Ameriprise Financial Inc. Boosts Holdings in Raymond James Financial, Inc. $RJF

Key Points

• Ameriprise Financial Inc. increased its stake in Raymond James Financial, Inc. by 165.9% during the first quarter, owning 686,647 shares valued at approximately $95.4 million.
• Raymond James Financial reported a quarterly earnings miss with earnings per share of $2.18, below the consensus estimate of $2.36, despite a year-over-year revenue growth of 5.3%.
• The company announced a $0.50 quarterly dividend with a yield of 1.2%, and the dividend payout ratio stands at 19.61%.

Ameriprise Financial Inc. increased its stake in shares of Raymond James Financial, Inc. (NYSE:RJF - Free Report) by 165.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 686,647 shares of the financial services provider's stock after buying an additional 428,396 shares during the quarter. Ameriprise Financial Inc. owned about 0.34% of Raymond James Financial worth $95,381,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Bragg Financial Advisors Inc lifted its position in Raymond James Financial by 1.9% during the first quarter. Bragg Financial Advisors Inc now owns 85,029 shares of the financial services provider's stock valued at $11,811,000 after purchasing an additional 1,581 shares during the period. Norinchukin Bank The lifted its position in Raymond James Financial by 15.7% during the first quarter. Norinchukin Bank The now owns 9,818 shares of the financial services provider's stock valued at $1,364,000 after purchasing an additional 1,334 shares during the period. T. Rowe Price Investment Management Inc. lifted its position in Raymond James Financial by 0.7% during the first quarter. T. Rowe Price Investment Management Inc. now owns 4,136,413 shares of the financial services provider's stock valued at $574,590,000 after purchasing an additional 29,086 shares during the period. Credit Agricole S A lifted its position in Raymond James Financial by 1.8% during the first quarter. Credit Agricole S A now owns 68,907 shares of the financial services provider's stock valued at $9,572,000 after purchasing an additional 1,193 shares during the period. Finally, Banco Bilbao Vizcaya Argentaria S.A. lifted its position in Raymond James Financial by 3.8% during the first quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 4,393 shares of the financial services provider's stock valued at $610,000 after purchasing an additional 160 shares during the period. 83.83% of the stock is currently owned by institutional investors and hedge funds.

Raymond James Financial Price Performance

Shares of Raymond James Financial stock traded up $0.81 during mid-day trading on Friday, reaching $169.52. 843,298 shares of the stock traded hands, compared to its average volume of 857,490. The business has a 50-day moving average of $161.85 and a 200 day moving average of $150.17. Raymond James Financial, Inc. has a fifty-two week low of $113.91 and a fifty-two week high of $174.32. The stock has a market capitalization of $33.80 billion, a PE ratio of 16.62, a PEG ratio of 1.39 and a beta of 1.05. The company has a quick ratio of 1.02, a current ratio of 1.04 and a debt-to-equity ratio of 0.33.

Raymond James Financial (NYSE:RJF - Get Free Report) last announced 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 analyst estimates of $3.38 billion. During the same period in the previous year, the company earned $2.39 EPS. Raymond James Financial'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 Dividend Announcement

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

Analysts Set New Price Targets

RJF has been the subject of a number of research reports. Keefe, Bruyette & Woods boosted their target price on shares of Raymond James Financial from $167.00 to $170.00 and gave the company a "market perform" rating in a research report on Thursday, July 24th. Citigroup restated an "outperform" rating on shares of Raymond James Financial in a research report on Monday, July 14th. Wells Fargo & Company raised their target price on Raymond James Financial from $155.00 to $163.00 and gave the company an "equal weight" rating in a research report on Friday, July 11th. JPMorgan Chase & Co. raised their target price on Raymond James Financial from $151.00 to $172.00 and gave the company a "neutral" rating in a research report on Thursday, July 24th. Finally, Morgan Stanley raised their target price on Raymond James Financial from $136.00 to $180.00 and gave the company 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 given a Buy rating and eight have given a Hold rating to the company's stock. According to data from MarketBeat, Raymond James Financial currently has an average rating of "Hold" and an average price target of $163.80.

Raymond James Financial Company Profile

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.