Ethic Inc. Buys 2,326 Shares of Raymond James Financial, Inc. $RJF

Key Points

• Ethic Inc. increased its stake in Raymond James Financial by 13.2% in the first quarter, bringing its holdings to 19,907 shares valued at approximately $2.75 million.
• Several hedge funds, including Thurston Springer Miller and Alpine Bank Wealth Management, also acquired new positions in Raymond James Financial during the first quarter, indicating strong institutional interest.
• Analysts have mixed ratings on Raymond James Financial, with price targets ranging from $151 to $180 and a consensus rating of "Hold."

Ethic Inc. lifted its stake in shares of Raymond James Financial, Inc. (NYSE:RJF - Free Report) by 13.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 19,907 shares of the financial services provider's stock after purchasing an additional 2,326 shares during the quarter. Ethic Inc.'s holdings in Raymond James Financial were worth $2,749,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Raymond James Financial during the 1st quarter valued at approximately $25,000. Alpine Bank Wealth Management bought a new stake in shares of Raymond James Financial during the 1st quarter valued at approximately $27,000. Golden State Wealth Management LLC grew its holdings 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 valued at $28,000 after purchasing an additional 123 shares during the last quarter. Olde Wealth Management LLC bought a new stake in shares of Raymond James Financial during the 1st quarter valued at approximately $33,000. Finally, TCTC Holdings LLC grew its holdings in shares of Raymond James Financial by 72.9% during the 1st quarter. TCTC Holdings LLC now owns 287 shares of the financial services provider's stock valued at $40,000 after purchasing an additional 121 shares during the last quarter. 83.83% of the stock is owned by institutional investors.

Raymond James Financial Trading Up 1.9%

Shares of NYSE:RJF traded up $3.1490 during trading on Friday, reaching $165.1790. The stock had a trading volume of 677,938 shares, compared to its average volume of 922,189. The firm's fifty day moving average is $159.87 and its 200 day moving average is $149.96. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.02 and a current ratio of 1.04. Raymond James Financial, Inc. has a 52 week low of $113.91 and a 52 week high of $174.32. The stock has a market cap of $32.93 billion, a price-to-earnings ratio of 16.19, a P/E/G ratio of 1.36 and a beta of 1.05.

Raymond James Financial (NYSE:RJF - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The financial services provider reported $2.18 EPS for the quarter, missing analysts' consensus estimates of $2.36 by ($0.18). Raymond James Financial had a net margin of 13.56% and a return on equity of 18.38%. The firm had revenue of $3.40 billion during the quarter, compared to the consensus estimate of $3.38 billion. During the same period in the prior year, the company posted $2.39 earnings per share. The company's revenue for the quarter was up 5.3% compared to the same quarter last year. As a group, equities analysts forecast that Raymond James Financial, Inc. will post 11.17 EPS for the current fiscal year.

Raymond James Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Wednesday, October 1st will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend is Wednesday, October 1st. Raymond James Financial's dividend payout ratio is currently 19.61%.

Insider Activity at Raymond James Financial

In other news, insider Bella Loykhter Allaire sold 6,570 shares of the company's stock in a transaction 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 sale, 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 document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.54% of the company's stock.

Analyst Ratings Changes

RJF has been the topic of several recent research reports. Citigroup reiterated an "outperform" rating on shares of Raymond James Financial in a research report on Monday, July 14th. JPMorgan Chase & Co. lifted their target price on shares of Raymond James Financial from $151.00 to $172.00 and gave the stock a "neutral" rating in a research report on Thursday, July 24th. Morgan Stanley lifted their target price on shares of Raymond James Financial from $136.00 to $180.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 15th. Wells Fargo & Company lifted their target price on shares of Raymond James Financial from $155.00 to $163.00 and gave the stock an "equal weight" rating in a research report on Friday, July 11th. Finally, Keefe, Bruyette & Woods lifted their target price on shares of Raymond James Financial from $167.00 to $170.00 and gave the stock a "market perform" rating in a research report on Thursday, July 24th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and eight have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $163.80.

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.