one8zero8 LLC Takes $857,000 Position in Raymond James Financial, Inc. $RJF

Key Points

• one8zero8 LLC purchased 5,637 shares of Raymond James Financial valued at approximately $857,000 during the second quarter. Institutional investors own 83.83% of the company.
• Two insiders sold a combined 15,770 shares for roughly $2.76 million, reducing their individual holdings. Corporate insiders collectively own 0.58% of the stock.
• Raymond James exceeded quarterly expectations with $3.14 EPS versus the $2.91 consensus and revenue of $3.93 billion, up 15.6% year over year. Analysts have a consensus “Hold” rating and an average price target of $181.

one8zero8 LLC purchased a new stake in Raymond James Financial, Inc. (NYSE:RJF - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 5,637 shares of the financial services provider's stock, valued at approximately $857,000.

Other hedge funds have also modified their holdings of the company. Addison Advisors LLC purchased a new position in shares of Raymond James Financial during the 2nd quarter worth approximately $87,000. NewEdge Wealth LLC purchased a new stake in Raymond James Financial in the second quarter valued at approximately $274,000. Smith Partners Wealth Management LLC acquired a new position in Raymond James Financial during the second quarter worth $243,000. Palmer Knight Co acquired a new position in Raymond James Financial during the second quarter worth $6,502,000. Finally, Great Lakes Advisors LLC purchased a new position in shares of Raymond James Financial during the second quarter worth $340,000. 83.83% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Raymond James Financial news, insider Steven M. Raney sold 5,770 shares of the company's stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $172.97, for a total transaction of $998,036.90. Following the transaction, the insider directly owned 43,046 shares in the company, valued at approximately $7,445,666.62. This represents a 11.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Tashtego S. Elwyn sold 10,000 shares of the company's stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $176.06, for a total value of $1,760,600.00. Following the completion of the sale, the insider owned 45,114 shares in the company, valued at approximately $7,942,770.84. This represents a 18.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.58% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. Argus boosted their price target on shares of Raymond James Financial from $178.00 to $196.00 and gave the stock a "buy" rating in a research note on Thursday, July 30th. BMO Capital Markets reissued a "market perform" rating and issued a $175.00 price objective (up from $160.00) on shares of Raymond James Financial in a research note on Thursday, July 23rd. UBS Group set a $184.00 target price on shares of Raymond James Financial and gave the stock a "neutral" rating in a research note on Monday, July 27th. Morgan Stanley increased their target price on shares of Raymond James Financial from $172.00 to $174.00 and gave the stock an "equal weight" rating in a report on Friday, July 10th. Finally, Weiss Ratings reissued a "buy (b-)" rating on shares of Raymond James Financial in a research report on Monday. Five research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Raymond James Financial has a consensus rating of "Hold" and an average target price of $181.00.

Raymond James Financial Stock Performance

Shares of RJF stock opened at $177.93 on Thursday. The stock's 50-day moving average is $167.39 and its two-hundred day moving average is $157.65. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.03 and a current ratio of 1.06. Raymond James Financial, Inc. has a 1 year low of $138.82 and a 1 year high of $182.73. The firm has a market cap of $34.23 billion, a price-to-earnings ratio of 15.51, a PEG ratio of 1.10 and a beta of 0.92.

Raymond James Financial (NYSE:RJF - Get Free Report) last issued its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $3.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.91 by $0.23. The company had revenue of $3.93 billion for the quarter, compared to the consensus estimate of $3.87 billion. Raymond James Financial had a net margin of 13.57% and a return on equity of 19.07%. Raymond James Financial's revenue for the quarter was up 15.6% on a year-over-year basis. During the same period last year, the firm posted $2.18 EPS. Analysts predict that Raymond James Financial, Inc. will post 12.07 earnings per share for the current year.

Raymond James Financial 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.

Want to see what other hedge funds are holding RJF? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Raymond James Financial, Inc. (NYSE:RJF - Free Report).

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source