Raymond James Financial, Inc. (NYSE:RJF) Shares Bought by Forsta AP Fonden

Key Points

• Forsta AP Fonden increased its stake in Raymond James Financial by 56% during the first quarter, holding 59,900 shares valued at approximately $8.32 million.
• Analysts have mixed ratings on Raymond James Financial, with an average rating of "Hold" and a consensus target price of $163.80.
• Raymond James Financial recently reported earnings of $2.18 per share, missing expectations, despite a year-over-year revenue increase of 5.3% to $3.40 billion.

Forsta AP Fonden lifted its position in shares of Raymond James Financial, Inc. (NYSE:RJF - Free Report) by 56.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 59,900 shares of the financial services provider's stock after buying an additional 21,500 shares during the period. Forsta AP Fonden's holdings in Raymond James Financial were worth $8,321,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Raymond James Financial in the 1st quarter worth approximately $25,000. Alpine Bank Wealth Management bought a new stake in shares of Raymond James Financial during the first quarter valued at approximately $27,000. Golden State Wealth Management LLC raised its stake in Raymond James Financial by 164.0% during the first 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 position in Raymond James Financial during the first quarter valued at $33,000. Finally, TCTC Holdings LLC raised its stake in Raymond James Financial by 72.9% during the first 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 owned by hedge funds and other institutional investors.

Raymond James Financial Trading Up 2.1%

Shares of NYSE:RJF traded up $3.53 during trading on Tuesday, hitting $168.45. 649,525 shares of the company's stock were exchanged, compared to its average volume of 1,080,110. The firm has a market cap of $33.58 billion, a P/E ratio of 16.51, a PEG ratio of 1.35 and a beta of 1.05. The firm has a 50-day moving average price of $157.10 and a two-hundred day moving average price of $150.23. The company has a current ratio of 1.04, a quick ratio of 1.02 and a debt-to-equity ratio of 0.33. Raymond James Financial, Inc. has a 1-year low of $110.06 and a 1-year high of $174.32.

Raymond James Financial (NYSE:RJF - Get Free Report) last released its quarterly 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). The firm had revenue of $3.40 billion for the quarter, compared to the consensus estimate of $3.38 billion. Raymond James Financial had a return on equity of 18.38% and a net margin of 13.56%. The firm's revenue for the quarter was up 5.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.39 EPS. Equities analysts predict that Raymond James Financial, Inc. will post 11.17 earnings per share for the current year.

Raymond James Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Tuesday, July 1st were given a $0.50 dividend. The ex-dividend date was Tuesday, July 1st. This represents a $2.00 annualized dividend and a yield of 1.2%. Raymond James Financial's payout ratio is presently 19.61%.

Insiders Place Their Bets

In other Raymond James Financial news, insider Bella Loykhter Allaire sold 6,570 shares of the stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $146.61, for a total value of $963,227.70. Following the completion of the transaction, the insider owned 74,586 shares in the company, valued at approximately $10,935,053.46. This represents a 8.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.54% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on RJF. Citigroup restated an "outperform" rating on shares of Raymond James Financial in a research note on Monday, July 14th. Morgan Stanley boosted their price target on Raymond James Financial from $136.00 to $180.00 and gave the company an "equal weight" rating in a report on Tuesday, July 15th. Keefe, Bruyette & Woods increased their price target on Raymond James Financial from $167.00 to $170.00 and gave the company a "market perform" rating in a research note on Thursday, July 24th. Bank of America downgraded Raymond James Financial from a "buy" rating to a "neutral" rating and set a $159.00 price objective on the stock. in a research report on Wednesday, April 30th. Finally, Cowen reiterated a "hold" rating on shares of Raymond James Financial in a report on Thursday, April 24th. Nine research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price 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.