Logan Capital Management Inc. Lowers Stock Holdings in Raymond James Financial, Inc. $RJF

Key Points

• Logan Capital Management Inc. has reduced its stake in Raymond James Financial by 7.3%, now owning 30,533 shares worth approximately $4.24 million.
• Raymond James Financial reported a quarterly EPS of $2.18, missing analysts' expectations, while revenue stood at $3.40 billion, slightly surpassing estimates.
• Several analysts have recently raised their price targets for Raymond James Financial, with JPMorgan Chase & Co. increasing theirs from $151.00 to $172.00.

Logan Capital Management Inc. reduced its stake in Raymond James Financial, Inc. (NYSE:RJF - Free Report) by 7.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,533 shares of the financial services provider's stock after selling 2,387 shares during the quarter. Logan Capital Management Inc.'s holdings in Raymond James Financial were worth $4,241,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of RJF. Victory Capital Management Inc. grew its position in Raymond James Financial by 1,502.0% during the first quarter. Victory Capital Management Inc. now owns 1,883,139 shares of the financial services provider's stock valued at $261,587,000 after acquiring an additional 1,765,588 shares during the last quarter. Nuveen LLC bought a new position in shares of Raymond James Financial in the first quarter worth approximately $111,368,000. GAMMA Investing LLC grew its holdings in shares of Raymond James Financial by 25,259.8% in the first quarter. GAMMA Investing LLC now owns 674,825 shares of the financial services provider's stock worth $93,740,000 after purchasing an additional 672,164 shares during the last quarter. Select Equity Group L.P. bought a new position in shares of Raymond James Financial in the fourth quarter worth approximately $81,611,000. Finally, Goldman Sachs Group Inc. grew its holdings in shares of Raymond James Financial by 44.4% in the first quarter. Goldman Sachs Group Inc. now owns 1,708,333 shares of the financial services provider's stock worth $237,305,000 after purchasing an additional 525,134 shares during the last quarter. 83.83% of the stock is owned by hedge funds and other institutional investors.

Raymond James Financial Stock Performance

Shares of RJF stock opened at $165.62 on Wednesday. The stock has a fifty day moving average of $163.95 and a 200 day moving average of $150.55. Raymond James Financial, Inc. has a 52 week low of $113.91 and a 52 week high of $174.32. The firm has a market capitalization of $33.02 billion, a price-to-earnings ratio of 16.24, a PEG ratio of 1.36 and a beta of 1.04. The company has a quick ratio of 1.02, a current ratio of 1.04 and a debt-to-equity ratio of 0.33.

Raymond James Financial (NYSE:RJF - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The financial services provider reported $2.18 EPS for the quarter, missing the consensus estimate of $2.36 by ($0.18). The firm had revenue of $3.40 billion for 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 business'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 EPS. As a group, research analysts expect that Raymond James Financial, Inc. will post 11.17 earnings per share for the current year.

Raymond James Financial Dividend Announcement

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

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. JPMorgan Chase & Co. raised their target price on shares of Raymond James Financial from $151.00 to $172.00 and gave the stock a "neutral" rating in a report on Thursday, July 24th. Morgan Stanley raised their target price on shares of Raymond James Financial from $136.00 to $180.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 15th. Citigroup restated an "outperform" rating on shares of Raymond James Financial in a report on Monday, July 14th. Wells Fargo & Company raised their price target on Raymond James Financial from $155.00 to $163.00 and gave the stock an "equal weight" rating in a research note on Friday, July 11th. Finally, JMP Securities raised their price target on Raymond James Financial from $175.00 to $180.00 and gave the stock a "market outperform" rating in a research note on Monday, July 14th. 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 stock. According to MarketBeat, the company presently has an average 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.

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