Munich Reinsurance Co Stock Corp in Munich Makes New Investment in Raymond James Financial, Inc. $RJF

Key Points

• Munich Re bought 404,755 shares of Raymond James (~$69.86M) in Q3, making the stock 1.8% of Munich Re’s portfolio and its 12th-largest holding; Munich Re now owns about 0.20% of RJF.
• Raymond James reported quarterly EPS of $2.86 (slightly beating estimates) and revenue of $3.74B (up 5.6% YoY), and declared a quarterly dividend of $0.54 (annualized $2.16, yield 1.4%).
• Institutional investors own 83.83% of RJF, analysts' consensus is a “Hold” with a price target of $182.17, and the stock trades around $152 with a P/E of about 14.9 and market cap near $29.98B.

Munich Reinsurance Co Stock Corp in Munich bought a new stake in Raymond James Financial, Inc. (NYSE:RJF - Free Report) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm bought 404,755 shares of the financial services provider's stock, valued at approximately $69,861,000. Raymond James Financial makes up 1.8% of Munich Reinsurance Co Stock Corp in Munich's investment portfolio, making the stock its 12th biggest holding. Munich Reinsurance Co Stock Corp in Munich owned 0.20% of Raymond James Financial as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. West Branch Capital LLC bought a new position in shares of Raymond James Financial in the 3rd quarter valued at $26,000. Salomon & Ludwin LLC bought a new stake in Raymond James Financial during the 3rd quarter worth $31,000. Quent Capital LLC acquired a new position in Raymond James Financial in the 3rd quarter worth about $33,000. Anfield Capital Management LLC bought a new position in Raymond James Financial in the third quarter valued at about $33,000. Finally, Clearstead Trust LLC boosted its stake in shares of 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. Institutional investors and hedge funds own 83.83% of the company's stock.

Raymond James Financial Trading Down 2.7%

NYSE:RJF opened at $152.11 on Friday. Raymond James Financial, Inc. has a 12 month low of $117.57 and a 12 month high of $177.66. 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 stock has a market capitalization of $29.98 billion, a price-to-earnings ratio of 14.88, a PEG ratio of 1.16 and a beta of 1.00. The firm has a fifty day simple moving average of $163.81 and a two-hundred day simple moving average of $163.94.

Raymond James Financial (NYSE:RJF - Get Free Report) last announced its quarterly earnings results on Wednesday, January 28th. The financial services provider reported $2.86 earnings per share (EPS) 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 analyst estimates of $3.83 billion. Raymond James Financial had a return on equity of 17.65% and a net margin of 13.07%.The company's quarterly revenue was up 5.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.93 earnings per share. Analysts expect that Raymond James Financial, Inc. will post 11.17 EPS for the current fiscal year.

Raymond James Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Wednesday, April 1st will be given a $0.54 dividend. The ex-dividend date of this dividend is Wednesday, April 1st. This represents a $2.16 annualized dividend and a yield of 1.4%. Raymond James Financial's dividend payout ratio (DPR) is presently 21.14%.

Analysts Set New Price Targets

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

Insider Buying and Selling

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 shares were sold at an average price of $163.15, for a total transaction of $21,321,584.05. Following the transaction, the insider owned 260,546 shares in the company, valued at approximately $42,508,079.90. This represents a 33.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.58% of the company's stock.

Raymond James Financial Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.