Kingsview Wealth Management LLC Buys 17,407 Shares of Raymond James Financial, Inc. $RJF

Key Points

• Kingsview Wealth Management LLC significantly increased its Raymond James Financial stake by 586.7% in the fourth quarter, buying 17,407 additional shares for a total of 20,374 shares worth about $3.27 million.
• Raymond James Financial reported better-than-expected earnings of $2.83 per share, though revenue of $3.86 billion came in slightly below analyst estimates; revenue still rose 13.4% year over year.
• The company declared a quarterly dividend of $0.54 per share, while Wall Street sentiment remains mixed with a consensus Hold rating and an average price target of $172.92.

Kingsview Wealth Management LLC grew its stake in shares of Raymond James Financial, Inc. (NYSE:RJF - Free Report) by 586.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 20,374 shares of the financial services provider's stock after buying an additional 17,407 shares during the period. Kingsview Wealth Management LLC's holdings in Raymond James Financial were worth $3,272,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Texas Capital Bank Wealth Management Services Inc bought a new stake in shares of Raymond James Financial during the fourth quarter valued at about $330,000. AlphaQuest LLC increased its position in shares of Raymond James Financial by 444.5% during the fourth quarter. AlphaQuest LLC now owns 9,132 shares of the financial services provider's stock valued at $1,467,000 after buying an additional 7,455 shares during the period. Allstate Corp increased its position in shares of Raymond James Financial by 108.3% during the fourth quarter. Allstate Corp now owns 13,767 shares of the financial services provider's stock valued at $2,211,000 after buying an additional 7,158 shares during the period. Fisher Asset Management LLC increased its position in shares of Raymond James Financial by 6.9% during the fourth quarter. Fisher Asset Management LLC now owns 392,663 shares of the financial services provider's stock valued at $63,058,000 after buying an additional 25,410 shares during the period. Finally, Clearstead Advisors LLC increased its position in shares of Raymond James Financial by 150.4% during the fourth quarter. Clearstead Advisors LLC now owns 561 shares of the financial services provider's stock valued at $90,000 after buying an additional 337 shares during the period. 83.83% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on RJF. UBS Group reiterated a "neutral" rating and set a $166.00 price target (up from $158.00) on shares of Raymond James Financial in a research report on Thursday, April 23rd. Barclays reissued an "overweight" rating and set a $182.00 price objective (up from $174.00) on shares of Raymond James Financial in a report on Thursday, April 23rd. TD Cowen cut their price objective on Raymond James Financial from $159.00 to $155.00 and set a "hold" rating for the company in a report on Thursday. Jefferies Financial Group cut their price objective on Raymond James Financial from $165.00 to $145.00 and set a "hold" rating for the company in a report on Monday, April 6th. Finally, BMO Capital Markets boosted their price objective on Raymond James Financial from $152.00 to $165.00 and gave the stock a "market perform" rating in a report on Thursday, April 23rd. Four equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $172.92.

Raymond James Financial Stock Up 0.9%

Shares of NYSE RJF opened at $143.30 on Friday. Raymond James Financial, Inc. has a 12 month low of $138.82 and a 12 month high of $177.66. The company has a current ratio of 1.07, a quick ratio of 1.05 and a debt-to-equity ratio of 0.44. The firm has a market capitalization of $27.93 billion, a price-to-earnings ratio of 13.54, a PEG ratio of 1.10 and a beta of 0.99. The business has a 50-day moving average of $149.83 and a 200-day moving average of $157.13.

Raymond James Financial (NYSE:RJF - Get Free Report) last issued its quarterly earnings data on Wednesday, April 22nd. The financial services provider reported $2.83 EPS for the quarter, topping the consensus estimate of $2.76 by $0.07. Raymond James Financial had a return on equity of 17.93% and a net margin of 13.04%.The company had revenue of $3.86 billion during the quarter, compared to analyst estimates of $3.92 billion. During the same quarter in the previous year, the firm earned $2.42 earnings per share. Raymond James Financial's revenue was up 13.4% on a year-over-year basis. Sell-side analysts expect that Raymond James Financial, Inc. will post 11.84 earnings per share for the current fiscal year.

Raymond James Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Wednesday, July 1st will be paid a $0.54 dividend. The ex-dividend date of this dividend is Wednesday, July 1st. This represents a $2.16 annualized dividend and a yield of 1.5%. Raymond James Financial's dividend payout ratio is currently 20.42%.

Insider Transactions at Raymond James Financial

In other Raymond James Financial news, insider Bella Loykhter Allaire sold 29,551 shares of the company's stock in a transaction that occurred on Thursday, March 19th. The stock was sold at an average price of $142.34, for a total value of $4,206,289.34. Following the completion of the sale, the insider owned 53,586 shares of the company's stock, valued at $7,627,431.24. This represents a 35.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.58% of the stock is currently owned by corporate insiders.

Raymond James Financial Profile

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.

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