Munich Reinsurance Co Stock Corp in Munich Purchases 73,866 Shares of Raymond James Financial, Inc. $RJF

Key Points

• Munich Reinsurance Co increased its stake in Raymond James Financial by 18.3% in the first quarter, buying 73,866 additional shares and bringing its total holding to 478,389 shares worth about $69.3 million.
• Several other institutional investors also adjusted positions in RJF, and overall 83.83% of the stock is owned by institutional investors, showing strong professional ownership interest.
• Analysts currently have a mixed view on Raymond James Financial: the stock has an average "Hold" rating with a consensus price target of $173.67, while the company recently beat earnings expectations and announced a quarterly dividend of $0.54 per share.

Munich Reinsurance Co Stock Corp in Munich lifted its position in shares of Raymond James Financial, Inc. (NYSE:RJF - Free Report) by 18.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 478,389 shares of the financial services provider's stock after buying an additional 73,866 shares during the period. Raymond James Financial comprises about 1.7% of Munich Reinsurance Co Stock Corp in Munich's investment portfolio, making the stock its 21st largest holding. Munich Reinsurance Co Stock Corp in Munich owned 0.24% of Raymond James Financial worth $69,266,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of RJF. Cahaba Wealth Management Inc. boosted its position in Raymond James Financial by 0.7% during the 1st quarter. Cahaba Wealth Management Inc. now owns 38,564 shares of the financial services provider's stock worth $5,584,000 after acquiring an additional 274 shares during the last quarter. Golden Road Advisors LLC acquired a new stake in shares of Raymond James Financial in the first quarter valued at approximately $1,457,000. United Asset Strategies Inc. raised its holdings in shares of Raymond James Financial by 3.0% in the first quarter. United Asset Strategies Inc. now owns 16,400 shares of the financial services provider's stock valued at $2,375,000 after purchasing an additional 473 shares during the last quarter. Steigerwald Gordon & Koch Inc. lifted its position in shares of Raymond James Financial by 760.0% in the first quarter. Steigerwald Gordon & Koch Inc. now owns 258 shares of the financial services provider's stock worth $37,000 after purchasing an additional 228 shares in the last quarter. Finally, QRG Capital Management Inc. boosted its holdings in Raymond James Financial by 535.9% during the first quarter. QRG Capital Management Inc. now owns 35,053 shares of the financial services provider's stock worth $5,075,000 after purchasing an additional 29,541 shares during the last quarter. 83.83% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Morgan Stanley lifted their price target on shares of Raymond James Financial from $171.00 to $172.00 and gave the company an "equal weight" rating in a research note on Tuesday, April 28th. Barclays restated an "overweight" rating and set a $182.00 price objective (up from $174.00) on shares of Raymond James Financial in a research note on Thursday, April 23rd. Weiss Ratings restated a "buy (b-)" rating on shares of Raymond James Financial in a report on Wednesday, May 20th. UBS Group reiterated a "neutral" rating and set a $175.00 target price (up from $166.00) on shares of Raymond James Financial in a report on Wednesday. Finally, BMO Capital Markets increased their price target on Raymond James Financial from $152.00 to $165.00 and gave the company a "market perform" rating in a research report on Thursday, April 23rd. Four research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $173.67.

Raymond James Financial Price Performance

NYSE:RJF opened at $165.21 on Thursday. Raymond James Financial, Inc. has a 12-month low of $138.82 and a 12-month high of $177.66. The firm has a market capitalization of $32.20 billion, a price-to-earnings ratio of 15.62, a P/E/G ratio of 1.29 and a beta of 0.93. The stock's 50 day moving average price is $153.89 and its two-hundred day moving average price is $156.19. The company has a quick ratio of 1.05, a current ratio of 1.07 and a debt-to-equity ratio of 0.44.

Raymond James Financial (NYSE:RJF - Get Free Report) last issued its earnings results on Wednesday, April 22nd. The financial services provider reported $2.83 EPS for the quarter, topping the consensus estimate of $2.76 by $0.07. The company had revenue of $3.86 billion during the quarter, compared to the consensus estimate of $3.92 billion. Raymond James Financial had a return on equity of 17.93% and a net margin of 13.04%.The firm's revenue for the quarter was up 13.4% compared to the same quarter last year. During the same period in the previous year, the company posted $2.42 EPS. On average, analysts anticipate that Raymond James Financial, Inc. will post 11.76 earnings per share for the current year.

Raymond James Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Wednesday, July 1st will be given a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date of this dividend is Wednesday, July 1st. Raymond James Financial's payout ratio is 20.42%.

About Raymond James Financial

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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