Raymond James Financial, Inc. $RJF Shares Sold by Geode Capital Management LLC

Key Points

• Geode Capital Management slightly trimmed its Raymond James Financial stake by 0.2% in the fourth quarter, though it still held 4.55 million shares valued at about $727.9 million.
• Raymond James Financial reported better-than-expected quarterly earnings of $2.83 per share, while revenue rose 13.4% year over year, even though revenue came in a bit below analyst estimates.
• The company declared a quarterly dividend of $0.54 per share, and analysts currently have a consensus Hold rating on the stock with an average price target of $172.92.

Geode Capital Management LLC lessened its stake in shares of Raymond James Financial, Inc. (NYSE:RJF - Free Report) by 0.2% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 4,551,369 shares of the financial services provider's stock after selling 10,508 shares during the period. Geode Capital Management LLC owned 2.30% of Raymond James Financial worth $727,913,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the stock. 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. First Trust Advisors LP increased its position in shares of Raymond James Financial by 4.5% during the third quarter. First Trust Advisors LP now owns 2,597,519 shares of the financial services provider's stock worth $448,332,000 after purchasing an additional 111,950 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Raymond James Financial by 10.7% during the third quarter. Dimensional Fund Advisors LP now owns 2,357,328 shares of the financial services provider's stock worth $406,941,000 after purchasing an additional 227,337 shares in the last quarter. Sei Investments Co. increased its position in shares of Raymond James Financial by 2.8% during the third quarter. Sei Investments Co. now owns 932,602 shares of the financial services provider's stock worth $160,968,000 after purchasing an additional 25,018 shares in the last quarter. Finally, UBS Group AG increased its position in shares of Raymond James Financial by 37.1% during the fourth quarter. UBS Group AG now owns 841,859 shares of the financial services provider's stock worth $135,194,000 after purchasing an additional 227,781 shares in the last quarter. Institutional investors and hedge funds own 83.83% of the company's stock.

Raymond James Financial Stock Up 0.9%

Shares of NYSE:RJF opened at $143.30 on Friday. The company has a quick ratio of 1.05, a current ratio of 1.07 and a debt-to-equity ratio of 0.44. The business has a fifty day moving average of $149.83 and a two-hundred day moving average of $157.13. The stock has a market cap of $27.93 billion, a P/E ratio of 13.54, a PEG ratio of 1.10 and a beta of 0.99. Raymond James Financial, Inc. has a 52-week low of $138.82 and a 52-week high of $177.66.

Raymond James Financial (NYSE:RJF - Get Free Report) last issued its earnings results 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. The company had revenue of $3.86 billion during the quarter, compared to analysts' expectations of $3.92 billion. Raymond James Financial had a return on equity of 17.93% and a net margin of 13.04%.The firm's quarterly revenue was up 13.4% on a year-over-year basis. During the same period in the prior year, the business earned $2.42 EPS. On average, research analysts expect that Raymond James Financial, Inc. will post 11.84 earnings per share for the current year.

Raymond James Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Wednesday, July 1st will be issued a $0.54 dividend. This represents a $2.16 annualized dividend and a yield of 1.5%. The ex-dividend date is Wednesday, July 1st. Raymond James Financial's dividend payout ratio is presently 20.42%.

Analysts Set New Price Targets

Several brokerages recently commented on RJF. Weiss Ratings reiterated a "buy (b-)" rating on shares of Raymond James Financial in a research report on Wednesday, May 20th. BMO Capital Markets boosted their price target on Raymond James Financial from $152.00 to $165.00 and gave the stock a "market perform" rating in a research report on Thursday, April 23rd. Jefferies Financial Group dropped their price target on Raymond James Financial from $165.00 to $145.00 and set a "hold" rating for the company in a research report on Monday, April 6th. Morgan Stanley boosted their price target on Raymond James Financial from $171.00 to $172.00 and gave the stock an "equal weight" rating in a research report on Tuesday, April 28th. Finally, TD Cowen dropped their price target on Raymond James Financial from $159.00 to $155.00 and set a "hold" rating for the company in a research report on Thursday. Four equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $172.92.

Insider Transactions at Raymond James Financial

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

Raymond James Financial 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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