Raymond James Financial, Inc. $RJF Position Raised by Panagora Asset Management Inc.

Key Points

• Panagora Asset Management Inc. significantly increased its stake in Raymond James Financial, Inc. by 108.9%, resulting in ownership of approximately 263,792 shares valued at $36.64 million.
• Raymond James Financial reported earnings of $2.18 per share, missing analyst estimates by $0.18, despite experiencing a revenue increase of 5.3% year-over-year.
• The company declared a quarterly dividend of $0.50, representing an annualized dividend yield of 1.2% and a payout ratio of 19.61%.

Panagora Asset Management Inc. raised its stake in Raymond James Financial, Inc. (NYSE:RJF - Free Report) by 108.9% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 263,792 shares of the financial services provider's stock after buying an additional 137,500 shares during the quarter. Panagora Asset Management Inc. owned approximately 0.13% of Raymond James Financial worth $36,643,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. D.A. Davidson & CO. lifted its stake in Raymond James Financial by 3.6% in the first quarter. D.A. Davidson & CO. now owns 5,603 shares of the financial services provider's stock valued at $778,000 after buying an additional 197 shares during the last quarter. Golden State Wealth Management LLC raised its stake in shares of Raymond James Financial by 164.0% during the first quarter. Golden State Wealth Management LLC now owns 198 shares of the financial services provider's stock valued at $28,000 after purchasing an additional 123 shares in the last quarter. Jefferies Financial Group Inc. bought a new stake in shares of Raymond James Financial during the fourth quarter valued at about $9,366,000. Assenagon Asset Management S.A. raised its stake in shares of Raymond James Financial by 13.8% during the first quarter. Assenagon Asset Management S.A. now owns 24,979 shares of the financial services provider's stock valued at $3,470,000 after purchasing an additional 3,035 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Raymond James Financial by 0.8% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 468,343 shares of the financial services provider's stock valued at $65,058,000 after purchasing an additional 3,691 shares in the last quarter. 83.83% of the stock is currently owned by institutional investors.

Raymond James Financial Price Performance

NYSE RJF opened at $169.52 on Friday. The stock's 50-day moving average price is $161.85 and its two-hundred day moving average price is $150.09. The company has a current ratio of 1.04, a quick ratio of 1.02 and a debt-to-equity ratio of 0.33. The company has a market cap of $33.80 billion, a PE 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.

Raymond James Financial (NYSE:RJF - Get Free Report) last released 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). Raymond James Financial had a net margin of 13.56% and a return on equity of 18.38%. The business had revenue of $3.40 billion for the quarter, compared to analysts' expectations of $3.38 billion. During the same period last year, the firm earned $2.39 EPS. The company's revenue was up 5.3% compared to the same quarter last year. On average, analysts predict that Raymond James Financial, Inc. will post 11.17 EPS for the current year.

Raymond James Financial Announces Dividend

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

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on RJF. Citigroup restated an "outperform" rating on shares of Raymond James Financial in a research note on Monday, July 14th. JPMorgan Chase & Co. lifted their price objective on shares of Raymond James Financial from $151.00 to $172.00 and gave the company a "neutral" rating in a research note on Thursday, July 24th. Keefe, Bruyette & Woods lifted their price objective on shares of Raymond James Financial from $167.00 to $170.00 and gave the company a "market perform" rating in a research note on Thursday, July 24th. Morgan Stanley boosted their price target 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. Finally, JMP Securities boosted their price target on shares of 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. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat.com, Raymond James Financial has an average rating of "Hold" and an average target price 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.

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