Raymond James Financial, Inc. (NYSE:RJF) Shares Sold by Bank of Nova Scotia

Key Points

• The Bank of Nova Scotia reduced its stake in Raymond James Financial by 21.1%, selling 5,254 shares and leaving it with a total of 19,608 shares valued at approximately $2.72 million.
• Multiple hedge funds reported changes in their holdings during Q1, with D.A. Davidson & CO. increasing their stake by 3.6% and Golden State Wealth Management LLC raising their holdings by a significant 164.0%.
• Raymond James Financial's recent earnings were reported at $2.18 per share, missing expectations, although revenue increased by 5.3% year-over-year to $3.40 billion.

Bank of Nova Scotia lessened its stake in shares of Raymond James Financial, Inc. (NYSE:RJF - Free Report) by 21.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,608 shares of the financial services provider's stock after selling 5,254 shares during the quarter. Bank of Nova Scotia's holdings in Raymond James Financial were worth $2,724,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. D.A. Davidson & CO. boosted its holdings in shares of Raymond James Financial by 3.6% in the first quarter. D.A. Davidson & CO. now owns 5,603 shares of the financial services provider's stock valued at $778,000 after acquiring an additional 197 shares in the last quarter. Golden State Wealth Management LLC raised its holdings in Raymond James Financial by 164.0% during the first quarter. Golden State Wealth Management LLC now owns 198 shares of the financial services provider's stock worth $28,000 after purchasing an additional 123 shares in the last quarter. Jefferies Financial Group Inc. acquired a new stake in Raymond James Financial in the fourth quarter valued at about $9,366,000. Assenagon Asset Management S.A. boosted its holdings in Raymond James Financial by 13.8% in the 1st quarter. Assenagon Asset Management S.A. now owns 24,979 shares of the financial services provider's stock valued at $3,470,000 after purchasing an additional 3,035 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. boosted its holdings in Raymond James Financial by 0.8% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 468,343 shares of the financial services provider's stock valued at $65,058,000 after purchasing an additional 3,691 shares in the last quarter. 83.83% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

RJF has been the subject of a number of analyst reports. Citigroup reissued an "outperform" rating on shares of Raymond James Financial in a research note on Monday, July 14th. Cowen reiterated a "hold" rating on shares of Raymond James Financial in a research report on Thursday, April 24th. Bank of America downgraded Raymond James Financial from a "buy" rating to a "neutral" rating and set a $159.00 target price for the company. in a report on Wednesday, April 30th. Morgan Stanley upped their price target on shares of Raymond James Financial from $136.00 to $180.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 15th. Finally, JMP Securities raised 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 assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $163.80.

Raymond James Financial Stock Performance

Shares of RJF opened at $166.68 on Thursday. Raymond James Financial, Inc. has a 12-month low of $107.17 and a 12-month high of $174.32. The stock has a market cap of $33.63 billion, a P/E ratio of 16.34, a PEG ratio of 1.36 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 0.32. The company has a 50-day moving average of $155.60 and a two-hundred day moving average of $150.50.

Raymond James Financial (NYSE:RJF - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The financial services provider reported $2.18 earnings per share for the quarter, missing analysts' consensus estimates of $2.36 by ($0.18). Raymond James Financial had a return on equity of 18.50% and a net margin of 13.56%. The business had revenue of $3.40 billion for the quarter, compared to analysts' expectations of $3.38 billion. During the same period last year, the business earned $2.39 earnings per share. The company's revenue for the quarter was up 5.3% on a year-over-year basis. As a group, research analysts predict that Raymond James Financial, Inc. will post 11.17 EPS for the current fiscal year.

Raymond James Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Tuesday, July 1st were given a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 1.2%. The ex-dividend date was Tuesday, July 1st. Raymond James Financial's dividend payout ratio is currently 19.61%.

Insider Activity

In related news, insider Bella Loykhter Allaire sold 6,570 shares of the stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $146.61, for a total transaction of $963,227.70. Following the sale, the insider owned 74,586 shares of the company's stock, valued at $10,935,053.46. This trade represents a 8.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.54% of the stock is owned by corporate insiders.

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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