Korea Investment CORP Boosts Stake in Raymond James Financial, Inc. $RJF

Key Points

• Korea Investment CORP boosted its Raymond James Financial stake 50% in Q3 to 172,676 shares, worth about $29.8 million and representing roughly 0.09% of the company.
• Raymond James slightly beat EPS estimates for the quarter ($2.86 vs. $2.83) but missed revenue ($3.74B vs. $3.83B) with revenue up 5.6% YoY, and declared a quarterly dividend of $0.54 (annualized $2.16, ~1.4% yield).
• Analysts' consensus is a Hold with an average price target of $182.17, while insiders have trimmed holdings (Paul C. Reilly sold 130,687 shares) and insiders now own about 0.58% of the stock.

Korea Investment CORP increased its holdings in shares of Raymond James Financial, Inc. (NYSE:RJF - Free Report) by 50.0% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 172,676 shares of the financial services provider's stock after acquiring an additional 57,584 shares during the period. Korea Investment CORP owned approximately 0.09% of Raymond James Financial worth $29,804,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of RJF. West Branch Capital LLC acquired a new stake in Raymond James Financial in the third quarter valued at approximately $26,000. Salomon & Ludwin LLC purchased a new position in shares of Raymond James Financial during the 3rd quarter valued at approximately $31,000. Quent Capital LLC acquired a new stake in Raymond James Financial in the 3rd quarter valued at $33,000. Anfield Capital Management LLC acquired a new position in Raymond James Financial during the third quarter worth $33,000. Finally, Clearstead Trust LLC lifted its holdings in Raymond James Financial by 174.0% during the third quarter. Clearstead Trust LLC now owns 285 shares of the financial services provider's stock valued at $49,000 after purchasing an additional 181 shares in the last quarter. Hedge funds and other institutional investors own 83.83% of the company's stock.

Raymond James Financial Stock Down 0.7%

RJF stock opened at $151.05 on Tuesday. The company has a current ratio of 1.06, a quick ratio of 1.04 and a debt-to-equity ratio of 0.42. The firm has a 50-day moving average of $163.56 and a two-hundred day moving average of $163.87. Raymond James Financial, Inc. has a 12 month low of $117.57 and a 12 month high of $177.66. The company has a market cap of $29.77 billion, a price-to-earnings ratio of 14.78, a PEG ratio of 1.13 and a beta of 1.00.

Raymond James Financial (NYSE:RJF - Get Free Report) last issued its earnings results on Wednesday, January 28th. The financial services provider reported $2.86 earnings per share for the quarter, topping the consensus estimate of $2.83 by $0.03. The business had revenue of $3.74 billion for the quarter, compared to analysts' expectations of $3.83 billion. Raymond James Financial had a return on equity of 17.65% and a net margin of 13.07%.The business's revenue for the quarter was up 5.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.93 EPS. As a group, analysts forecast that Raymond James Financial, Inc. will post 11.17 earnings per share for the current fiscal year.

Raymond James Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Wednesday, April 1st will be paid a dividend of $0.54 per share. The ex-dividend date of this dividend is Wednesday, April 1st. This represents a $2.16 dividend on an annualized basis and a yield of 1.4%. Raymond James Financial's payout ratio is 21.14%.

Analyst Ratings Changes

A number of analysts have recently commented on the stock. TD Cowen reissued a "hold" rating on shares of Raymond James Financial in a research note on Wednesday, January 14th. Weiss Ratings upgraded Raymond James Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, February 20th. Barclays began coverage on Raymond James Financial in a research report on Wednesday, January 28th. They issued an "overweight" rating and a $191.00 target price on the stock. Bank of America lifted their price target on Raymond James Financial from $194.00 to $196.00 and gave the stock a "neutral" rating in a research note on Wednesday, December 10th. Finally, Morgan Stanley reiterated a "positive" rating on shares of Raymond James Financial in a research report on Monday, December 22nd. Five analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $182.17.

Insiders Place Their Bets

In other Raymond James Financial news, insider Paul C. Reilly sold 130,687 shares of the company's stock in a transaction on Monday, December 15th. The stock was sold at an average price of $163.15, for a total value of $21,321,584.05. Following the completion of the sale, the insider directly owned 260,546 shares in the company, valued at $42,508,079.90. This represents a 33.40% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.58% of the company's stock.

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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