Palmer Knight Co Makes New Investment in Raymond James Financial, Inc. $RJF

Key Points

• Palmer Knight Co. acquired 42,771 shares of Raymond James Financial in the second quarter, valued at approximately $6.5 million and representing 2.5% of its portfolio. Institutional investors collectively own 83.83% of the company.
• Raymond James Financial reported quarterly earnings of $3.14 per share, exceeding estimates of $2.91, while revenue rose 15.6% year over year to $3.93 billion.
• Analyst sentiment remains mixed, with the stock carrying a consensus “Hold” rating and an average price target of $181.00; shares recently traded near $179.19. Two insiders also sold shares, reducing their holdings.

Palmer Knight Co purchased a new stake in shares of Raymond James Financial, Inc. (NYSE:RJF - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 42,771 shares of the financial services provider's stock, valued at approximately $6,502,000. Raymond James Financial accounts for approximately 2.5% of Palmer Knight Co's investment portfolio, making the stock its 23rd biggest holding.

Several other institutional investors have also recently made changes to their positions in the business. Reflection Asset Management bought a new stake in Raymond James Financial during the fourth quarter valued at approximately $28,000. Hilton Head Capital Partners LLC bought a new position in Raymond James Financial in the fourth quarter worth approximately $35,000. Steigerwald Gordon & Koch Inc. raised its position in 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 acquiring an additional 228 shares during the period. Clearstead Trust LLC purchased a new position in shares of Raymond James Financial during the 2nd quarter worth $40,000. Finally, DV Equities LLC bought a new stake in shares of Raymond James Financial during the 4th quarter valued at $40,000. Institutional investors own 83.83% of the company's stock.

Raymond James Financial Trading Down 0.2%

Raymond James Financial stock opened at $179.19 on Wednesday. Raymond James Financial, Inc. has a 1 year low of $138.82 and a 1 year high of $182.73. The firm's 50 day moving average price is $166.85 and its 200-day moving average price is $157.58. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.06 and a quick ratio of 1.03. The stock has a market cap of $34.47 billion, a P/E ratio of 15.62, a PEG ratio of 1.11 and a beta of 0.92.

Raymond James Financial (NYSE:RJF - Get Free Report) last issued its earnings results on Wednesday, July 22nd. The financial services provider reported $3.14 earnings per share for the quarter, topping analysts' consensus estimates of $2.91 by $0.23. The firm had revenue of $3.93 billion during the quarter, compared to analyst estimates 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 quarter in the prior year, the business earned $2.18 earnings per share. On average, equities analysts predict that Raymond James Financial, Inc. will post 12.07 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Steven M. Raney sold 5,770 shares of Raymond James Financial stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $172.97, for a total value of $998,036.90. Following the sale, the insider directly owned 43,046 shares of the company's stock, valued at approximately $7,445,666.62. The trade was a 11.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Tashtego S. Elwyn sold 10,000 shares of the business's stock in a transaction dated 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 $7,942,770.84. This represents a 18.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.58% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

RJF has been the subject of several analyst reports. Weiss Ratings restated a "buy (b-)" rating on shares of Raymond James Financial in a research note on Monday. UBS Group set a $184.00 price target on Raymond James Financial and gave the company a "neutral" rating in a report on Monday, July 27th. Citigroup restated a "market outperform" rating on shares of Raymond James Financial in a research report on Thursday, July 23rd. BMO Capital Markets reaffirmed 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. Finally, Barclays lifted their price objective on Raymond James Financial from $192.00 to $196.00 and gave the company an "overweight" rating in a research report on Thursday, July 23rd. Five equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat.com, Raymond James Financial presently has a consensus rating of "Hold" and an average price target of $181.00.

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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