Patton Fund Management Inc. Buys New Position in Raymond James Financial, Inc. $RJF

Key Points

• Patton Fund Management Inc. has acquired a new position in Raymond James Financial, Inc. by purchasing 1,602 shares valued at approximately $246,000 in the second quarter.
• Wall Street analysts have increased their price targets for Raymond James Financial, with estimates now ranging from $163.00 to $180.00, and a consensus rating of "Hold".
• The company has declared a quarterly dividend of $0.50, resulting in a dividend yield of 1.1%, to be paid on October 15th to shareholders of record on October 1st.

Patton Fund Management Inc. purchased a new stake in Raymond James Financial, Inc. (NYSE:RJF - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 1,602 shares of the financial services provider's stock, valued at approximately $246,000.

Other large investors have also recently added to or reduced their stakes in the company. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Raymond James Financial in the 1st quarter valued at approximately $25,000. Alpine Bank Wealth Management acquired a new position in Raymond James Financial in the 1st quarter valued at approximately $27,000. Golden State Wealth Management LLC raised its holdings in Raymond James Financial by 164.0% in the 1st 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 in the last quarter. Olde Wealth Management LLC acquired a new position in Raymond James Financial in the 1st quarter valued at approximately $33,000. Finally, TCTC Holdings LLC raised its holdings in Raymond James Financial by 72.9% in the 1st quarter. TCTC Holdings LLC now owns 287 shares of the financial services provider's stock valued at $40,000 after acquiring an additional 121 shares in the last quarter. Institutional investors and hedge funds own 83.83% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on RJF shares. Wells Fargo & Company upped their price target on Raymond James Financial from $155.00 to $163.00 and gave the company an "equal weight" rating in a report on Friday, July 11th. JMP Securities increased their price target on Raymond James Financial from $175.00 to $180.00 and gave the stock a "market outperform" rating in a research report on Monday, July 14th. Citigroup reiterated a "neutral" rating and issued a $180.00 price objective (up from $170.00) on shares of Raymond James Financial in a research report on Monday, September 22nd. 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 research report on Thursday, July 24th. Finally, Morgan Stanley raised their price objective on Raymond James Financial from $136.00 to $180.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat, Raymond James Financial currently has a consensus rating of "Hold" and an average price target of $165.30.

Raymond James Financial Stock Performance

RJF opened at $175.77 on Friday. The business's 50-day moving average price is $167.40 and its two-hundred day moving average price is $152.83. Raymond James Financial, Inc. has a 1 year low of $117.57 and a 1 year high of $177.66. The company has a market capitalization of $35.05 billion, a price-to-earnings ratio of 17.23, a P/E/G ratio of 1.44 and a beta of 1.04. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.04 and a quick ratio of 1.02.

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

Raymond James Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Wednesday, October 1st will be paid a $0.50 dividend. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $2.00 annualized dividend and a dividend yield of 1.1%. Raymond James Financial's dividend payout ratio (DPR) is currently 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.

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