Raymond James Financial, Inc. (NYSE:RJF) Shares Sold by Empire Life Investments Inc.

Key Points

• Empire Life Investments Inc. has reduced its stake in Raymond James Financial by 11.9%, selling 1,799 shares, leaving it with a total of 13,353 shares valued at approximately $1.85 million.
• Multiple institutional investors, including FMR LLC and Northern Trust Corp, have increased their holdings in Raymond James Financial, contributing to a total of 83.83% of the company's stock being owned by institutional and hedge funds.
• Raymond James Financial reported an earnings miss for the latest quarter, with $2.18 earnings per share, falling short of the expected $2.36, while the company's revenue increased by 5.3% year-over-year to $3.40 billion.

Empire Life Investments Inc. lessened its position in shares of Raymond James Financial, Inc. (NYSE:RJF - Free Report) by 11.9% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 13,353 shares of the financial services provider's stock after selling 1,799 shares during the quarter. Empire Life Investments Inc.'s holdings in Raymond James Financial were worth $1,855,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Arrowstreet Capital Limited Partnership lifted its stake in shares of Raymond James Financial by 23.3% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 53,908 shares of the financial services provider's stock valued at $8,374,000 after buying an additional 10,172 shares during the period. Alliancebernstein L.P. increased its holdings in Raymond James Financial by 17.4% in the 4th quarter. Alliancebernstein L.P. now owns 247,600 shares of the financial services provider's stock valued at $38,460,000 after purchasing an additional 36,681 shares in the last quarter. Prudential PLC lifted its position in Raymond James Financial by 384.9% during the 4th quarter. Prudential PLC now owns 30,302 shares of the financial services provider's stock worth $4,707,000 after acquiring an additional 24,053 shares in the last quarter. Resona Asset Management Co. Ltd. acquired a new stake in Raymond James Financial during the 4th quarter valued at $9,292,000. Finally, Cullen Capital Management LLC boosted its holdings in Raymond James Financial by 19.1% in the fourth quarter. Cullen Capital Management LLC now owns 12,047 shares of the financial services provider's stock valued at $1,871,000 after purchasing an additional 1,936 shares during the last quarter. Institutional investors and hedge funds own 83.83% of the company's stock.

Raymond James Financial Stock Performance

RJF stock traded up $0.06 on Wednesday, hitting $166.68. The company had a trading volume of 561,064 shares, compared to its average volume of 1,109,225. The stock has a market cap of $33.63 billion, a price-to-earnings ratio of 16.34, a P/E/G 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. Raymond James Financial, Inc. has a 12-month low of $107.17 and a 12-month high of $174.32. The stock's 50-day simple moving average is $155.19 and its 200 day simple moving average is $150.39.

Raymond James Financial (NYSE:RJF - Get Free Report) last released its earnings results on Wednesday, July 23rd. The financial services provider reported $2.18 EPS for the quarter, missing the consensus estimate 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 company had revenue of $3.40 billion during the quarter, compared to analysts' expectations of $3.38 billion. During the same period last year, the firm posted $2.39 EPS. Raymond James Financial's quarterly revenue was up 5.3% compared to the same quarter last year. As a group, equities research analysts expect that Raymond James Financial, Inc. will post 11.17 earnings per share for the current fiscal year.

Raymond James Financial Dividend Announcement

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

Wall Street Analyst Weigh In

RJF has been the subject of a number of analyst reports. JPMorgan Chase & Co. boosted their price objective on Raymond James Financial from $151.00 to $172.00 and gave the company a "neutral" rating in a research report on Thursday, July 24th. Citigroup reiterated an "outperform" rating on shares of Raymond James Financial in a research report on Monday, July 14th. Morgan Stanley lifted their price objective on shares of Raymond James Financial from $136.00 to $180.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 15th. JMP Securities lifted 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 note on Monday, July 14th. Finally, Cowen reaffirmed a "hold" rating on shares of Raymond James Financial in a research note on Thursday, April 24th. Nine research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Raymond James Financial has an average rating of "Hold" and an average target price of $163.80.

Insider Buying and Selling at Raymond James Financial

In related news, insider Bella Loykhter Allaire sold 6,570 shares of Raymond James Financial stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $146.61, for a total value of $963,227.70. Following the completion of the sale, the insider directly owned 74,586 shares in the company, valued at $10,935,053.46. The trade was a 8.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 0.54% of the company's stock.

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.