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

Key Points

• Patton Fund Management reduced its Raymond James Financial stake by 58.6% in the first quarter, selling 12,771 shares and leaving it with 9,008 shares valued at about $1.3 million.
• Raymond James Financial reported better-than-expected earnings of $2.83 per share for the quarter, though revenue of $3.86 billion came in slightly below consensus. Revenue was still up 13.4% year over year.
• The company declared a quarterly dividend of $0.54 per share, equal to a 1.4% annualized yield, while analysts currently rate the stock a Hold overall with a consensus price target of $172.92.

Patton Fund Management Inc. cut its stake in Raymond James Financial, Inc. (NYSE:RJF - Free Report) by 58.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 9,008 shares of the financial services provider's stock after selling 12,771 shares during the period. Patton Fund Management Inc.'s holdings in Raymond James Financial were worth $1,304,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in RJF. Kingsview Wealth Management LLC raised its position in shares of Raymond James Financial by 586.7% during the 4th quarter. Kingsview Wealth Management LLC now owns 20,374 shares of the financial services provider's stock worth $3,272,000 after purchasing an additional 17,407 shares during the last quarter. Algebris UK Ltd. purchased a new position in Raymond James Financial during the fourth quarter worth about $10,179,000. Fisher Asset Management LLC boosted its position in shares of Raymond James Financial by 6.9% in the fourth quarter. Fisher Asset Management LLC now owns 392,663 shares of the financial services provider's stock worth $63,058,000 after acquiring an additional 25,410 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH boosted its holdings in shares of Raymond James Financial by 7.2% in the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 107,794 shares of the financial services provider's stock valued at $17,343,000 after purchasing an additional 7,202 shares during the last quarter. Finally, Swedbank AB boosted its holdings in Raymond James Financial by 31.1% in the fourth quarter. Swedbank AB now owns 41,436 shares of the financial services provider's stock valued at $6,654,000 after acquiring an additional 9,838 shares during the last quarter. Institutional investors and hedge funds own 83.83% of the company's stock.

Raymond James Financial Price Performance

Shares of NYSE RJF opened at $150.52 on Monday. The company has a market capitalization of $29.33 billion, a price-to-earnings ratio of 14.23, a price-to-earnings-growth ratio of 1.15 and a beta of 0.94. Raymond James Financial, Inc. has a twelve month low of $138.82 and a twelve month high of $177.66. The business has a 50 day simple moving average of $152.72 and a 200-day simple moving average of $156.34. The company has a current ratio of 1.07, a quick ratio of 1.05 and a debt-to-equity ratio of 0.44.

Raymond James Financial (NYSE:RJF - Get Free Report) last posted its quarterly earnings results on Wednesday, April 22nd. The financial services provider reported $2.83 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.76 by $0.07. Raymond James Financial had a net margin of 13.04% and a return on equity of 17.93%. The company had revenue of $3.86 billion for the quarter, compared to the consensus estimate of $3.92 billion. During the same period last year, the firm posted $2.42 EPS. The company's revenue for the quarter was up 13.4% on a year-over-year basis. As a group, equities research analysts expect that Raymond James Financial, Inc. will post 11.82 earnings per share for the current year.

Raymond James Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Wednesday, July 1st will be paid a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date is Wednesday, July 1st. Raymond James Financial's dividend payout ratio (DPR) is presently 20.42%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. BMO Capital Markets increased their target price on shares of Raymond James Financial from $152.00 to $165.00 and gave the stock a "market perform" rating in a research report on Thursday, April 23rd. Morgan Stanley lifted their target price on shares of Raymond James Financial from $171.00 to $172.00 and gave the company an "equal weight" rating in a report on Tuesday, April 28th. Weiss Ratings restated a "buy (b-)" rating on shares of Raymond James Financial in a report on Wednesday, May 20th. TD Cowen reduced their target price on shares of Raymond James Financial from $159.00 to $155.00 and set a "hold" rating on the stock in a research report on Thursday, May 28th. Finally, Jefferies Financial Group decreased their target price on shares of Raymond James Financial from $165.00 to $145.00 and set a "hold" rating for the company in a research note on Monday, April 6th. Four research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat.com, Raymond James Financial has an average rating of "Hold" and a consensus price target of $172.92.

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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