Raymond James (NYSE:RJF) Stake Boosted by GAMMA Investing LLC

GAMMA Investing LLC raised its holdings in Raymond James (NYSE:RJF - Free Report) by 25,259.8% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 674,825 shares of the financial services provider's stock after buying an additional 672,164 shares during the quarter. GAMMA Investing LLC owned about 0.33% of Raymond James worth $93,740,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in RJF. FMR LLC lifted its holdings in shares of Raymond James by 2.2% during the fourth quarter. FMR LLC now owns 6,522,025 shares of the financial services provider's stock worth $1,013,066,000 after purchasing an additional 137,277 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Raymond James by 12.0% in the third quarter. JPMorgan Chase & Co. now owns 4,544,610 shares of the financial services provider's stock worth $556,533,000 after acquiring an additional 488,245 shares during the period. Geode Capital Management LLC raised its holdings in shares of Raymond James by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 4,392,260 shares of the financial services provider's stock worth $680,378,000 after purchasing an additional 40,576 shares during the last quarter. Earnest Partners LLC boosted its holdings in Raymond James by 1.0% in the fourth quarter. Earnest Partners LLC now owns 2,533,666 shares of the financial services provider's stock valued at $393,554,000 after purchasing an additional 24,195 shares during the last quarter. Finally, Invesco Ltd. grew its position in Raymond James by 8.6% during the 4th quarter. Invesco Ltd. now owns 2,435,306 shares of the financial services provider's stock worth $378,276,000 after purchasing an additional 192,904 shares during the period. Institutional investors and hedge funds own 83.83% of the company's stock.

Insiders Place Their Bets

In related news, insider James E. Bunn sold 3,650 shares of the stock in a transaction dated Monday, April 28th. The shares were sold at an average price of $136.49, for a total transaction of $498,188.50. Following the sale, the insider now owns 78,227 shares in the company, valued at $10,677,203.23. This represents a 4.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Bella Loykhter Allaire sold 6,570 shares of the firm's stock in a transaction that occurred 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 sale, the insider now directly owns 74,586 shares in the company, valued at approximately $10,935,053.46. This trade represents a 8.10% decrease in their position. The disclosure for this sale can be found here. 0.54% of the stock is owned by insiders.

Raymond James Price Performance

Raymond James stock traded down $2.23 during trading hours on Thursday, hitting $143.17. The stock had a trading volume of 421,012 shares, compared to its average volume of 1,313,976. Raymond James has a 1-year low of $104.24 and a 1-year high of $174.32. The stock has a market capitalization of $28.88 billion, a price-to-earnings ratio of 13.96, a PEG ratio of 0.90 and a beta of 1.03. The stock's fifty day moving average is $140.49 and its two-hundred day moving average is $151.77. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.03 and a quick ratio of 1.01.

Raymond James (NYSE:RJF - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The financial services provider reported $2.42 earnings per share for the quarter, missing analysts' consensus estimates of $2.44 by ($0.02). Raymond James had a return on equity of 19.71% and a net margin of 14.06%. The company had revenue of $3.40 billion during the quarter, compared to analyst estimates of $3.46 billion. During the same period last year, the firm earned $2.31 earnings per share. The business's revenue was up 9.0% compared to the same quarter last year. As a group, analysts predict that Raymond James will post 11.17 earnings per share for the current fiscal year.

Raymond James Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Tuesday, July 1st will be given a dividend of $0.50 per share. The ex-dividend date is Tuesday, July 1st. This represents a $2.00 dividend on an annualized basis and a yield of 1.40%. Raymond James's dividend payout ratio (DPR) is 19.25%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on RJF. Cowen reissued a "hold" rating on shares of Raymond James in a report on Thursday, April 24th. Citigroup reduced their price target on Raymond James from $180.00 to $150.00 and set a "neutral" rating for the company in a research report on Wednesday, April 2nd. JPMorgan Chase & Co. lowered their price objective on Raymond James from $149.00 to $143.00 and set a "neutral" rating on the stock in a research report on Thursday, April 24th. JMP Securities reaffirmed a "market outperform" rating and set a $175.00 price objective on shares of Raymond James in a research note on Thursday, April 24th. Finally, Wall Street Zen cut shares of Raymond James from a "buy" rating to a "hold" rating in a research note on Monday, February 10th. Eleven investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Raymond James presently has a consensus rating of "Hold" and an average price target of $153.82.

About Raymond James

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.