Raymond James Financial, Inc. $RJF Shares Sold by Corient Private Wealth LP

Key Points

• Corient Private Wealth cut its Raymond James Financial stake by 21.5% in the second quarter, selling 7,993 shares and retaining 29,161 shares valued at approximately $4.43 million. Institutional investors collectively own 83.83% of RJF.
• Analysts remain cautiously positive, with five Buy ratings and nine Hold ratings producing a consensus “Hold” rating and an average price target of $181.46.
• Raymond James reported stronger-than-expected quarterly results, with EPS of $3.14 and revenue of $3.93 billion, while revenue rose 15.6% year over year. The company also declared a quarterly dividend of $0.54 per share, implying a 1.3% yield.

Corient Private Wealth LP cut its position in shares of Raymond James Financial, Inc. (NYSE:RJF - Free Report) by 21.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 29,161 shares of the financial services provider's stock after selling 7,993 shares during the quarter. Corient Private Wealth LP's holdings in Raymond James Financial were worth $4,433,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Amundi lifted its holdings in shares of Raymond James Financial by 19.3% during the 2nd quarter. Amundi now owns 478,939 shares of the financial services provider's stock worth $72,813,000 after acquiring an additional 77,638 shares during the period. Wedmont Private Capital lifted its holdings in shares of Raymond James Financial by 4.0% during the 2nd quarter. Wedmont Private Capital now owns 10,764 shares of the financial services provider's stock valued at $1,810,000 after acquiring an additional 410 shares in the last quarter. Nilsine Partners LLC lifted its stake in shares of Raymond James Financial by 2.1% during the second quarter. Nilsine Partners LLC now owns 14,060 shares of the financial services provider's stock worth $2,138,000 after purchasing an additional 285 shares in the last quarter. Saudi Central Bank lifted its position in Raymond James Financial by 79.3% during the 2nd quarter. Saudi Central Bank now owns 12,417 shares of the financial services provider's stock worth $1,888,000 after acquiring an additional 5,493 shares in the last quarter. Finally, AlphaGrep UK Ltd purchased a new position in shares of Raymond James Financial in the second quarter valued at $919,000. Hedge funds and other institutional investors own 83.83% of the company's stock.

Wall Street Analysts Forecast Growth

RJF has been the subject of several research analyst reports. Morgan Stanley increased their target price on Raymond James Financial from $172.00 to $174.00 and gave the company an "equal weight" rating in a research note on Friday, July 10th. Weiss Ratings restated a "buy (b-)" rating on shares of Raymond James Financial in a research note on Monday, August 17th. Barclays upped their price target on shares of Raymond James Financial from $192.00 to $196.00 and gave the stock an "overweight" rating in a research report on Thursday, July 23rd. Citigroup reissued a "market outperform" rating on shares of Raymond James Financial in a report on Thursday, July 23rd. Finally, Citizens Jmp raised their target price on shares of Raymond James Financial from $200.00 to $205.00 and gave the company a "market outperform" rating in a research note on Thursday, July 23rd. Five investment 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 has a consensus rating of "Hold" and an average price target of $181.46.

Insider Buying and Selling at Raymond James Financial

In other news, insider Bella Allaire sold 7,500 shares of the stock in a transaction on Friday, August 28th. The shares were sold at an average price of $177.60, for a total transaction of $1,332,000.00. Following the transaction, the insider owned 46,086 shares in the company, valued at $8,184,873.60. This represents a 14.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Steven M. Raney sold 5,770 shares of the firm's stock in a transaction dated Monday, July 27th. The shares were 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. This trade represents a 11.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 23,270 shares of company stock worth $4,090,637 over the last 90 days. 0.58% of the stock is currently owned by corporate insiders.

Raymond James Financial Trading Up 0.5%

Shares of RJF opened at $164.53 on Friday. Raymond James Financial, Inc. has a 1-year low of $138.82 and a 1-year high of $182.73. The business's 50-day moving average price is $174.38 and its 200 day moving average price is $159.62. The stock has a market capitalization of $31.65 billion, a P/E ratio of 14.34, a P/E/G ratio of 1.01 and a beta of 0.91. The company has a current ratio of 1.06, a quick ratio of 1.03 and a debt-to-equity ratio of 0.43.

Raymond James Financial (NYSE:RJF - Get Free Report) last released its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $3.14 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.91 by $0.23. The business had revenue of $3.93 billion for the quarter, compared to analyst estimates of $3.87 billion. Raymond James Financial had a net margin of 13.57% and a return on equity of 19.07%. The firm's revenue was up 15.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.18 earnings per share. Analysts expect that Raymond James Financial, Inc. will post 12.08 earnings per share for the current year.

Raymond James Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Thursday, October 1st will be issued a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a dividend yield of 1.3%. The ex-dividend date is Thursday, October 1st. Raymond James Financial's payout ratio is currently 18.83%.

Raymond James Financial Profile

Raymond James Financial, Inc is a diversified financial services company headquartered in St. Petersburg, Florida. Founded in 1962, the company provides investment, wealth management and financial planning services to individuals, corporations, institutions and municipalities.

Through its principal businesses, Raymond James offers securities brokerage, investment advisory, retirement planning, trust services and banking products. Its operations also include equity and debt capital markets, investment banking, institutional sales and trading, research, and asset management.

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