PNC Financial Services Group Inc. Purchases 8,463 Shares of Raymond James Financial, Inc. (NYSE:RJF)

Key Points

• PNC Financial Services Group Inc. increased its stake in Raymond James Financial by 1.5%, now owning 575,923 shares valued at approximately $80 million.
• Raymond James Financial's stock has received mixed ratings, with a consensus rating of "Hold" and an average price target of $163.80 from analysts.
• The company recently announced a quarterly dividend of $0.50 per share, yielding about 1.2% annually, with a payout ratio of 19.61%.

PNC Financial Services Group Inc. increased its stake in shares of Raymond James Financial, Inc. (NYSE:RJF - Free Report) by 1.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 575,923 shares of the financial services provider's stock after buying an additional 8,463 shares during the period. PNC Financial Services Group Inc. owned about 0.28% of Raymond James Financial worth $80,001,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in RJF. Formidable Asset Management LLC increased its position in shares of Raymond James Financial by 0.9% in the fourth quarter. Formidable Asset Management LLC now owns 7,901 shares of the financial services provider's stock worth $1,227,000 after acquiring an additional 67 shares in the last quarter. Venturi Wealth Management LLC increased its position in shares of Raymond James Financial by 2.2% in the first quarter. Venturi Wealth Management LLC now owns 3,318 shares of the financial services provider's stock worth $461,000 after acquiring an additional 73 shares in the last quarter. Farther Finance Advisors LLC increased its position in shares of Raymond James Financial by 9.0% in the first quarter. Farther Finance Advisors LLC now owns 994 shares of the financial services provider's stock worth $137,000 after acquiring an additional 82 shares in the last quarter. Dynasty Wealth Management LLC increased its position in shares of Raymond James Financial by 4.9% in the first quarter. Dynasty Wealth Management LLC now owns 2,017 shares of the financial services provider's stock worth $280,000 after acquiring an additional 94 shares in the last quarter. Finally, Brighton Jones LLC increased its position in shares of Raymond James Financial by 3.6% in the first quarter. Brighton Jones LLC now owns 2,862 shares of the financial services provider's stock worth $398,000 after acquiring an additional 100 shares in the last quarter. Hedge funds and other institutional investors own 83.83% of the company's stock.

Raymond James Financial Price Performance

Raymond James Financial stock traded down $2.26 during trading hours on Thursday, hitting $164.50. 46,555 shares of the company traded hands, compared to its average volume of 1,331,257. The firm has a market cap of $33.19 billion, a P/E ratio of 16.14, a P/E/G ratio of 1.36 and a beta of 1.05. The company has a quick ratio of 1.02, a current ratio of 1.04 and a debt-to-equity ratio of 0.32. The firm's 50-day simple moving average is $155.60 and its two-hundred day simple moving average is $150.50. Raymond James Financial, Inc. has a 1-year low of $107.37 and a 1-year high of $174.32.

Raymond James Financial (NYSE:RJF - Get Free Report) last announced its quarterly earnings data 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 business had revenue of $3.40 billion during the quarter, compared to analyst estimates of $3.38 billion. Raymond James Financial had a return on equity of 18.50% and a net margin of 13.56%. The business's revenue for the quarter was up 5.3% on a year-over-year basis. During the same period in the prior year, the firm earned $2.39 EPS. As a group, 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 firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Tuesday, July 1st were paid a $0.50 dividend. The ex-dividend date of this dividend was Tuesday, July 1st. This represents a $2.00 annualized dividend and a dividend yield of 1.2%. Raymond James Financial's payout ratio is currently 19.61%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on RJF. Morgan Stanley raised their price target on shares of Raymond James Financial from $136.00 to $180.00 and gave the company an "equal weight" rating in a report on Tuesday, July 15th. Wells Fargo & Company raised their price target 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. Cowen reaffirmed a "hold" rating on shares of Raymond James Financial in a report on Thursday, April 24th. Citigroup reiterated an "outperform" rating on shares of Raymond James Financial in a research note on Monday, July 14th. Finally, JMP Securities increased their price objective 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. Nine investment analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $163.80.

Insider Activity

In other news, insider Bella Loykhter Allaire sold 6,570 shares of Raymond James Financial stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $146.61, for a total value of $963,227.70. Following the transaction, the insider owned 74,586 shares of the company's stock, valued at $10,935,053.46. The trade was a 8.10% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 0.54% of the stock is owned by corporate insiders.

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.