Fox Run Management L.L.C. Invests $1.59 Million in Raymond James Financial, Inc. (NYSE:RJF)

Key Points

• Fox Run Management L.L.C. has invested $1.59 million in Raymond James Financial, acquiring 11,450 shares of the company during the first quarter.
• Multiple institutional investors, including Vanguard Group Inc. and Invesco Ltd., have increased their stakes in Raymond James Financial, indicating strong interest from the investment community.
• Raymond James Financial recently declared a quarterly dividend of $0.50, resulting in an annualized dividend yield of 1.2% along with a payout ratio of 19.61%.

Fox Run Management L.L.C. bought a new position in Raymond James Financial, Inc. (NYSE:RJF - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 11,450 shares of the financial services provider's stock, valued at approximately $1,591,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Victory Capital Management Inc. increased its position in Raymond James Financial by 1,502.0% during the first quarter. Victory Capital Management Inc. now owns 1,883,139 shares of the financial services provider's stock worth $261,587,000 after buying an additional 1,765,588 shares during the last quarter. Nuveen LLC acquired a new stake in shares of Raymond James Financial during the first quarter worth approximately $111,368,000. GAMMA Investing LLC increased its holdings in shares of Raymond James Financial by 25,259.8% during the first quarter. GAMMA Investing LLC now owns 674,825 shares of the financial services provider's stock worth $93,740,000 after buying an additional 672,164 shares in the last quarter. Select Equity Group L.P. acquired a new stake in shares of Raymond James Financial in the fourth quarter valued at approximately $81,611,000. Finally, Invesco Ltd. boosted its stake in Raymond James Financial by 19.1% in the first quarter. Invesco Ltd. now owns 2,901,435 shares of the financial services provider's stock valued at $403,038,000 after acquiring an additional 466,129 shares during the last quarter. Institutional investors and hedge funds own 83.83% of the company's stock.

Analysts Set New Price Targets

RJF has been the topic of several analyst reports. Keefe, Bruyette & Woods boosted their price target 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. Citigroup reissued an "outperform" rating on shares of Raymond James Financial in a research report on Monday, July 14th. Bank of America cut shares of Raymond James Financial from a "buy" rating to a "neutral" rating and set a $159.00 price objective for the company. in a research note on Wednesday, April 30th. Wells Fargo & Company upped their price objective on shares of Raymond James Financial from $155.00 to $163.00 and gave the stock an "equal weight" rating in a report on Friday, July 11th. Finally, Morgan Stanley increased their price objective on shares of Raymond James Financial from $136.00 to $180.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 15th. Nine equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $163.80.

Raymond James Financial Stock Down 0.8%

Shares of RJF stock traded down $1.37 on Friday, reaching $163.30. 956,163 shares of the company's stock traded hands, compared to its average volume of 1,084,767. The company has a market capitalization of $32.56 billion, a P/E ratio of 16.01, a price-to-earnings-growth ratio of 1.34 and a beta of 1.05. The business's 50 day moving average price is $158.22 and its two-hundred day moving average price is $150.08. Raymond James Financial, Inc. has a 12-month low of $113.91 and a 12-month high of $174.32. 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 (NYSE:RJF - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The financial services provider reported $2.18 EPS for the quarter, missing the consensus estimate 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 analyst estimates of $3.38 billion. During the same period last year, the company earned $2.39 EPS. The company's revenue was up 5.3% on a year-over-year basis. On average, equities analysts forecast that Raymond James Financial, Inc. will post 11.17 earnings per share for the current year.

Raymond James Financial Announces Dividend

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

Insider Activity

In related news, insider Bella Loykhter Allaire sold 6,570 shares of Raymond James Financial stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $146.61, for a total transaction 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 trade represents a 8.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.54% of the stock is owned by corporate insiders.

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.