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

Key Points

• Patton Fund Management boosted its Raymond James stake by 1,259.5% in Q4, buying 20,177 shares to hold 21,779 shares valued at about $3.497 million.
• Raymond James beat EPS estimates with $2.86 vs. $2.83 but missed revenue at $3.74 billion, and declared a quarterly dividend of $0.54 per share payable April 15 (ex-dividend April 1).
• Institutional investors own about 83.83% of RJF; the analyst consensus is a "Hold" with a $175.58 target, and insider Bella Loykhter Allaire sold 29,551 shares (a 35.5% reduction) in March.

Patton Fund Management Inc. raised its position in Raymond James Financial, Inc. (NYSE:RJF - Free Report) by 1,259.5% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 21,779 shares of the financial services provider's stock after buying an additional 20,177 shares during the period. Patton Fund Management Inc.'s holdings in Raymond James Financial were worth $3,497,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of RJF. Assetmark Inc. boosted its position in Raymond James Financial by 8.6% during the fourth quarter. Assetmark Inc. now owns 1,031 shares of the financial services provider's stock worth $166,000 after acquiring an additional 82 shares during the last quarter. Eagle Bay Advisors LLC purchased a new stake in shares of Raymond James Financial in the 4th quarter valued at approximately $44,000. Tectonic Advisors LLC raised its stake in shares of Raymond James Financial by 5.9% in the 4th quarter. Tectonic Advisors LLC now owns 3,456 shares of the financial services provider's stock valued at $555,000 after acquiring an additional 192 shares during the period. High Net Worth Advisory Group LLC raised its stake in shares of Raymond James Financial by 1.7% in the 4th quarter. High Net Worth Advisory Group LLC now owns 13,963 shares of the financial services provider's stock valued at $2,242,000 after acquiring an additional 227 shares during the period. Finally, ABLE Financial Group LLC raised its stake in shares of Raymond James Financial by 13.1% in the 4th quarter. ABLE Financial Group LLC now owns 4,306 shares of the financial services provider's stock valued at $692,000 after acquiring an additional 499 shares during the period. Institutional investors and hedge funds own 83.83% of the company's stock.

Raymond James Financial Price Performance

Shares of RJF opened at $150.40 on Tuesday. Raymond James Financial, Inc. has a fifty-two week low of $129.47 and a fifty-two week high of $177.66. The firm's 50 day moving average price is $151.94 and its 200 day moving average price is $159.51. The company has a market cap of $29.64 billion, a P/E ratio of 14.72, a PEG ratio of 1.10 and a beta of 1.00. The company has a quick ratio of 1.04, a current ratio of 1.06 and a debt-to-equity ratio of 0.42.

Raymond James Financial (NYSE:RJF - Get Free Report) last posted its quarterly earnings results on Wednesday, January 28th. The financial services provider reported $2.86 EPS for the quarter, topping the consensus estimate of $2.83 by $0.03. Raymond James Financial had a net margin of 13.07% and a return on equity of 17.65%. The company had revenue of $3.74 billion during the quarter, compared to analysts' expectations of $3.83 billion. During the same quarter in the previous year, the business posted $2.93 EPS. The firm's revenue was up 5.6% on a year-over-year basis. On average, research analysts forecast that Raymond James Financial, Inc. will post 11.17 earnings per share for the current fiscal year.

Raymond James Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Wednesday, April 1st will be issued a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 1.4%. The ex-dividend date is Wednesday, April 1st. Raymond James Financial's payout ratio is 21.14%.

Insider Buying and Selling

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

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on RJF shares. Weiss Ratings raised shares of Raymond James Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, February 20th. Morgan Stanley reduced their price target on shares of Raymond James Financial from $187.00 to $171.00 and set an "equal weight" rating on the stock in a research note on Friday. Barclays reduced their price target on shares of Raymond James Financial from $196.00 to $174.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 8th. TD Cowen reissued a "hold" rating on shares of Raymond James Financial in a research note on Wednesday, January 14th. Finally, Jefferies Financial Group reduced their price target on shares of Raymond James Financial from $165.00 to $145.00 and set a "hold" rating on the stock in a research note on Monday, April 6th. Four equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $175.58.

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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