PNC Financial Services Group Inc. Has $91.84 Million Stock Position in Raymond James Financial, Inc. $RJF

Key Points

• PNC Financial Services Group trimmed its Raymond James Financial stake by 1.6% in the fourth quarter, but still held 571,909 shares worth about $91.84 million.
• Raymond James reported better-than-expected quarterly EPS of $2.83, though revenue of $3.86 billion came in slightly below analyst estimates. Revenue still rose 13.4% year over year, and the company guided analysts to expect 11.83 EPS for the full year.
• The company announced a quarterly dividend of $0.54 per share, payable July 15, implying a 1.4% annual yield. Analyst sentiment remains mixed, with a consensus rating of Hold and an average price target of $173.25.

PNC Financial Services Group Inc. cut its holdings in shares of Raymond James Financial, Inc. (NYSE:RJF - Free Report) by 1.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 571,909 shares of the financial services provider's stock after selling 9,509 shares during the period. PNC Financial Services Group Inc. owned approximately 0.29% of Raymond James Financial worth $91,843,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Handelsbanken Fonder AB boosted its stake in Raymond James Financial by 29.0% during the 4th quarter. Handelsbanken Fonder AB now owns 70,678 shares of the financial services provider's stock valued at $11,350,000 after purchasing an additional 15,895 shares during the last quarter. ProShare Advisors LLC lifted its holdings in shares of Raymond James Financial by 5.6% in the fourth quarter. ProShare Advisors LLC now owns 38,811 shares of the financial services provider's stock valued at $6,233,000 after purchasing an additional 2,047 shares in the last quarter. HighTower Advisors LLC lifted its holdings in shares of Raymond James Financial by 12.2% in the fourth quarter. HighTower Advisors LLC now owns 19,565 shares of the financial services provider's stock valued at $3,142,000 after purchasing an additional 2,130 shares in the last quarter. North Dakota State Investment Board purchased a new position in shares of Raymond James Financial during the fourth quarter valued at approximately $1,008,000. Finally, Leuthold Group LLC grew its holdings in Raymond James Financial by 0.3% during the fourth quarter. Leuthold Group LLC now owns 27,534 shares of the financial services provider's stock worth $4,422,000 after buying an additional 79 shares in the last quarter. Institutional investors and hedge funds own 83.83% of the company's stock.

Raymond James Financial Stock Up 0.7%

RJF stock opened at $152.13 on Thursday. The stock has a market cap of $29.65 billion, a P/E ratio of 14.38, a P/E/G ratio of 1.16 and a beta of 0.99. The company has a current ratio of 1.07, a quick ratio of 1.05 and a debt-to-equity ratio of 0.44. The stock's fifty day simple moving average is $149.47 and its two-hundred day simple moving average is $157.69. Raymond James Financial, Inc. has a 1-year low of $138.82 and a 1-year high of $177.66.

Raymond James Financial (NYSE:RJF - Get Free Report) last announced its earnings results on Wednesday, April 22nd. The financial services provider reported $2.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.76 by $0.07. The firm had revenue of $3.86 billion during the quarter, compared to analyst estimates of $3.92 billion. Raymond James Financial had a return on equity of 17.93% and a net margin of 13.04%.The business's revenue was up 13.4% compared to the same quarter last year. During the same period last year, the firm posted $2.42 EPS. Analysts expect that Raymond James Financial, Inc. will post 11.83 EPS for the current year.

Raymond James Financial Dividend Announcement

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

Analysts Set New Price Targets

RJF has been the subject of a number of analyst reports. BMO Capital Markets increased their price target on Raymond James Financial from $152.00 to $165.00 and gave the company a "market perform" rating in a research report on Thursday, April 23rd. Barclays reaffirmed an "overweight" rating and set a $182.00 price objective (up from $174.00) on shares of Raymond James Financial in a report on Thursday, April 23rd. TD Cowen reiterated a "hold" rating and issued a $159.00 target price (up from $156.00) on shares of Raymond James Financial in a research note on Thursday, April 23rd. Jefferies Financial Group dropped 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 report on Monday, April 6th. Finally, Morgan Stanley boosted their price target on shares of Raymond James Financial from $171.00 to $172.00 and gave the stock an "equal weight" rating in a report on Tuesday, April 28th. Four research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $173.25.

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 dated Thursday, March 19th. The shares were sold at an average price of $142.34, for a total value of $4,206,289.34. Following the transaction, the insider directly owned 53,586 shares in the company, valued at $7,627,431.24. The trade was a 35.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.58% of the company's stock.

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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