Lord Abbett & CO. LLC Has $5.48 Million Position in Raymond James Financial, Inc. $RJF

Key Points

• Lord Abbett & CO. LLC increased its stake in Raymond James Financial by 31.7%, owning a total of 39,440 shares worth approximately $5.48 million as of the latest SEC filing.
• Analysts have raised their price targets for Raymond James Financial, with JPMorgan Chase & Co. setting a new target at $172.00, while Morgan Stanley set theirs at $180.00, reflecting a generally positive outlook.
• Raymond James Financial reported earnings of $2.18 per share for the last quarter, missing estimates by $0.18, but still showed a revenue increase of 5.3% year-over-year.

Lord Abbett & CO. LLC increased its position in Raymond James Financial, Inc. (NYSE:RJF - Free Report) by 31.7% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 39,440 shares of the financial services provider's stock after purchasing an additional 9,494 shares during the period. Lord Abbett & CO. LLC's holdings in Raymond James Financial were worth $5,479,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Vanguard Group Inc. grew its holdings in shares of Raymond James Financial by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 22,244,204 shares of the financial services provider's stock valued at $3,089,942,000 after acquiring an additional 347,916 shares in the last quarter. Invesco Ltd. grew its holdings in shares of Raymond James Financial by 19.1% during the 1st quarter. Invesco Ltd. now owns 2,901,435 shares of the financial services provider's stock valued at $403,038,000 after acquiring an additional 466,129 shares in the last quarter. Earnest Partners LLC grew its holdings in shares of Raymond James Financial by 1.0% during the 4th quarter. Earnest Partners LLC now owns 2,533,666 shares of the financial services provider's stock valued at $393,554,000 after acquiring an additional 24,195 shares in the last quarter. Massachusetts Financial Services Co. MA grew its holdings in shares of Raymond James Financial by 8.3% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 2,335,254 shares of the financial services provider's stock valued at $324,390,000 after acquiring an additional 178,262 shares in the last quarter. Finally, Northern Trust Corp grew its holdings in shares of Raymond James Financial by 18.4% during the 4th quarter. Northern Trust Corp now owns 2,107,218 shares of the financial services provider's stock valued at $327,314,000 after acquiring an additional 327,739 shares in the last quarter. 83.83% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Bella Loykhter Allaire sold 6,570 shares of the company's stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $146.61, for a total transaction of $963,227.70. Following the transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.54% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. JMP Securities lifted their price objective on shares of Raymond James Financial from $175.00 to $180.00 and gave the company a "market outperform" rating in a research note on Monday, July 14th. Cowen restated a "hold" rating on shares of Raymond James Financial in a report on Thursday, April 24th. Citigroup restated an "outperform" rating on shares of Raymond James Financial in a report on Monday, July 14th. Keefe, Bruyette & Woods upped their target price on shares of Raymond James Financial from $167.00 to $170.00 and gave the company a "market perform" rating in a research note on Thursday, July 24th. Finally, Wells Fargo & Company upped their target price on shares of Raymond James Financial from $155.00 to $163.00 and gave the company an "equal weight" rating in a research note on Friday, July 11th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and eight have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $163.80.

Raymond James Financial Price Performance

Raymond James Financial stock traded down $1.4690 during trading hours on Wednesday, hitting $162.7110. 1,149,058 shares of the stock were exchanged, compared to its average volume of 1,317,428. Raymond James Financial, Inc. has a 12 month low of $113.91 and a 12 month high of $174.32. The business's 50-day moving average is $158.92 and its two-hundred day moving average is $150.01. The stock has a market capitalization of $32.44 billion, a P/E ratio of 15.95, a P/E/G ratio of 1.35 and a beta of 1.05. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.02 and a current ratio of 1.04.

Raymond James Financial (NYSE:RJF - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The financial services provider reported $2.18 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 company had revenue of $3.40 billion for the quarter, compared to analyst estimates of $3.38 billion. During the same quarter in the previous year, the company posted $2.39 earnings per share. Raymond James Financial's revenue for the quarter was up 5.3% on a year-over-year basis. Equities research analysts expect that Raymond James Financial, Inc. will post 11.17 EPS for the current fiscal year.

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.