Raymond James Financial, Inc. $RJF Shares Bought by Bank of America Corp DE

Key Points

• Bank of America increased its Raymond James Financial stake by 9.9% in the first quarter, adding 220,227 shares to own 2.45 million shares valued at approximately $354.7 million. Institutional investors and hedge funds collectively own 83.83% of the stock.
• Raymond James reported quarterly EPS of $3.14, exceeding estimates of $2.91, while revenue rose 15.6% year over year to $3.93 billion. The company also maintains a quarterly dividend of $0.54, equivalent to a 1.2% annual yield.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and average price target of $181.00. Two company insiders recently sold shares, while insiders collectively own just 0.58% of the stock.

Bank of America Corp DE boosted its holdings in shares of Raymond James Financial, Inc. (NYSE:RJF - Free Report) by 9.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,449,760 shares of the financial services provider's stock after purchasing an additional 220,227 shares during the quarter. Bank of America Corp DE owned approximately 1.26% of Raymond James Financial worth $354,701,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of RJF. Reflection Asset Management purchased a new stake in shares of Raymond James Financial in the fourth quarter valued at approximately $28,000. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Raymond James Financial in the 4th quarter valued at $32,000. Hilton Head Capital Partners LLC purchased a new stake in Raymond James Financial in the 4th quarter worth $35,000. Steigerwald Gordon & Koch Inc. increased its holdings in Raymond James Financial by 760.0% in the 1st quarter. Steigerwald Gordon & Koch Inc. now owns 258 shares of the financial services provider's stock worth $37,000 after acquiring an additional 228 shares in the last quarter. Finally, DV Equities LLC acquired a new position in Raymond James Financial during the fourth quarter worth $40,000. 83.83% of the stock is owned by institutional investors and hedge funds.

Raymond James Financial Stock Performance

RJF opened at $176.12 on Monday. The firm has a market capitalization of $34.32 billion, a PE ratio of 15.36, a PEG ratio of 1.08 and a beta of 0.92. Raymond James Financial, Inc. has a twelve month low of $138.82 and a twelve month high of $178.28. The firm's 50-day moving average price is $159.33 and its 200 day moving average price is $156.79. The company has a current ratio of 1.07, a quick ratio of 1.05 and a debt-to-equity ratio of 0.44.

Raymond James Financial (NYSE:RJF - Get Free Report) last announced its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $3.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.91 by $0.23. Raymond James Financial had a net margin of 13.57% and a return on equity of 19.17%. The company had revenue of $3.93 billion during the quarter, compared to analysts' expectations of $3.87 billion. During the same quarter in the prior year, the company earned $2.18 EPS. Raymond James Financial's revenue was up 15.6% compared to the same quarter last year. As a group, sell-side analysts expect that Raymond James Financial, Inc. will post 12.07 EPS for the current fiscal year.

Raymond James Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Wednesday, July 1st were given a $0.54 dividend. The ex-dividend date was Wednesday, July 1st. This represents a $2.16 dividend on an annualized basis and a dividend yield of 1.2%. Raymond James Financial's dividend payout ratio is 18.83%.

Insider Activity at Raymond James Financial

In related news, insider Tashtego S. Elwyn sold 10,000 shares of the stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $176.06, for a total value of $1,760,600.00. Following the completion of the sale, the insider owned 45,114 shares of the company's stock, valued at approximately $7,942,770.84. This trade represents a 18.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Steven M. Raney sold 5,770 shares of Raymond James Financial stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $172.97, for a total value of $998,036.90. Following the transaction, the insider owned 43,046 shares in the company, valued at approximately $7,445,666.62. The trade was a 11.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.58% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research firms have issued reports on RJF. Jefferies Financial Group decreased their price objective on shares of Raymond James Financial from $165.00 to $145.00 and set a "hold" rating on the stock in a report on Monday, April 6th. BMO Capital Markets reiterated a "market perform" rating and issued a $175.00 price objective (up from $160.00) on shares of Raymond James Financial in a report on Thursday, July 23rd. Citigroup reiterated a "market outperform" rating on shares of Raymond James Financial in a research note on Thursday, July 23rd. Citizens Jmp increased their target price on Raymond James Financial from $200.00 to $205.00 and gave the company a "market outperform" rating in a report on Thursday, July 23rd. Finally, JPMorgan Chase & Co. raised their target price on Raymond James Financial from $175.00 to $179.00 and gave the company a "neutral" rating in a research report on Thursday, July 23rd. Five equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $181.00.

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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