New Wave Wealth Advisors LLC Invests $489,000 in Raymond James Financial, Inc. (NYSE:RJF)

New Wave Wealth Advisors LLC purchased a new position in shares of Raymond James Financial, Inc. (NYSE:RJF - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 3,518 shares of the financial services provider's stock, valued at approximately $489,000.

A number of other hedge funds have also made changes to their positions in the stock. FMR LLC lifted its stake in Raymond James Financial by 2.2% during the fourth quarter. FMR LLC now owns 6,522,025 shares of the financial services provider's stock worth $1,013,066,000 after purchasing an additional 137,277 shares during the last quarter. Geode Capital Management LLC lifted its stake in Raymond James Financial by 0.9% in the fourth quarter. Geode Capital Management LLC now owns 4,392,260 shares of the financial services provider's stock valued at $680,378,000 after buying an additional 40,576 shares during the last quarter. Earnest Partners LLC lifted its stake in Raymond James Financial by 1.0% in the fourth quarter. Earnest Partners LLC now owns 2,533,666 shares of the financial services provider's stock valued at $393,554,000 after buying an additional 24,195 shares during the last quarter. Invesco Ltd. lifted its stake in Raymond James Financial by 8.6% in the fourth quarter. Invesco Ltd. now owns 2,435,306 shares of the financial services provider's stock valued at $378,276,000 after buying an additional 192,904 shares during the last quarter. Finally, Northern Trust Corp lifted its stake in Raymond James Financial by 18.4% in the fourth quarter. Northern Trust Corp now owns 2,107,218 shares of the financial services provider's stock valued at $327,314,000 after buying an additional 327,739 shares during the last quarter. Institutional investors and hedge funds own 83.83% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on RJF. Morgan Stanley raised their target price on Raymond James Financial from $149.00 to $161.00 and gave the company an "equal weight" rating in a research note on Tuesday, March 4th. Citigroup cut their price objective on shares of Raymond James Financial from $180.00 to $150.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 2nd. The Goldman Sachs Group cut their price objective on shares of Raymond James Financial from $198.00 to $173.00 and set a "buy" rating on the stock in a research note on Thursday, April 3rd. Cowen restated a "hold" rating on shares of Raymond James Financial in a research note on Thursday, April 24th. Finally, Bank of America cut shares of Raymond James Financial from a "buy" rating to a "neutral" rating and set a $159.00 price objective on the stock. in a research note on Wednesday, April 30th. Eleven investment analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $153.82.

Insider Buying and Selling at Raymond James Financial

In other news, insider Bella Loykhter Allaire sold 6,570 shares of the company's stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $146.61, for a total value of $963,227.70. Following the transaction, the insider now owns 74,586 shares in the company, valued at $10,935,053.46. This represents a 8.10% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider James E. Bunn sold 3,650 shares of the company's stock in a transaction dated Monday, April 28th. The shares were sold at an average price of $136.49, for a total value of $498,188.50. Following the completion of the transaction, the insider now owns 78,227 shares in the company, valued at $10,677,203.23. This represents a 4.46% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.54% of the company's stock.

Raymond James Financial Trading Up 0.4%

Shares of RJF opened at $153.24 on Monday. The business's 50-day moving average price is $145.87 and its 200 day moving average price is $149.64. The stock has a market capitalization of $30.92 billion, a P/E ratio of 14.75, a P/E/G ratio of 1.84 and a beta of 1.03. Raymond James Financial, Inc. has a 1-year low of $104.24 and a 1-year high of $174.32. The company has a current ratio of 1.04, a quick ratio of 1.02 and a debt-to-equity ratio of 0.32.

Raymond James Financial (NYSE:RJF - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The financial services provider reported $2.42 earnings per share for the quarter, missing analysts' consensus estimates of $2.44 by ($0.02). The company had revenue of $3.40 billion during the quarter, compared to analysts' expectations of $3.46 billion. Raymond James Financial had a return on equity of 19.31% and a net margin of 13.99%. The company's revenue for the quarter was up 9.0% compared to the same quarter last year. During the same period in the prior year, the business posted $2.31 EPS. Analysts expect that Raymond James Financial, Inc. will post 11.17 earnings per share for the current year.

Raymond James Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Tuesday, July 1st will be paid a $0.50 dividend. The ex-dividend date of this dividend is Tuesday, July 1st. This represents a $2.00 dividend on an annualized basis and a yield of 1.31%. Raymond James Financial's dividend payout ratio is currently 19.25%.

Raymond James Financial Company Profile

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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