Jupiter Topco LLC Invests $3.41 Million in Raymond James Financial, Inc. $RJF

Key Points

• Jupiter Topco LLC acquired 22,422 shares of Raymond James Financial in the second quarter, valued at approximately $3.41 million. Institutional investors collectively own 83.83% of the company.
• Raymond James Financial reported quarterly EPS of $3.14, beating estimates of $2.91, while revenue rose 15.6% year over year to $3.93 billion.
• The company declared a quarterly dividend of $0.54 per share, equivalent to $2.16 annually and a 1.3% yield. Analysts maintain a consensus “Hold” rating with an average price target of $181.46.

Jupiter Topco LLC purchased a new stake in shares of Raymond James Financial, Inc. (NYSE:RJF - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 22,422 shares of the financial services provider's stock, valued at approximately $3,406,000.

Other hedge funds also recently bought and sold shares of the company. BlackRock Inc. bought a new stake in Raymond James Financial during the 2nd quarter valued at about $2,180,699,000. Primecap Management Co. CA bought a new position in shares of Raymond James Financial in the second quarter worth approximately $1,405,145,000. Norges Bank purchased a new stake in shares of Raymond James Financial during the fourth quarter valued at approximately $324,263,000. Bank of New York Mellon Corp purchased a new stake in shares of Raymond James Financial during the second quarter valued at approximately $182,254,000. Finally, Legal & General Group Plc bought a new stake in shares of Raymond James Financial during the second quarter valued at approximately $181,811,000. Institutional investors own 83.83% of the company's stock.

Insider Transactions at Raymond James Financial

In related news, insider Steven M. Raney sold 5,770 shares of the business's stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $172.97, for a total transaction of $998,036.90. Following the completion of the sale, the insider directly owned 43,046 shares in the company, valued at approximately $7,445,666.62. The trade was a 11.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Tashtego S. Elwyn sold 10,000 shares of the company's stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $176.06, for a total transaction of $1,760,600.00. Following the sale, the insider directly owned 45,114 shares of the company's stock, valued at approximately $7,942,770.84. This represents a 18.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 23,270 shares of company stock worth $4,090,637 in the last quarter. Company insiders own 0.58% of the company's stock.

Raymond James Financial Stock Performance

RJF stock opened at $172.65 on Wednesday. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.06 and a quick ratio of 1.03. Raymond James Financial, Inc. has a 1 year low of $138.82 and a 1 year high of $182.73. The company has a market cap of $33.21 billion, a P/E ratio of 15.05, a price-to-earnings-growth ratio of 1.09 and a beta of 0.91. The stock's fifty day moving average price is $170.99 and its 200-day moving average price is $158.23.

Raymond James Financial (NYSE:RJF - Get Free Report) last posted its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $3.14 EPS for the quarter, beating analysts' consensus estimates of $2.91 by $0.23. The company had revenue of $3.93 billion during the quarter, compared to analysts' expectations of $3.87 billion. Raymond James Financial had a return on equity of 19.07% and a net margin of 13.57%.Raymond James Financial's revenue for the quarter was up 15.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.18 earnings per share. On average, equities analysts forecast that Raymond James Financial, Inc. will post 12.07 earnings per share for the current year.

Raymond James Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Thursday, October 1st will be paid a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 1.3%. The ex-dividend date is Thursday, October 1st. Raymond James Financial's dividend payout ratio is 18.83%.

Analyst Upgrades and Downgrades

RJF has been the topic of several analyst reports. Truist Financial set a $188.00 price objective on Raymond James Financial and gave the company a "hold" rating in a research report on Tuesday. BMO Capital Markets restated a "market perform" rating and issued a $175.00 price target (up from $160.00) on shares of Raymond James Financial in a research note on Thursday, July 23rd. Morgan Stanley upped their price target on Raymond James Financial from $172.00 to $174.00 and gave the company an "equal weight" rating in a report on Friday, July 10th. UBS Group set a $184.00 price objective on Raymond James Financial and gave the company a "neutral" rating in a research report on Monday, July 27th. Finally, Citigroup reissued a "market outperform" rating on shares of Raymond James Financial in a research report on Thursday, July 23rd. Five analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $181.46.

About Raymond James Financial

Raymond James Financial is a diversified financial services firm headquartered in St. Petersburg, Florida. Founded in 1962, the company provides a range of services to individual investors, businesses and institutions through a combination of wealth management, capital markets, investment banking, asset management, banking and trust services. Its business model centers on a network of financial advisors and broker-dealer operations that deliver personalized financial planning, investment advisory services and brokerage solutions.

The firm's core offerings include private client wealth management delivered by independent and employee advisors, equity and fixed-income research, institutional sales and trading, and investment banking services such as mergers and acquisitions advisory and capital raising.

Want to see what other hedge funds are holding RJF? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Raymond James Financial, Inc. (NYSE:RJF - Free Report).

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