Citigroup Inc. Grows Holdings in Raymond James Financial, Inc. (NYSE:RJF)

Key Points

• Citigroup Inc. increased its stake in Raymond James Financial by 67.2% in the first quarter, acquiring an additional 96,998 shares, totaling $33,514,000 in holdings.
• Multiple analysts have recently raised their target prices for Raymond James Financial stock, with Morgan Stanley increasing it from $136.00 to $180.00, and Wells Fargo raising it to $163.00.
• Raymond James Financial reported quarterly earnings of $2.18 EPS, missing consensus estimates, but recorded a 5.3% year-over-year increase in revenue.

Citigroup Inc. raised its holdings in shares of Raymond James Financial, Inc. (NYSE:RJF - Free Report) by 67.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 241,263 shares of the financial services provider's stock after acquiring an additional 96,998 shares during the quarter. Citigroup Inc. owned approximately 0.12% of Raymond James Financial worth $33,514,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also modified their holdings of RJF. Cerity Partners LLC boosted its holdings in Raymond James Financial by 10.1% in the 4th quarter. Cerity Partners LLC now owns 19,299 shares of the financial services provider's stock worth $2,822,000 after buying an additional 1,765 shares during the period. Advisory Services Network LLC purchased a new stake in Raymond James Financial in the 4th quarter worth $220,000. Covestor Ltd lifted its stake in Raymond James Financial by 56.7% in the 4th quarter. Covestor Ltd now owns 337 shares of the financial services provider's stock worth $52,000 after purchasing an additional 122 shares in the last quarter. Sagespring Wealth Partners LLC purchased a new stake in Raymond James Financial in the 4th quarter worth $246,000. Finally, Mariner LLC lifted its stake in Raymond James Financial by 7.5% in the 4th quarter. Mariner LLC now owns 24,391 shares of the financial services provider's stock worth $3,789,000 after purchasing an additional 1,697 shares in the last quarter. Hedge funds and other institutional investors own 83.83% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have commented on RJF. Cowen reiterated a "hold" rating on shares of Raymond James Financial in a research note on Thursday, April 24th. Morgan Stanley upped their price target on shares of Raymond James Financial from $136.00 to $180.00 and gave the company an "equal weight" rating in a report on Tuesday, July 15th. Keefe, Bruyette & Woods upped their price target on shares of Raymond James Financial from $167.00 to $170.00 and gave the company a "market perform" rating in a report on Thursday, July 24th. JMP Securities upped their price target on shares of Raymond James Financial from $175.00 to $180.00 and gave the company a "market outperform" rating in a report on Monday, July 14th. Finally, Citigroup restated an "outperform" rating on shares of Raymond James Financial in a research note on Monday, July 14th. Nine investment analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $163.80.

Insider Activity

In other Raymond James Financial news, insider Bella Loykhter Allaire sold 6,570 shares of the firm's stock in a transaction 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 completion of the transaction, the insider owned 74,586 shares of the company's stock, valued at approximately $10,935,053.46. This trade represents a 8.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.54% of the company's stock.

Raymond James Financial Stock Up 0.6%

Shares of NYSE RJF traded up $0.92 during midday trading on Thursday, reaching $164.76. 906,369 shares of the company's stock traded hands, compared to its average volume of 1,325,872. The company has a quick ratio of 1.02, a current ratio of 1.04 and a debt-to-equity ratio of 0.33. The stock's 50 day simple moving average is $157.46 and its 200-day simple moving average is $150.32. Raymond James Financial, Inc. has a one year low of $113.91 and a one year high of $174.32. The company has a market cap of $32.85 billion, a price-to-earnings ratio of 16.15, a P/E/G ratio of 1.38 and a beta of 1.05.

Raymond James Financial (NYSE:RJF - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The financial services provider reported $2.18 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 firm had revenue of $3.40 billion for the quarter, compared to analysts' expectations of $3.38 billion. During the same period in the previous year, the company earned $2.39 EPS. The company's revenue was up 5.3% on a year-over-year basis. On average, analysts predict that Raymond James Financial, Inc. will post 11.17 EPS 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. Shareholders of record on Tuesday, July 1st were issued a $0.50 dividend. The ex-dividend date of this dividend was Tuesday, July 1st. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.2%. Raymond James Financial's dividend payout ratio (DPR) 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.