Geneva Capital Management LLC Lowers Position in Raymond James Financial, Inc. (NYSE:RJF)

Key Points

• Geneva Capital Management LLC reduced its stake in Raymond James Financial by 2.4%, owning 94,501 shares valued at approximately $13.13 million after selling 2,318 shares during the first quarter.
• Raymond James Financial reported $2.18 EPS for the last quarter, missing analysts' estimates of $2.36, although revenue increased by 5.3% year-over-year to $3.40 billion.
• In a recent move, Raymond James Financial declared a quarterly dividend of $0.50 per share, representing a 1.2% yield, with a low payout ratio of 19.61%.

Geneva Capital Management LLC reduced its position in Raymond James Financial, Inc. (NYSE:RJF - Free Report) by 2.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 94,501 shares of the financial services provider's stock after selling 2,318 shares during the quarter. Geneva Capital Management LLC's holdings in Raymond James Financial were worth $13,127,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. FMR LLC raised its holdings in shares of Raymond James Financial by 2.2% in the fourth quarter. FMR LLC now owns 6,522,025 shares of the financial services provider's stock valued at $1,013,066,000 after acquiring an additional 137,277 shares in the last quarter. Earnest Partners LLC raised its holdings in shares of Raymond James Financial 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 acquiring an additional 24,195 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Raymond James Financial by 8.6% in the fourth quarter. Invesco Ltd. now owns 2,435,306 shares of the financial services provider's stock valued at $378,276,000 after acquiring an additional 192,904 shares in the last quarter. Massachusetts Financial Services Co. MA raised its holdings in shares of Raymond James Financial by 8.3% in the first quarter. Massachusetts Financial Services Co. MA now owns 2,335,254 shares of the financial services provider's stock valued at $324,390,000 after acquiring an additional 178,262 shares in the last quarter. Finally, Northern Trust Corp raised its holdings in shares of Raymond James Financial by 18.4% in the fourth quarter. Northern Trust Corp now owns 2,107,218 shares of the financial services provider's stock valued at $327,314,000 after acquiring an additional 327,739 shares in the last quarter. 83.83% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Raymond James Financial

In other news, insider Bella Loykhter Allaire sold 6,570 shares of the business's 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 sale, the insider owned 74,586 shares in the company, valued at approximately $10,935,053.46. The trade was a 8.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.54% of the company's stock.

Wall Street Analyst Weigh In

RJF has been the subject of several recent research reports. JPMorgan Chase & Co. lifted their price objective on Raymond James Financial from $151.00 to $172.00 and gave the company a "neutral" rating in a report on Thursday, July 24th. JMP Securities boosted their target price on shares of Raymond James Financial from $175.00 to $180.00 and gave the stock a "market outperform" rating in a report on Monday, July 14th. Cowen reiterated a "hold" rating on shares of Raymond James Financial in a report on Thursday, April 24th. Morgan Stanley boosted their target price on shares of Raymond James Financial from $136.00 to $180.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 15th. Finally, Bank of America downgraded shares of Raymond James Financial from a "buy" rating to a "neutral" rating and set a $159.00 target price for the company. in a report on Wednesday, April 30th. Nine research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $163.80.

Raymond James Financial Stock Up 1.1%

Shares of RJF stock traded up $1.83 during trading hours on Friday, reaching $164.82. 229,677 shares of the company's stock were exchanged, compared to its average volume of 1,328,951. Raymond James Financial, Inc. has a 1 year low of $108.49 and a 1 year high of $174.32. The stock has a market cap of $33.25 billion, a PE ratio of 16.16, a PEG ratio of 1.36 and a beta of 1.05. The company has a current ratio of 1.04, a quick ratio of 1.02 and a debt-to-equity ratio of 0.32. The stock's fifty day moving average price is $155.90 and its two-hundred day moving average price is $150.48.

Raymond James Financial (NYSE:RJF - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The financial services provider reported $2.18 earnings per share for the quarter, missing analysts' consensus estimates of $2.36 by ($0.18). Raymond James Financial had a return on equity of 18.50% 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 previous year, the firm posted $2.39 EPS. Raymond James Financial's revenue was up 5.3% on a year-over-year basis. Research analysts predict that Raymond James Financial, Inc. will post 11.17 EPS for the current year.

Raymond James Financial Announces Dividend

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

Raymond James Financial 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.