Fairtree Asset Management Pty Ltd Invests $1.77 Million in Raymond James Financial, Inc. $RJF

Key Points

• Fairtree Asset Management purchased 11,665 shares of Raymond James Financial valued at approximately $1.77 million during the second quarter. Institutional investors collectively own 83.83% of the company.
• Analyst sentiment is mixed but generally positive, with five Buy ratings and eight Holds. The stock has an average price target of $181, while recent targets range from $175 to $205.
• Raymond James reported quarterly EPS of $3.14, beating estimates of $2.91, while revenue rose 15.6% year over year to $3.93 billion. Shares opened at $172.21, near the upper end of their 52-week range.

Fairtree Asset Management Pty Ltd acquired a new stake 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. The fund acquired 11,665 shares of the financial services provider's stock, valued at approximately $1,773,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Reflection Asset Management purchased a new position in Raymond James Financial during the fourth quarter valued at approximately $28,000. Hilton Head Capital Partners LLC bought a new position in shares of Raymond James Financial in the fourth quarter worth approximately $35,000. DV Equities LLC purchased a new stake in shares of Raymond James Financial in the fourth quarter worth $40,000. Salomon & Ludwin LLC raised its position in shares of Raymond James Financial by 34.8% during the 4th quarter. Salomon & Ludwin LLC now owns 252 shares of the financial services provider's stock valued at $42,000 after purchasing an additional 65 shares during the period. Finally, Steigerwald Gordon & Koch Inc. raised its position in shares of Raymond James Financial by 760.0% during the 1st quarter. Steigerwald Gordon & Koch Inc. now owns 258 shares of the financial services provider's stock valued at $37,000 after purchasing an additional 228 shares during the period. 83.83% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on RJF shares. Argus upped their target price on shares of Raymond James Financial from $178.00 to $196.00 and gave the stock a "buy" rating in a report on Thursday, July 30th. Weiss Ratings reissued a "buy (b-)" rating on shares of Raymond James Financial in a report on Monday. Citigroup restated a "market outperform" rating on shares of Raymond James Financial in a research report on Thursday, July 23rd. BMO Capital Markets reaffirmed a "market perform" rating and issued a $175.00 price objective (up from $160.00) on shares of Raymond James Financial in a research note on Thursday, July 23rd. Finally, Citizens Jmp increased 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. Five investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $181.00.

Raymond James Financial Price Performance

Shares of NYSE:RJF opened at $172.21 on Friday. The firm has a market cap of $33.13 billion, a price-to-earnings ratio of 15.01, a P/E/G ratio of 1.09 and a beta of 0.92. The firm has a fifty day moving average price of $167.82 and a 200 day moving average price of $157.70. Raymond James Financial, Inc. has a fifty-two week low of $138.82 and a fifty-two week high of $182.73. 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 announced its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $3.14 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.91 by $0.23. The company had revenue of $3.93 billion for the quarter, compared to the consensus estimate of $3.87 billion. Raymond James Financial had a net margin of 13.57% and a return on equity of 19.07%. Raymond James Financial's revenue for the quarter was up 15.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.18 EPS. As a group, sell-side analysts expect that Raymond James Financial, Inc. will post 12.07 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Tashtego S. Elwyn sold 10,000 shares of the stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $176.06, for a total transaction of $1,760,600.00. Following the completion of the transaction, 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Steven M. Raney sold 5,770 shares of the business's stock in a transaction on Monday, July 27th. The stock was sold at an average price of $172.97, for a total transaction of $998,036.90. Following the completion of the sale, the insider owned 43,046 shares in the company, valued at $7,445,666.62. This represents a 11.82% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.58% of the company's stock.

About Raymond James Financial

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.

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