Palmer Knight Co Cuts Stock Position in Raymond James Financial, Inc. $RJF

Key Points

• Palmer Knight Co cut its Raymond James stake by 17.9%, selling 9,671 shares in Q4 and now holds 44,342 shares worth $7.12 million, representing about 3.7% of its portfolio and the company's 16th-largest holding.
• Insider sale: Bella Loykhter Allaire sold 29,551 shares on March 19 at an average of $142.34 for roughly $4.21 million, reducing her position by 35.5%; corporate insiders own just 0.58% of the stock.
• Market view and results: Raymond James beat Q1 EPS estimates ($2.83 vs. $2.76) with revenue up 13.4% YoY but slightly below expectations, and analysts hold a consensus rating of "Hold" with a $173.25 price target.

Palmer Knight Co decreased its holdings in shares of Raymond James Financial, Inc. (NYSE:RJF - Free Report) by 17.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 44,342 shares of the financial services provider's stock after selling 9,671 shares during the quarter. Raymond James Financial comprises approximately 3.7% of Palmer Knight Co's holdings, making the stock its 16th biggest holding. Palmer Knight Co's holdings in Raymond James Financial were worth $7,121,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Thrivent Financial for Lutherans grew its stake in shares of Raymond James Financial by 30.8% in the third quarter. Thrivent Financial for Lutherans now owns 60,372 shares of the financial services provider's stock valued at $10,390,000 after buying an additional 14,233 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in Raymond James Financial by 28.6% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,295 shares of the financial services provider's stock worth $5,402,000 after acquiring an additional 6,953 shares in the last quarter. Plato Investment Management Ltd boosted its holdings in Raymond James Financial by 2,000.9% in the 3rd quarter. Plato Investment Management Ltd now owns 4,559 shares of the financial services provider's stock worth $781,000 after acquiring an additional 4,342 shares during the period. Allianz Asset Management GmbH boosted its holdings in Raymond James Financial by 24.6% in the 3rd quarter. Allianz Asset Management GmbH now owns 59,067 shares of the financial services provider's stock worth $10,195,000 after acquiring an additional 11,680 shares during the period. Finally, Atlantic Union Bankshares Corp acquired a new stake in Raymond James Financial in the third quarter valued at approximately $1,487,000. 83.83% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Raymond James Financial news, insider Bella Loykhter Allaire sold 29,551 shares of the stock in a transaction that occurred on Thursday, March 19th. The stock was sold at an average price of $142.34, for a total transaction of $4,206,289.34. Following the transaction, the insider owned 53,586 shares of the company's stock, valued at $7,627,431.24. This trade represents a 35.54% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.58% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on RJF shares. Morgan Stanley boosted their target price on shares of Raymond James Financial from $171.00 to $172.00 and gave the stock an "equal weight" rating in a research report on Tuesday, April 28th. Barclays reaffirmed an "overweight" rating and set a $182.00 price target (up from $174.00) on shares of Raymond James Financial in a report on Thursday, April 23rd. TD Cowen reaffirmed a "hold" rating and set a $159.00 price target (up from $156.00) on shares of Raymond James Financial in a research note on Thursday, April 23rd. BMO Capital Markets boosted their price objective on shares of Raymond James Financial from $152.00 to $165.00 and gave the stock a "market perform" rating in a report on Thursday, April 23rd. Finally, UBS Group reissued a "neutral" rating and issued a $166.00 price objective (up from $158.00) on shares of Raymond James Financial in a research report on Thursday, April 23rd. Four analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $173.25.

Raymond James Financial Price Performance

RJF opened at $158.91 on Wednesday. The company has a 50-day moving average of $149.67 and a 200-day moving average of $158.32. The company has a market capitalization of $31.32 billion, a P/E ratio of 15.02, a PEG ratio of 1.20 and a beta of 0.99. Raymond James Financial, Inc. has a 1-year low of $138.82 and a 1-year high of $177.66. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.04 and a current ratio of 1.06.

Raymond James Financial (NYSE:RJF - Get Free Report) last issued its earnings results on Wednesday, April 22nd. The financial services provider reported $2.83 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.76 by $0.07. The business had revenue of $3.86 billion for the quarter, compared to analyst estimates of $3.92 billion. Raymond James Financial had a net margin of 13.04% and a return on equity of 18.01%. The company's revenue for the quarter was up 13.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.42 EPS. Equities analysts expect that Raymond James Financial, Inc. will post 11.83 EPS for the current fiscal year.

Raymond James Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Wednesday, April 1st were paid a dividend of $0.54 per share. The ex-dividend date was Wednesday, April 1st. This represents a $2.16 annualized dividend and a yield of 1.4%. Raymond James Financial's dividend payout ratio is presently 20.42%.

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.

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