Raymond James Financial, Inc. $RJF Position Increased by Harfst & Associates Inc.

Key Points

• Harfst & Associates increased its Raymond James Financial stake by 3.5% in the fourth quarter, making RJF its largest portfolio holding at 30.9% of assets.
• The company reported stronger-than-expected quarterly earnings, with EPS of $2.83 beating estimates, while revenue rose 13.4% year over year to $3.86 billion.
• Raymond James declared a quarterly dividend of $0.54 per share, and analysts currently rate the stock a consensus Hold with an average target price of $172.92.

Harfst & Associates Inc. raised its holdings in Raymond James Financial, Inc. (NYSE:RJF - Free Report) by 3.5% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,067,120 shares of the financial services provider's stock after acquiring an additional 36,183 shares during the period. Raymond James Financial makes up 30.9% of Harfst & Associates Inc.'s investment portfolio, making the stock its largest position. Harfst & Associates Inc. owned about 0.54% of Raymond James Financial worth $171,369,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Thrivent Financial for Lutherans raised its holdings in shares of Raymond James Financial by 30.8% in the 3rd quarter. Thrivent Financial for Lutherans now owns 60,372 shares of the financial services provider's stock valued at $10,390,000 after acquiring an additional 14,233 shares in the last quarter. Plato Investment Management Ltd increased its position in shares of Raymond James Financial by 2,000.9% during the 3rd quarter. Plato Investment Management Ltd now owns 4,559 shares of the financial services provider's stock valued at $781,000 after purchasing an additional 4,342 shares during the last quarter. Allianz Asset Management GmbH increased its position in shares of Raymond James Financial by 24.6% during the 3rd quarter. Allianz Asset Management GmbH now owns 59,067 shares of the financial services provider's stock valued at $10,195,000 after purchasing an additional 11,680 shares during the last quarter. Atlantic Union Bankshares Corp bought a new position in shares of Raymond James Financial during the 3rd quarter valued at about $1,487,000. Finally, Kingsview Wealth Management LLC increased its position in shares of Raymond James Financial by 586.7% during the 4th quarter. Kingsview Wealth Management LLC now owns 20,374 shares of the financial services provider's stock valued at $3,272,000 after purchasing an additional 17,407 shares during the last quarter. Hedge funds and other institutional investors own 83.83% of the company's stock.

Insiders Place Their Bets

In other Raymond James Financial news, insider Bella Loykhter Allaire sold 29,551 shares of the stock in a transaction that occurred on Thursday, March 19th. The stock was sold at an average price of $142.34, for a total value of $4,206,289.34. Following the completion of the sale, the insider owned 53,586 shares in the company, valued at approximately $7,627,431.24. This trade represents a 35.54% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.58% of the company's stock.

Raymond James Financial Price Performance

RJF opened at $147.04 on Wednesday. The stock's 50 day simple moving average is $149.89 and its 200 day simple moving average is $156.97. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.07 and a quick ratio of 1.05. Raymond James Financial, Inc. has a 1 year low of $138.82 and a 1 year high of $177.66. The firm has a market cap of $28.65 billion, a price-to-earnings ratio of 13.90, a PEG ratio of 1.12 and a beta of 0.94.

Raymond James Financial (NYSE:RJF - Get Free Report) last posted its quarterly earnings results on Wednesday, April 22nd. The financial services provider reported $2.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.76 by $0.07. Raymond James Financial had a return on equity of 17.93% and a net margin of 13.04%.The business had revenue of $3.86 billion for the quarter, compared to analyst estimates of $3.92 billion. During the same period last year, the company earned $2.42 EPS. Raymond James Financial's revenue for the quarter was up 13.4% compared to the same quarter last year. As a group, analysts predict that Raymond James Financial, Inc. will post 11.82 earnings per share for the current year.

Raymond James Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Wednesday, July 1st will be issued a $0.54 dividend. The ex-dividend date is Wednesday, July 1st. This represents a $2.16 annualized dividend and a yield of 1.5%. Raymond James Financial's dividend payout ratio (DPR) is 20.42%.

Analysts Set New Price Targets

RJF has been the topic of several recent research reports. UBS Group reiterated a "neutral" rating and set a $166.00 price objective (up from $158.00) on shares of Raymond James Financial in a research report on Thursday, April 23rd. Morgan Stanley increased their price objective on Raymond James Financial from $171.00 to $172.00 and gave the company an "equal weight" rating in a research report on Tuesday, April 28th. TD Cowen reduced their price objective on Raymond James Financial from $159.00 to $155.00 and set a "hold" rating on the stock in a research report on Thursday, May 28th. BMO Capital Markets increased their price objective on Raymond James Financial from $152.00 to $165.00 and gave the company a "market perform" rating in a research report on Thursday, April 23rd. Finally, Barclays reiterated an "overweight" rating and set a $182.00 price objective (up from $174.00) on shares of Raymond James Financial in a research report on Thursday, April 23rd. Four equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $172.92.

Raymond James Financial Company Profile

Raymond James Financial is a diversified financial services firm headquartered in St. Petersburg, Florida. Founded in 1962, the company provides a range of services to individual investors, businesses and institutions through a combination of wealth management, capital markets, investment banking, asset management, banking and trust services. Its business model centers on a network of financial advisors and broker-dealer operations that deliver personalized financial planning, investment advisory services and brokerage solutions.

The firm's core offerings include private client wealth management delivered by independent and employee advisors, equity and fixed-income research, institutional sales and trading, and investment banking services such as mergers and acquisitions advisory and capital raising.

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