quarter. Assenagon Asset Management S.A. now owns 24,979 shares of the financial services provider's stock valued at $3,470,000 after buying an additional 3,035 shares in the last quarter. Hedge funds and other institutional investors own 83.83% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on RJF. Bank of America cut Raymond James Financial from a "buy" rating to a "neutral" rating and set a $159.00 price objective on the stock. in a research note on Wednesday, April 30th. Citigroup boosted their target price on shares of Raymond James Financial from $150.00 to $165.00 and gave the stock a "neutral" rating in a research report on Monday. Wells Fargo & Company upped their price target on shares of Raymond James Financial from $155.00 to $163.00 and gave the company an "equal weight" rating in a report on Friday. JMP Securities reaffirmed a "market outperform" rating and issued a $175.00 target price on shares of Raymond James Financial in a research note on Thursday, April 24th. Finally, Cowen reissued a "hold" rating on shares of Raymond James Financial in a research report on Thursday, April 24th. Ten research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $160.00.

Insider Activity

In related news, insider Bella Loykhter Allaire sold 6,570 shares of the company's stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $146.61, for a total transaction of $963,227.70. Following the transaction, the insider directly owned 74,586 shares of the company's stock, valued at approximately $10,935,053.46. This represents a 8.10% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider James E. Bunn sold 3,650 shares of the firm's stock in a transaction on Monday, April 28th. The stock was sold at an average price of $136.49, for a total value of $498,188.50. Following the completion of the sale, the insider directly owned 78,227 shares of the company's stock, valued at $10,677,203.23. This 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 owned by corporate insiders.

Raymond James Financial Trading Down 1.1%

Shares of Raymond James Financial stock traded down $1.71 during trading hours on Friday, hitting $158.49. The company's stock had a trading volume of 1,050,932 shares, compared to its average volume of 997,573. The stock has a 50 day moving average of $149.75 and a 200 day moving average of $149.83. Raymond James Financial, Inc. has a 12 month low of $104.24 and a 12 month high of $174.32. 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 company has a market capitalization of $31.98 billion, a PE ratio of 14.99, a price-to-earnings-growth ratio of 1.33 and a beta of 1.02.

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 earnings per share for the quarter, missing the consensus estimate of $2.44 by ($0.02). The company had revenue of $3.40 billion during the quarter, compared to the consensus estimate of $3.46 billion. Raymond James Financial had a net margin of 13.99% and a return on equity of 19.31%. The firm's revenue was up 9.0% compared to the same quarter last year. During the same period in the prior year, the company earned $2.31 earnings per share. Analysts predict that Raymond James Financial, Inc. will post 11.17 earnings per share for the current year.

Raymond James Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Tuesday, July 1st will be issued a dividend of $0.50 per share. The ex-dividend date is Tuesday, July 1st. This represents a $2.00 annualized dividend and a yield of 1.26%. Raymond James Financial's payout ratio is 19.25%.

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.