Pinnacle Associates Ltd. Cuts Stake in Raymond James Financial, Inc. (NYSE:RJF)

Pinnacle Associates Ltd. lessened its holdings in shares of Raymond James Financial, Inc. (NYSE:RJF - Free Report) by 3.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 179,492 shares of the financial services provider's stock after selling 6,193 shares during the period. Pinnacle Associates Ltd. owned 0.09% of Raymond James Financial worth $24,933,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Formidable Asset Management LLC lifted its stake in Raymond James Financial by 0.9% during the 4th quarter. Formidable Asset Management LLC now owns 7,901 shares of the financial services provider's stock valued at $1,227,000 after acquiring an additional 67 shares during the period. Venturi Wealth Management LLC lifted its stake in Raymond James Financial by 2.2% during the 1st quarter. Venturi Wealth Management LLC now owns 3,318 shares of the financial services provider's stock valued at $461,000 after acquiring an additional 73 shares during the period. Farther Finance Advisors LLC lifted its stake in Raymond James Financial by 9.0% during the 1st quarter. Farther Finance Advisors LLC now owns 994 shares of the financial services provider's stock valued at $137,000 after acquiring an additional 82 shares during the period. Dynasty Wealth Management LLC lifted its stake in Raymond James Financial by 4.9% during the 1st quarter. Dynasty Wealth Management LLC now owns 2,017 shares of the financial services provider's stock valued at $280,000 after acquiring an additional 94 shares during the period. Finally, Brighton Jones LLC lifted its stake in Raymond James Financial by 3.6% during the 1st quarter. Brighton Jones LLC now owns 2,862 shares of the financial services provider's stock valued at $398,000 after acquiring an additional 100 shares during the period. Institutional investors own 83.83% of the company's stock.

Raymond James Financial Stock Performance

Raymond James Financial stock traded up $1.60 during midday trading on Friday, hitting $168.44. The stock had a trading volume of 1,086,787 shares, compared to its average volume of 1,134,046. The firm's fifty day moving average is $152.63 and its two-hundred day moving average is $150.05. The company has a market capitalization of $33.99 billion, a PE ratio of 16.51, a P/E/G ratio of 1.40 and a beta of 1.02. Raymond James Financial, Inc. has a 52-week low of $104.24 and a 52-week high of $174.32. The company has a current ratio of 1.04, a quick ratio of 1.02 and a debt-to-equity ratio of 0.32.

Raymond James Financial (NYSE:RJF - Get Free Report) last released its 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). The firm had revenue of $3.40 billion during the quarter, compared to analysts' expectations of $3.38 billion. Raymond James Financial had a return on equity of 18.50% and a net margin of 13.56%. The company's revenue was up 5.3% compared to the same quarter last year. During the same period in the prior year, the company posted $2.39 earnings per share. On average, research analysts forecast that Raymond James Financial, Inc. will post 11.17 EPS for the current year.

Raymond James Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Tuesday, July 1st were issued a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 1.19%. The ex-dividend date was Tuesday, July 1st. Raymond James Financial's dividend payout ratio is 19.61%.

Insider Activity at Raymond James Financial

In other Raymond James Financial news, insider James E. Bunn sold 3,650 shares of the stock in a transaction that occurred on Monday, April 28th. The shares were sold at an average price of $136.49, for a total transaction of $498,188.50. Following the completion of the sale, the insider directly owned 78,227 shares of the company's stock, valued at $10,677,203.23. This trade represents a 4.46% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Bella Loykhter Allaire sold 6,570 shares of the stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $146.61, for a total transaction of $963,227.70. Following the sale, the insider directly owned 74,586 shares of the company's stock, valued at approximately $10,935,053.46. This trade represents a 8.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.54% of the company's stock.

Wall Street Analysts Forecast Growth

RJF has been the topic of several research analyst reports. JPMorgan Chase & Co. upped their target price 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. Morgan Stanley upped their price objective on Raymond James Financial from $136.00 to $180.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 15th. Keefe, Bruyette & Woods upped their price objective on Raymond James Financial from $167.00 to $170.00 and gave the company a "market perform" rating in a research report on Thursday. The Goldman Sachs Group lowered their price objective on shares of Raymond James Financial from $198.00 to $173.00 and set a "buy" rating on the stock in a research note on Thursday, April 3rd. Finally, Wells Fargo & Company increased their price objective on shares of Raymond James Financial from $155.00 to $163.00 and gave the stock an "equal weight" rating in a research note on Friday, July 11th. Nine equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Raymond James Financial has an average rating of "Hold" and a consensus price target of $163.80.

Raymond James Financial Company 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.