Kovitz Investment Group Partners LLC Buys 6,641 Shares of Raymond James Financial, Inc. $RJF

Key Points

• Kovitz Investment Group Partners LLC increased its stake in Raymond James Financial by 117.4% in the first quarter, owning 12,299 shares valued at approximately $1.7 million.
• Raymond James Financial reported earnings of $2.18 per share for the last quarter, missing analysts' expectations of $2.36, while revenue increased by 5.3% year-over-year.
• The company recently declared a quarterly dividend of $0.50, representing a 1.2% yield and a payout ratio of 19.61%.

Kovitz Investment Group Partners LLC lifted its stake in Raymond James Financial, Inc. (NYSE:RJF - Free Report) by 117.4% in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 12,299 shares of the financial services provider's stock after purchasing an additional 6,641 shares during the quarter. Kovitz Investment Group Partners LLC's holdings in Raymond James Financial were worth $1,708,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Cookson Peirce & Co. Inc. purchased a new position in shares of Raymond James Financial in the 1st quarter worth approximately $669,000. Lord Abbett & CO. LLC boosted its holdings in shares of Raymond James Financial by 31.7% in the 1st quarter. Lord Abbett & CO. LLC now owns 39,440 shares of the financial services provider's stock worth $5,479,000 after purchasing an additional 9,494 shares during the period. Tokio Marine Asset Management Co. Ltd. boosted its holdings in shares of Raymond James Financial by 7.4% in the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 6,574 shares of the financial services provider's stock worth $913,000 after purchasing an additional 453 shares during the period. Klingman & Associates LLC boosted its holdings in shares of Raymond James Financial by 16.3% in the 1st quarter. Klingman & Associates LLC now owns 12,203 shares of the financial services provider's stock worth $1,695,000 after purchasing an additional 1,713 shares during the period. Finally, Russell Investments Group Ltd. boosted its holdings in shares of Raymond James Financial by 2.8% in the 1st quarter. Russell Investments Group Ltd. now owns 153,556 shares of the financial services provider's stock worth $21,332,000 after purchasing an additional 4,128 shares during the period. Hedge funds and other institutional investors own 83.83% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. JMP Securities boosted their price objective 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. Morgan Stanley boosted their price objective on Raymond James Financial from $136.00 to $180.00 and gave the company an "equal weight" rating in a report on Tuesday, July 15th. Bank of America cut Raymond James Financial from a "buy" rating to a "neutral" rating and set a $159.00 price objective for the company. in a report on Wednesday, April 30th. JPMorgan Chase & Co. boosted 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. Finally, Cowen restated a "hold" rating on shares of Raymond James Financial in a report on Thursday, April 24th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $163.80.

Raymond James Financial Stock Up 1.9%

Shares of RJF stock traded up $3.1490 during mid-day trading on Friday, hitting $165.1790. The stock had a trading volume of 677,938 shares, compared to its average volume of 1,309,911. Raymond James Financial, Inc. has a 12-month low of $113.91 and a 12-month high of $174.32. The firm has a market capitalization of $32.93 billion, a P/E ratio of 16.19, a price-to-earnings-growth ratio of 1.33 and a beta of 1.05. The firm's 50-day moving average is $159.48 and its two-hundred day moving average is $150.07. 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 earnings results on Wednesday, July 23rd. The financial services provider reported $2.18 earnings per share for the quarter, missing the consensus estimate of $2.36 by ($0.18). Raymond James Financial had a return on equity of 18.38% and a net margin of 13.56%.The firm had revenue of $3.40 billion during the quarter, compared to analysts' expectations of $3.38 billion. During the same quarter in the prior year, the company posted $2.39 earnings per share. Raymond James Financial's quarterly revenue was up 5.3% compared to the same quarter last year. On average, analysts predict that Raymond James Financial, Inc. will post 11.17 earnings per share for the current fiscal year.

Raymond James Financial Dividend Announcement

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

Insider Buying and Selling at Raymond James Financial

In other Raymond James Financial news, insider Bella Loykhter Allaire sold 6,570 shares of the company's stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $146.61, for a total value of $963,227.70. Following the completion of the sale, the insider directly owned 74,586 shares in the company, valued at approximately $10,935,053.46. This represents a 8.10% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.54% of the company's stock.

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.