First Hawaiian Bank Acquires 11,771 Shares of Raymond James Financial, Inc. $RJF

Key Points

• First Hawaiian Bank increased its stake in Raymond James Financial by 45.5%, acquiring an additional 11,771 shares to own 37,631 shares worth approximately $5.23 million.
• Several hedge funds have also raised their holdings in Raymond James Financial, with 83.83% of the stock now owned by institutional investors.
• Raymond James Financial announced a quarterly $0.50 dividend, set to be paid on October 15th, with a current annualized dividend yield of 1.2%.

First Hawaiian Bank boosted its holdings in Raymond James Financial, Inc. (NYSE:RJF - Free Report) by 45.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 37,631 shares of the financial services provider's stock after acquiring an additional 11,771 shares during the quarter. First Hawaiian Bank's holdings in Raymond James Financial were worth $5,227,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Raymond James Financial during the 1st quarter valued at $25,000. Alpine Bank Wealth Management purchased a new stake in Raymond James Financial during the 1st quarter valued at $27,000. Golden State Wealth Management LLC raised its stake in 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 buying an additional 123 shares during the last quarter. Olde Wealth Management LLC purchased a new stake in Raymond James Financial during the 1st quarter valued at $33,000. Finally, TCTC Holdings LLC raised its stake in 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 buying an additional 121 shares during the last quarter. 83.83% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. JPMorgan Chase & Co. boosted their target price on shares of Raymond James Financial from $151.00 to $172.00 and gave the company a "neutral" rating in a research note on Thursday, July 24th. Citigroup restated an "outperform" rating on shares of Raymond James Financial in a research note on Monday, July 14th. Keefe, Bruyette & Woods upped their price objective on Raymond James Financial from $167.00 to $170.00 and gave the stock a "market perform" rating in a research note on Thursday, July 24th. Morgan Stanley upped their price objective on Raymond James Financial from $136.00 to $180.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 15th. Finally, JMP Securities upped their price objective on Raymond James Financial from $175.00 to $180.00 and gave the stock a "market outperform" rating in a research note on Monday, July 14th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $163.80.

Raymond James Financial Price Performance

Shares of NYSE:RJF traded down $0.86 during trading on Friday, hitting $170.22. 1,188,301 shares of the company's stock were exchanged, compared to its average volume of 837,930. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.04 and a quick ratio of 1.02. Raymond James Financial, Inc. has a 52-week low of $116.89 and a 52-week high of $174.32. The business's 50-day simple moving average is $164.55 and its 200 day simple moving average is $150.92. The company has a market cap of $33.94 billion, a price-to-earnings ratio of 16.69, a PEG ratio of 1.40 and a beta of 1.04.

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

Raymond James Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Wednesday, October 1st will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend 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 19.61%.

Raymond James Financial Company Profile

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.