Raymond James Financial, Inc. (NYSE:RJF) Shares Sold by AGF Management Ltd.

Key Points

• AGF Management Ltd. has reduced its stake in Raymond James Financial, Inc. (NYSE:RJF) by 31.8%, now holding approximately 1.62 million shares, valued at $225.25 million.
• Several institutional investors have increased their positions, with Invesco Ltd. boosting its stake by 19.1%, now owning about 2.90 million shares worth $403.04 million.
• Raymond James Financial reported a $2.18 EPS for the latest quarter, missing estimates, while declaring a quarterly dividend of $0.50 per share, resulting in a 1.2% yield.

AGF Management Ltd. decreased its position in shares of Raymond James Financial, Inc. (NYSE:RJF - Free Report) by 31.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,621,549 shares of the financial services provider's stock after selling 757,741 shares during the quarter. Raymond James Financial makes up about 1.2% of AGF Management Ltd.'s portfolio, making the stock its 15th biggest holding. AGF Management Ltd. owned approximately 0.79% of Raymond James Financial worth $225,249,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Public Sector Pension Investment Board boosted its position in shares of Raymond James Financial by 3.8% during the 1st quarter. Public Sector Pension Investment Board now owns 49,295 shares of the financial services provider's stock valued at $6,848,000 after acquiring an additional 1,788 shares during the last quarter. Nuveen LLC acquired a new position in shares of Raymond James Financial during the 1st quarter valued at about $111,368,000. Invesco Ltd. boosted its position in shares of Raymond James Financial by 19.1% during the 1st quarter. Invesco Ltd. now owns 2,901,435 shares of the financial services provider's stock valued at $403,038,000 after acquiring an additional 466,129 shares during the last quarter. Covestor Ltd boosted its position in shares of Raymond James Financial by 60.8% during the 1st quarter. Covestor Ltd now owns 542 shares of the financial services provider's stock valued at $75,000 after acquiring an additional 205 shares during the last quarter. Finally, Zions Bancorporation National Association UT acquired a new position in shares of Raymond James Financial during the 1st quarter valued at about $60,000. Institutional investors and hedge funds own 83.83% of the company's stock.

Insider Buying and Selling

In other Raymond James Financial news, 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 value 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 represents a 8.10% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. 0.54% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have commented on RJF shares. Bank of America cut shares of Raymond James Financial from a "buy" rating to a "neutral" rating and set a $159.00 target price on the stock. in a research report on Wednesday, April 30th. 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 report on Thursday, July 24th. JMP Securities upped their target price on shares of Raymond James Financial from $175.00 to $180.00 and gave the company a "market outperform" rating in a research report on Monday, July 14th. Morgan Stanley upped their target price on shares of 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. Finally, Wells Fargo & Company upped their target price on shares of Raymond James Financial from $155.00 to $163.00 and gave the company an "equal weight" rating in a research report on Friday, July 11th. Nine research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $163.80.

Raymond James Financial Trading Up 1.2%

NYSE:RJF opened at $164.90 on Monday. Raymond James Financial, Inc. has a 12-month low of $108.49 and a 12-month high of $174.32. The firm has a market cap of $32.88 billion, a PE ratio of 16.17, a price-to-earnings-growth ratio of 1.35 and a beta of 1.05. The company has a current ratio of 1.04, a quick ratio of 1.02 and a debt-to-equity ratio of 0.33. The stock has a fifty day moving average price of $156.26 and a 200 day moving average price of $150.15.

Raymond James Financial (NYSE:RJF - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The financial services provider reported $2.18 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.36 by ($0.18). Raymond James Financial had a net margin of 13.56% and a return on equity of 18.38%. The company had revenue of $3.40 billion during the quarter, compared to analyst estimates of $3.38 billion. During the same period in the prior year, the business earned $2.39 EPS. Raymond James Financial's revenue for the quarter was up 5.3% on a year-over-year basis. Sell-side analysts anticipate 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 was paid on Tuesday, July 15th. Shareholders of record on Tuesday, July 1st were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 1.2%. The ex-dividend date was Tuesday, July 1st. Raymond James Financial's payout ratio is 19.61%.

About Raymond James Financial

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.

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