Interval Partners LP Makes New Investment in Raymond James Financial, Inc. $RJF

Key Points

• Interval Partners LP acquired 24,407 shares of Raymond James Financial, Inc. valued at approximately $3.39 million in the 1st quarter.
• Several institutional investors have significantly increased their stakes in RJF, with notable boosts including a 1,502.0% increase by Victory Capital Management.
• Raymond James Financial announced a quarterly dividend of $0.50 per share, with an ex-dividend date of October 1st, representing an annual yield of 1.2%.

Interval Partners LP bought a new stake in shares of Raymond James Financial, Inc. (NYSE:RJF - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 24,407 shares of the financial services provider's stock, valued at approximately $3,390,000.

Several other large investors have also modified their holdings of the business. Hancock Whitney Corp purchased a new position in shares of Raymond James Financial during the first quarter valued at approximately $1,221,000. Cinctive Capital Management LP purchased a new position in shares of Raymond James Financial during the first quarter valued at approximately $1,119,000. Curi RMB Capital LLC boosted its position in shares of Raymond James Financial by 85.5% during the first quarter. Curi RMB Capital LLC now owns 9,035 shares of the financial services provider's stock valued at $1,255,000 after buying an additional 4,165 shares during the period. AQR Capital Management LLC boosted its position in shares of Raymond James Financial by 27.5% during the first quarter. AQR Capital Management LLC now owns 390,214 shares of the financial services provider's stock valued at $53,229,000 after buying an additional 84,085 shares during the period. Finally, Ancora Advisors LLC boosted its position in shares of Raymond James Financial by 11.0% during the first quarter. Ancora Advisors LLC now owns 43,423 shares of the financial services provider's stock valued at $6,032,000 after buying an additional 4,299 shares during the period. Hedge funds and other institutional investors own 83.83% of the company's stock.

Raymond James Financial Price Performance

Raymond James Financial stock traded up $3.42 during midday trading on Thursday, reaching $170.12. The company had a trading volume of 243,769 shares, compared to its average volume of 1,268,503. The company has a market capitalization of $33.92 billion, a P/E ratio of 16.67, a P/E/G ratio of 1.36 and a beta of 1.04. Raymond James Financial, Inc. has a 12-month low of $115.91 and a 12-month high of $174.32. The firm's fifty day simple moving average is $164.12 and its 200-day simple moving average is $150.66. 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 (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). The company had revenue of $3.40 billion during the quarter, compared to analysts' expectations of $3.38 billion. Raymond James Financial had a net margin of 13.56% and a return on equity of 18.38%. The company's quarterly revenue was up 5.3% compared to the same quarter last year. During the same period in the prior year, the business posted $2.39 earnings per share. As a group, equities analysts anticipate that Raymond James Financial, Inc. will post 11.17 EPS for the current year.

Raymond James Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Wednesday, October 1st will be given a $0.50 dividend. The ex-dividend date is Wednesday, October 1st. This represents a $2.00 dividend on an annualized basis and a yield of 1.2%. Raymond James Financial's payout ratio is currently 19.61%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Wells Fargo & Company boosted their price target on Raymond James Financial from $155.00 to $163.00 and gave the company an "equal weight" rating in a report on Friday, July 11th. Citigroup reiterated an "outperform" rating on shares of Raymond James Financial in a report on Monday, July 14th. JPMorgan Chase & Co. boosted their price target 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 price target on Raymond James Financial from $175.00 to $180.00 and gave the company a "market outperform" rating in a report on Monday, July 14th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of 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. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and eight have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus 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.