Park Avenue Securities LLC Acquires New Holdings in Raymond James Financial, Inc. $RJF

Key Points

• Park Avenue Securities LLC has acquired a new position in Raymond James Financial, purchasing 13,837 shares valued at approximately $2.12 million in the 2nd quarter.
• Raymond James Financial reported a Q2 EPS of $2.18, missing estimates by $0.18, with a revenue of $3.40 billion, slightly above analyst expectations.
• The company has announced a quarterly dividend of $0.50, which will be issued to investors on record as of October 1st, representing an annualized dividend yield of 1.2%.

Park Avenue Securities LLC bought a new position in Raymond James Financial, Inc. (NYSE:RJF - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 13,837 shares of the financial services provider's stock, valued at approximately $2,122,000.

Several other large investors also recently made changes to their positions in RJF. Vanguard Group Inc. boosted its position in shares of Raymond James Financial by 1.6% during the first quarter. Vanguard Group Inc. now owns 22,244,204 shares of the financial services provider's stock worth $3,089,942,000 after buying an additional 347,916 shares during the period. T. Rowe Price Investment Management Inc. raised its stake in Raymond James Financial by 0.7% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 4,136,413 shares of the financial services provider's stock valued at $574,590,000 after acquiring an additional 29,086 shares in the last quarter. Invesco Ltd. boosted its position in Raymond James Financial by 19.1% during the 1st quarter. Invesco Ltd. now owns 2,901,435 shares of the financial services provider's stock worth $403,038,000 after acquiring an additional 466,129 shares during the period. Massachusetts Financial Services Co. MA boosted its position in Raymond James Financial by 8.3% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 2,335,254 shares of the financial services provider's stock worth $324,390,000 after acquiring an additional 178,262 shares during the period. Finally, Northern Trust Corp grew its stake in shares of Raymond James Financial by 6.7% in the first quarter. Northern Trust Corp now owns 2,247,922 shares of the financial services provider's stock worth $312,259,000 after purchasing an additional 140,704 shares in the last quarter. Institutional investors and hedge funds own 83.83% of the company's stock.

Raymond James Financial Stock Performance

NYSE:RJF opened at $172.12 on Thursday. The company has a 50-day moving average of $166.85 and a 200-day moving average of $152.27. The firm has a market cap of $34.32 billion, a price-to-earnings ratio of 16.87, a price-to-earnings-growth ratio of 1.44 and a beta of 1.04. The company has a current ratio of 1.04, a quick ratio of 1.02 and a debt-to-equity ratio of 0.33. Raymond James Financial, Inc. has a twelve month low of $117.57 and a twelve month high of $177.66.

Raymond James Financial (NYSE:RJF - Get Free Report) last released its earnings results on Wednesday, July 23rd. The financial services provider reported $2.18 EPS for the quarter, missing the consensus estimate of $2.36 by ($0.18). The business had revenue of $3.40 billion for the quarter, compared to analyst estimates of $3.38 billion. Raymond James Financial had a net margin of 13.56% and a return on equity of 18.38%. The firm's revenue for the quarter was up 5.3% on a year-over-year basis. During the same period in the prior year, the company earned $2.39 earnings per share. Analysts forecast that Raymond James Financial, Inc. will post 11.17 earnings per share for the current fiscal year.

Raymond James Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Wednesday, October 1st will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date is Wednesday, October 1st. Raymond James Financial's payout ratio is presently 19.61%.

Analyst Ratings Changes

A number of brokerages recently weighed in on RJF. JPMorgan Chase & Co. lifted their price objective on shares of Raymond James Financial from $151.00 to $172.00 and gave the company a "neutral" rating in a research note on Thursday, July 24th. JMP Securities raised their target price on shares of Raymond James Financial from $175.00 to $180.00 and gave the company a "market outperform" rating in a research note on Monday, July 14th. Citigroup reaffirmed a "neutral" rating and issued a $180.00 price target (up from $170.00) on shares of Raymond James Financial in a research note on Monday. Wells Fargo & Company increased their price objective on shares of Raymond James Financial from $155.00 to $163.00 and gave the company an "equal weight" rating in a report on Friday, July 11th. Finally, Keefe, Bruyette & Woods boosted their target price 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. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $165.30.

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.

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