Raymond James Financial, Inc. $RJF Stock Holdings Lessened by Earnest Partners LLC

Key Points

• Earnest Partners LLC has reduced its stake in Raymond James Financial by 1.5%, now holding approximately 2.5 million shares, which makes it the firm's 6th largest position.
• Several analysts have recently adjusted their price targets for Raymond James Financial, with Bank of America downgrading the stock from "buy" to "neutral" and setting a target of $159.00.
• The company declared a quarterly dividend of $0.50 per share, scheduled for payment on October 15th, which represents an annual yield of 1.2% and indicates a payout ratio of 19.61%.

Earnest Partners LLC lowered its stake in Raymond James Financial, Inc. (NYSE:RJF - Free Report) by 1.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,496,641 shares of the financial services provider's stock after selling 37,025 shares during the period. Raymond James Financial makes up approximately 1.7% of Earnest Partners LLC's portfolio, making the stock its 6th biggest holding. Earnest Partners LLC owned about 1.24% of Raymond James Financial worth $346,808,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of Raymond James Financial by 1.6% in the first quarter. Vanguard Group Inc. now owns 22,244,204 shares of the financial services provider's stock valued at $3,089,942,000 after purchasing an additional 347,916 shares during the period. T. Rowe Price Investment Management Inc. raised its position in Raymond James Financial by 0.7% in the first quarter. T. Rowe Price Investment Management Inc. now owns 4,136,413 shares of the financial services provider's stock worth $574,590,000 after acquiring an additional 29,086 shares in the last quarter. Invesco Ltd. raised its position in Raymond James Financial by 19.1% in the first quarter. Invesco Ltd. now owns 2,901,435 shares of the financial services provider's stock worth $403,038,000 after acquiring an additional 466,129 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in Raymond James Financial by 8.3% in the first quarter. Massachusetts Financial Services Co. MA now owns 2,335,254 shares of the financial services provider's stock worth $324,390,000 after acquiring an additional 178,262 shares in the last quarter. Finally, Northern Trust Corp raised its position in Raymond James Financial by 6.7% in the first quarter. Northern Trust Corp now owns 2,247,922 shares of the financial services provider's stock worth $312,259,000 after acquiring an additional 140,704 shares in the last quarter. Institutional investors and hedge funds own 83.83% of the company's stock.

Raymond James Financial Price Performance

Raymond James Financial stock traded up $0.81 during trading hours on Friday, hitting $169.52. The stock had a trading volume of 843,298 shares, compared to its average volume of 857,490. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.04 and a quick ratio of 1.02. The stock has a market capitalization of $33.80 billion, a price-to-earnings ratio of 16.62, a PEG ratio of 1.39 and a beta of 1.05. Raymond James Financial, Inc. has a 1-year low of $113.91 and a 1-year high of $174.32. The stock's fifty day moving average is $161.85 and its two-hundred day moving average is $150.09.

Raymond James Financial (NYSE:RJF - Get Free Report) last posted 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 firm had revenue of $3.40 billion during the quarter, compared to analyst estimates of $3.38 billion. Raymond James Financial had a net margin of 13.56% and a return on equity of 18.38%. The firm's revenue for the quarter was up 5.3% on a year-over-year basis. During the same period last year, the company posted $2.39 EPS. As a group, analysts predict that Raymond James Financial, Inc. will post 11.17 earnings per share for the current fiscal year.

Raymond James Financial Announces Dividend

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

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Keefe, Bruyette & Woods increased their price objective on Raymond James Financial from $167.00 to $170.00 and gave the stock a "market perform" rating in a research report on Thursday, July 24th. JMP Securities increased their price objective on Raymond James Financial from $175.00 to $180.00 and gave the stock a "market outperform" rating in a research report on Monday, July 14th. Citigroup reiterated an "outperform" rating on shares of Raymond James Financial in a research report on Monday, July 14th. JPMorgan Chase & Co. increased their price objective on Raymond James Financial from $151.00 to $172.00 and gave the stock a "neutral" rating in a research report on Thursday, July 24th. Finally, Morgan Stanley increased their price objective on 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. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and eight have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $163.80.

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.