Primecap Management Co. CA Reduces Stock Position in Raymond James Financial, Inc. (NYSE:RJF)

Key Points

• Primecap Management Co. CA reduced its holdings in Raymond James Financial by 15.3% in Q1, now owning approximately 4.74% of the company, valued at $1.35 billion.
• Vanguard Group increased its stake in Raymond James Financial by 1.6%, owning over 22 million shares worth approximately $3.09 billion as of the latest quarter.
• Raymond James Financial reported a Q2 EPS of $2.18, missing estimates, but revenue grew 5.3% year-over-year, totaling $3.4 billion.

Primecap Management Co. CA decreased its position in Raymond James Financial, Inc. (NYSE:RJF - Free Report) by 15.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,718,689 shares of the financial services provider's stock after selling 1,750,467 shares during the quarter. Raymond James Financial accounts for approximately 1.1% of Primecap Management Co. CA's portfolio, making the stock its 26th largest position. Primecap Management Co. CA owned about 4.74% of Raymond James Financial worth $1,350,023,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in RJF. Victory Capital Management Inc. grew its stake in shares of Raymond James Financial by 1,502.0% during the first quarter. Victory Capital Management Inc. now owns 1,883,139 shares of the financial services provider's stock worth $261,587,000 after purchasing an additional 1,765,588 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of Raymond James Financial by 25,259.8% during the first quarter. GAMMA Investing LLC now owns 674,825 shares of the financial services provider's stock worth $93,740,000 after purchasing an additional 672,164 shares in the last quarter. Select Equity Group L.P. acquired a new position in shares of Raymond James Financial during the fourth quarter worth $81,611,000. Vanguard Group Inc. grew its stake in shares of Raymond James Financial by 1.6% during the first quarter. Vanguard Group Inc. now owns 22,244,204 shares of the financial services provider's stock worth $3,089,942,000 after purchasing an additional 347,916 shares in the last quarter. Finally, Northern Trust Corp grew its stake in shares of Raymond James Financial by 18.4% during the fourth quarter. Northern Trust Corp now owns 2,107,218 shares of the financial services provider's stock worth $327,314,000 after purchasing an additional 327,739 shares in the last quarter. Hedge funds and other institutional investors own 83.83% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently commented on RJF. JPMorgan Chase & Co. boosted their target price on shares of Raymond James Financial from $151.00 to $172.00 and gave the stock a "neutral" rating in a research note on Thursday, July 24th. Citigroup restated an "outperform" rating on shares of Raymond James Financial in a research note on Monday, July 14th. Bank of America downgraded shares of Raymond James Financial from a "buy" rating to a "neutral" rating and set a $159.00 price objective for the company. in a research note on Wednesday, April 30th. Cowen restated a "hold" rating on shares of Raymond James Financial in a research note on Thursday, April 24th. Finally, Morgan Stanley upped their price objective on shares of Raymond James Financial from $136.00 to $180.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 15th. 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 company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $163.80.

Insider Transactions at Raymond James Financial

In related news, insider Bella Loykhter Allaire sold 6,570 shares of the stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $146.61, for a total transaction of $963,227.70. Following the completion of the transaction, the insider directly owned 74,586 shares of the company's stock, valued at $10,935,053.46. This represents a 8.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.54% of the stock is owned by corporate insiders.

Raymond James Financial Stock Performance

Shares of RJF traded up $1.91 during mid-day trading on Friday, hitting $164.90. 659,500 shares of the company's stock were exchanged, compared to its average volume of 1,331,905. Raymond James Financial, Inc. has a fifty-two week low of $108.49 and a fifty-two week high of $174.32. The firm has a market capitalization of $33.27 billion, a P/E ratio of 16.17, a P/E/G ratio of 1.36 and a beta of 1.05. The business's 50 day moving average is $155.90 and its two-hundred day moving average is $150.48. 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 (NYSE:RJF - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The financial services provider reported $2.18 earnings per share for the quarter, missing the consensus estimate of $2.36 by ($0.18). The business had revenue of $3.40 billion for 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%. Raymond James Financial's quarterly revenue was up 5.3% on a year-over-year basis. During the same quarter last year, the company posted $2.39 EPS. On average, equities analysts expect that Raymond James Financial, Inc. will post 11.17 earnings per share for the current year.

Raymond James Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Investors 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 of this dividend was Tuesday, July 1st. Raymond James Financial's dividend payout ratio is currently 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.