Envestnet Asset Management Inc. Sells 37,008 Shares of Raymond James Financial, Inc. $RJF

Key Points

• Envestnet Asset Management reduced its Raymond James Financial stake by 7.3%, selling 37,008 shares and retaining 472,067 shares valued at approximately $71.8 million. Institutional investors collectively own 83.83% of the company.
• Analyst sentiment remains mixed, with five Buy ratings and nine Holds, resulting in a consensus Hold rating and an average price target of $181.58.
• Raymond James exceeded quarterly earnings expectations, reporting $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 1.4% annualized yield.

Envestnet Asset Management Inc. reduced its stake in Raymond James Financial, Inc. (NYSE:RJF - Free Report) by 7.3% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 472,067 shares of the financial services provider's stock after selling 37,008 shares during the quarter. Envestnet Asset Management Inc. owned about 0.25% of Raymond James Financial worth $71,768,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. State Street Corp boosted its holdings in Raymond James Financial by 0.4% during the second quarter. State Street Corp now owns 7,889,824 shares of the financial services provider's stock worth $1,199,424,000 after buying an additional 35,294 shares in the last quarter. Security National Bank of SO Dak acquired a new stake in shares of Raymond James Financial in the second quarter worth approximately $79,000. Sequoia Financial Advisors LLC grew its holdings in shares of Raymond James Financial by 19.0% during the second quarter. Sequoia Financial Advisors LLC now owns 10,707 shares of the financial services provider's stock worth $1,628,000 after buying an additional 1,706 shares in the last quarter. Tidal Investments LLC raised its holdings in Raymond James Financial by 5.9% in the 2nd quarter. Tidal Investments LLC now owns 9,306 shares of the financial services provider's stock valued at $1,410,000 after acquiring an additional 518 shares during the last quarter. Finally, National Pension Service increased its holdings in shares of Raymond James Financial by 0.6% in the second quarter. National Pension Service now owns 324,343 shares of the financial services provider's stock valued at $49,310,000 after purchasing an additional 2,042 shares during the last quarter. Institutional investors and hedge funds own 83.83% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. BMO Capital Markets restated a "market perform" rating and issued a $175.00 target price (up from $160.00) on shares of Raymond James Financial in a research report on Thursday, July 23rd. Barclays upped their price objective on Raymond James Financial from $192.00 to $196.00 and gave the stock an "overweight" rating in a research report on Thursday, July 23rd. Weiss Ratings reiterated a "buy (b-)" rating on shares of Raymond James Financial in a research note on Monday, August 17th. JPMorgan Chase & Co. increased their price objective on Raymond James Financial from $175.00 to $179.00 and gave the company a "neutral" rating in a report on Thursday, July 23rd. Finally, 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. Five analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $181.58.

Insider Buying and Selling

In other Raymond James Financial news, insider Bella Allaire sold 7,500 shares of the stock in a transaction on Friday, August 28th. The shares were sold at an average price of $177.60, for a total transaction of $1,332,000.00. Following the transaction, the insider directly owned 46,086 shares in the company, valued at $8,184,873.60. This represents a 14.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Steven M. Raney sold 5,770 shares of Raymond James Financial 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 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 position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 23,270 shares of company stock valued at $4,090,637. Corporate insiders own 0.58% of the company's stock.

Raymond James Financial Stock Up 0.7%

RJF opened at $159.84 on Friday. The company has a market cap of $30.75 billion, a price-to-earnings ratio of 13.94, a PEG ratio of 0.98 and a beta of 0.91. Raymond James Financial, Inc. has a one year low of $138.82 and a one year high of $182.73. The business's fifty day moving average is $173.55 and its two-hundred day moving average is $159.82. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.03 and a current ratio of 1.06.

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 earnings per share for the quarter, topping the consensus estimate of $2.91 by $0.23. The company had revenue of $3.93 billion during the quarter, compared to the consensus estimate of $3.87 billion. Raymond James Financial had a return on equity of 19.07% and a net margin of 13.57%.Raymond James Financial's revenue was up 15.6% compared to the same quarter last year. During the same quarter last year, the business posted $2.18 earnings per share. Analysts anticipate that Raymond James Financial, Inc. will post 12.08 EPS for the current fiscal year.

Raymond James Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Thursday, October 1st will be given a $0.54 dividend. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $2.16 annualized dividend and a yield of 1.4%. Raymond James Financial's dividend payout ratio (DPR) is 18.83%.

About Raymond James Financial

Raymond James Financial, Inc is a diversified financial services company headquartered in St. Petersburg, Florida. Founded in 1962, the company provides investment, wealth management and financial planning services to individuals, corporations, institutions and municipalities.

Through its principal businesses, Raymond James offers securities brokerage, investment advisory, retirement planning, trust services and banking products. Its operations also include equity and debt capital markets, investment banking, institutional sales and trading, research, and asset management.

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