Nuveen LLC Invests $111.37 Million in Raymond James Financial, Inc. (NYSE:RJF)

Key Points

• Nuveen LLC acquired 801,728 shares of Raymond James Financial for approximately $111 million, representing a new stake in the company.
• Research analysts have set varied price targets for Raymond James Financial, with the average target price now at $163.80 and ratings ranging from “hold” to “market outperform.”
• Raymond James Financial recently reported a quarterly EPS of $2.18, which was below the consensus estimate, and announced a quarterly dividend of $0.50 per share.

Nuveen LLC purchased a new stake in Raymond James Financial, Inc. (NYSE:RJF - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 801,728 shares of the financial services provider's stock, valued at approximately $111,368,000. Nuveen LLC owned about 0.39% of Raymond James Financial at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in RJF. D.A. Davidson & CO. grew its position in shares of Raymond James Financial by 3.6% during the 1st quarter. D.A. Davidson & CO. now owns 5,603 shares of the financial services provider's stock worth $778,000 after buying an additional 197 shares during the period. Golden State Wealth Management LLC increased its position in shares of Raymond James Financial by 164.0% during the first quarter. Golden State Wealth Management LLC now owns 198 shares of the financial services provider's stock valued at $28,000 after acquiring an additional 123 shares during the last quarter. Jefferies Financial Group Inc. purchased a new stake in shares of Raymond James Financial during the fourth quarter valued at approximately $9,366,000. Assenagon Asset Management S.A. increased its position in shares of Raymond James Financial by 13.8% during the first quarter. Assenagon Asset Management S.A. now owns 24,979 shares of the financial services provider's stock valued at $3,470,000 after acquiring an additional 3,035 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. increased its position in Raymond James Financial by 0.8% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 468,343 shares of the financial services provider's stock worth $65,058,000 after buying an additional 3,691 shares during the last quarter. Institutional investors own 83.83% of the company's stock.

Insider Transactions at Raymond James Financial

In related news, insider Bella Loykhter Allaire sold 6,570 shares of the company's stock in a transaction that occurred on 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 directly owned 74,586 shares of the company's stock, valued at approximately $10,935,053.46. This represents a 8.10% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.54% of the company's stock.

Analysts Set New Price Targets

RJF has been the subject of a number of recent research reports. JPMorgan Chase & Co. raised their target price on Raymond James Financial from $151.00 to $172.00 and gave the stock a "neutral" rating in a research report on Thursday, July 24th. 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 report on Monday, July 14th. Cowen reaffirmed a "hold" rating on shares of Raymond James Financial in a report on Thursday, April 24th. Keefe, Bruyette & Woods raised their price target on Raymond James Financial from $167.00 to $170.00 and gave the stock a "market perform" rating in a report on Thursday, July 24th. Finally, Wells Fargo & Company lifted their price objective on 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. Nine research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Raymond James Financial presently has an average rating of "Hold" and an average price target of $163.80.

Raymond James Financial Stock Up 0.6%

Shares of RJF stock traded up $0.92 during midday trading on Thursday, reaching $164.76. 906,369 shares of the stock were exchanged, compared to its average volume of 1,086,444. Raymond James Financial, Inc. has a 1 year low of $113.91 and a 1 year high of $174.32. The company's 50 day moving average is $157.89 and its two-hundred day moving average is $150.29. The company has a current ratio of 1.04, a quick ratio of 1.02 and a debt-to-equity ratio of 0.33. The firm has a market cap of $32.85 billion, a PE ratio of 16.15, a price-to-earnings-growth ratio of 1.34 and a beta of 1.05.

Raymond James Financial (NYSE:RJF - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The financial services provider reported $2.18 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 during the quarter, compared to the consensus estimate of $3.38 billion. During the same period in the prior year, the firm earned $2.39 earnings per share. The business's revenue for the quarter was up 5.3% compared to the same quarter last year. On average, equities research analysts predict that Raymond James Financial, Inc. will post 11.17 EPS for the current year.

Raymond James Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Tuesday, July 1st were given a $0.50 dividend. The ex-dividend date of this dividend was Tuesday, July 1st. This represents a $2.00 annualized dividend and a yield of 1.2%. Raymond James Financial's dividend payout ratio is 19.61%.

Raymond James Financial 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.