Raymond James Financial, Inc. $RJF Shares Purchased by AlphaQuest LLC

Key Points

• AlphaQuest LLC sharply increased its stake in Raymond James Financial, boosting holdings by 444.5% in the fourth quarter to 9,132 shares worth about $1.47 million.
• Raymond James Financial reported better-than-expected quarterly earnings of $2.83 per share, though revenue of $3.86 billion came in slightly below estimates. Revenue still rose 13.4% year over year.
• The company declared a quarterly dividend of $0.54 per share, or $2.16 annually, for a yield of about 1.5%, while analysts currently have a consensus rating of Hold on the stock.

AlphaQuest LLC increased its stake in shares of Raymond James Financial, Inc. (NYSE:RJF - Free Report) by 444.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,132 shares of the financial services provider's stock after purchasing an additional 7,455 shares during the period. AlphaQuest LLC's holdings in Raymond James Financial were worth $1,467,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of RJF. Munich Reinsurance Co Stock Corp in Munich acquired a new position in shares of Raymond James Financial during the 3rd quarter worth approximately $69,861,000. PFA Pension Forsikringsaktieselskab acquired a new position in shares of Raymond James Financial during the 4th quarter worth approximately $64,640,000. Balyasny Asset Management L.P. raised its position in shares of Raymond James Financial by 7,823.8% during the 3rd quarter. Balyasny Asset Management L.P. now owns 288,583 shares of the financial services provider's stock worth $49,809,000 after purchasing an additional 284,941 shares during the last quarter. AQR Capital Management LLC raised its position in shares of Raymond James Financial by 44.9% during the 3rd quarter. AQR Capital Management LLC now owns 783,144 shares of the financial services provider's stock worth $135,171,000 after purchasing an additional 242,552 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of Raymond James Financial by 4.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 5,847,869 shares of the financial services provider's stock worth $1,009,342,000 after purchasing an additional 230,871 shares during the last quarter. 83.83% of the stock is currently owned by institutional investors and hedge funds.

Raymond James Financial Stock Down 4.4%

Shares of NYSE RJF opened at $145.39 on Thursday. Raymond James Financial, Inc. has a 52-week low of $138.82 and a 52-week high of $177.66. The firm has a fifty day moving average of $149.86 and a 200-day moving average of $157.37. The stock has a market capitalization of $28.33 billion, a PE ratio of 13.74, a P/E/G ratio of 1.17 and a beta of 0.99. The company has a quick ratio of 1.05, a current ratio of 1.07 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, April 22nd. The financial services provider reported $2.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.76 by $0.07. Raymond James Financial had a net margin of 13.04% and a return on equity of 17.93%. The company had revenue of $3.86 billion during the quarter, compared to analysts' expectations of $3.92 billion. During the same period in the previous year, the company earned $2.42 EPS. The business's quarterly revenue was up 13.4% compared to the same quarter last year. On average, analysts anticipate that Raymond James Financial, Inc. will post 11.83 EPS for the current year.

Raymond James Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Wednesday, July 1st will be given a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date of this dividend is Wednesday, July 1st. Raymond James Financial's dividend payout ratio is 20.42%.

Insiders Place Their Bets

In related news, insider Bella Loykhter Allaire sold 29,551 shares of the company's stock in a transaction on Thursday, March 19th. The shares were sold at an average price of $142.34, for a total transaction of $4,206,289.34. Following the completion of the sale, the insider directly owned 53,586 shares of the company's stock, valued at approximately $7,627,431.24. This represents a 35.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.58% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have commented on RJF shares. Barclays reaffirmed an "overweight" rating and issued a $182.00 target price (up from $174.00) on shares of Raymond James Financial in a research note on Thursday, April 23rd. TD Cowen reaffirmed a "hold" rating and issued a $159.00 target price (up from $156.00) on shares of Raymond James Financial in a research note on Thursday, April 23rd. Jefferies Financial Group lowered their target price on shares of Raymond James Financial from $165.00 to $145.00 and set a "hold" rating for the company in a research note on Monday, April 6th. UBS Group reaffirmed a "neutral" rating and issued a $166.00 target price (up from $158.00) on shares of Raymond James Financial in a research note on Thursday, April 23rd. Finally, BMO Capital Markets lifted their target price on shares of Raymond James Financial from $152.00 to $165.00 and gave the stock a "market perform" rating in a research note on Thursday, April 23rd. Four investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $173.25.

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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