Raymond James Financial, Inc. $RJF Shares Purchased by Munich Reinsurance Co Stock Corp in Munich

Key Points

• Munich Reinsurance increased its Raymond James Financial stake by 2.7% in the second quarter, adding 12,700 shares to own 491,089 shares valued at approximately $74.7 million. Institutional investors collectively hold 83.83% of the company.
• Raymond James reported strong quarterly results, with earnings of $3.14 per share versus the $2.91 consensus estimate and revenue of $3.93 billion, up 15.6% year over year.
• The company declared a quarterly dividend of $0.54 per share, equivalent to $2.16 annually and a 1.2% yield. Analysts maintain a consensus “Hold” rating with an average price target of $181.46.

Munich Reinsurance Co Stock Corp in Munich raised its position in Raymond James Financial, Inc. (NYSE:RJF - Free Report) by 2.7% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 491,089 shares of the financial services provider's stock after buying an additional 12,700 shares during the period. Raymond James Financial comprises about 1.7% of Munich Reinsurance Co Stock Corp in Munich's portfolio, making the stock its 17th largest holding. Munich Reinsurance Co Stock Corp in Munich owned approximately 0.26% of Raymond James Financial worth $74,660,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Reflection Asset Management purchased a new stake in shares of Raymond James Financial during the fourth quarter worth approximately $28,000. Hilton Head Capital Partners LLC purchased a new position in Raymond James Financial in the 4th quarter valued at $35,000. Jones Financial Companies Lllp acquired a new stake in Raymond James Financial during the 2nd quarter worth $36,000. DV Equities LLC acquired a new stake in Raymond James Financial during the 4th quarter worth $40,000. Finally, Steigerwald Gordon & Koch Inc. grew its holdings in shares of Raymond James Financial by 760.0% during the first quarter. Steigerwald Gordon & Koch Inc. now owns 258 shares of the financial services provider's stock worth $37,000 after buying an additional 228 shares in the last quarter. Institutional investors and hedge funds own 83.83% of the company's stock.

Raymond James Financial Price Performance

Raymond James Financial stock opened at $178.69 on Friday. The company has a current ratio of 1.06, a quick ratio of 1.03 and a debt-to-equity ratio of 0.43. The company has a 50-day moving average price of $172.58 and a 200 day moving average price of $158.66. Raymond James Financial, Inc. has a 12-month low of $138.82 and a 12-month high of $182.73. The stock has a market cap of $34.37 billion, a P/E ratio of 15.58, a PEG ratio of 1.11 and a beta of 0.91.

Raymond James Financial (NYSE:RJF - Get Free Report) last posted its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $3.14 earnings per share for the quarter, beating the consensus estimate of $2.91 by $0.23. The business had revenue of $3.93 billion during the quarter, compared to analysts' expectations of $3.87 billion. Raymond James Financial had a net margin of 13.57% and a return on equity of 19.07%. The business's revenue for the quarter was up 15.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.18 EPS. Sell-side analysts anticipate that Raymond James Financial, Inc. will post 12.08 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 Thursday, October 15th. Investors of record on Thursday, October 1st will be given a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend is Thursday, October 1st. Raymond James Financial's dividend payout ratio (DPR) is presently 18.83%.

Insider Buying and Selling

In other Raymond James Financial news, insider Tashtego S. Elwyn sold 10,000 shares of the stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $176.06, for a total transaction of $1,760,600.00. Following the completion of the transaction, the insider owned 45,114 shares of the company's stock, valued at $7,942,770.84. This trade represents a 18.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Steven M. Raney sold 5,770 shares of the business's stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $172.97, for a total transaction of $998,036.90. Following the completion of the sale, the insider directly owned 43,046 shares in the company, valued at $7,445,666.62. This trade represents a 11.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 23,270 shares of company stock valued at $4,090,637. 0.58% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

RJF has been the subject of a number of recent research reports. Citigroup reiterated a "market outperform" rating on shares of Raymond James Financial in a research report on Thursday, July 23rd. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Raymond James Financial in a research note on Monday, August 17th. UBS Group set a $184.00 price objective on shares of Raymond James Financial and gave the company a "neutral" rating in a report on Monday, July 27th. TD Cowen decreased their target price on shares of Raymond James Financial from $161.00 to $160.00 and set a "hold" rating on the stock in a research note on Tuesday. Finally, Truist Financial set a $188.00 price target on Raymond James Financial and gave the company a "hold" rating in a research report on Tuesday. Five analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat.com, Raymond James Financial presently has an average rating of "Hold" and an average price target of $181.46.

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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