Raymond James Financial, Inc. $RJF Shares Sold by NewEdge Advisors LLC

Key Points

• NewEdge Advisors reduced its Raymond James Financial stake by 23.4% in the second quarter, selling 7,248 shares and retaining 23,772 shares valued at approximately $3.6 million. Institutional investors collectively own 83.83% of the company.
• Analyst sentiment remains mixed, with Raymond James Financial carrying a consensus “Hold” rating and an average price target of $181.46. Recent targets range from $160 to $196.
• The company exceeded quarterly expectations, reporting $3.14 in earnings per share and $3.93 billion in revenue, while revenue increased 15.6% year over year. Raymond James also declared a $0.54 quarterly dividend, equivalent to a 1.3% annual yield.

NewEdge Advisors LLC lowered its stake in shares of Raymond James Financial, Inc. (NYSE:RJF - Free Report) by 23.4% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 23,772 shares of the financial services provider's stock after selling 7,248 shares during the period. NewEdge Advisors LLC's holdings in Raymond James Financial were worth $3,614,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the stock. New England Professional Planning Group Inc. lifted its position in shares of Raymond James Financial by 0.4% during the 2nd quarter. New England Professional Planning Group Inc. now owns 46,999 shares of the financial services provider's stock valued at $7,145,000 after acquiring an additional 165 shares during the period. Waverly Advisors LLC grew its holdings in shares of Raymond James Financial by 4.4% in the 2nd quarter. Waverly Advisors LLC now owns 54,515 shares of the financial services provider's stock worth $8,288,000 after acquiring an additional 2,317 shares during the period. Empirical Finance LLC increased its stake in Raymond James Financial by 3.3% in the 2nd quarter. Empirical Finance LLC now owns 6,417 shares of the financial services provider's stock valued at $976,000 after purchasing an additional 204 shares in the last quarter. Nykredit A S acquired a new position in Raymond James Financial during the second quarter worth $9,809,000. Finally, Amundi raised its holdings in Raymond James Financial by 19.3% during the second quarter. Amundi now owns 478,939 shares of the financial services provider's stock worth $72,813,000 after purchasing an additional 77,638 shares during the last quarter. 83.83% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

RJF has been the subject of a number of research analyst reports. BMO Capital Markets restated a "market perform" rating and issued a $175.00 price target (up from $160.00) on shares of Raymond James Financial in a research report on Thursday, July 23rd. TD Cowen decreased their price objective on shares of Raymond James Financial from $161.00 to $160.00 and set a "hold" rating on the stock in a research report on Tuesday, September 1st. Argus increased their price objective on shares of Raymond James Financial from $178.00 to $196.00 and gave the company a "buy" rating in a research note on Thursday, July 30th. JPMorgan Chase & Co. lifted their target price on shares of Raymond James Financial from $175.00 to $179.00 and gave the stock a "neutral" rating in a research report on Thursday, July 23rd. Finally, Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Raymond James Financial in a report on Monday, August 17th. Five 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, Raymond James Financial presently has a consensus rating of "Hold" and a consensus target price of $181.46.

Raymond James Financial Stock Down 1.2%

RJF opened at $168.75 on Wednesday. The company has a quick ratio of 1.03, a current ratio of 1.06 and a debt-to-equity ratio of 0.43. The firm has a market cap of $32.46 billion, a P/E ratio of 14.71, a PEG ratio of 1.05 and a beta of 0.91. Raymond James Financial, Inc. has a 52 week low of $138.82 and a 52 week high of $182.73. The business's fifty day simple moving average is $174.56 and its 200 day simple moving average is $159.47.

Raymond James Financial (NYSE:RJF - Get Free Report) last announced its 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 firm had revenue of $3.93 billion during the quarter, compared to the consensus estimate 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 for the quarter was up 15.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.18 EPS. As a group, equities research analysts anticipate that Raymond James Financial, Inc. will post 12.08 EPS for the current fiscal year.

Raymond James Financial Dividend Announcement

The company 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. The ex-dividend date is Thursday, October 1st. This represents a $2.16 dividend on an annualized basis and a dividend yield of 1.3%. Raymond James Financial's payout ratio is 18.83%.

Insider Activity

In related news, insider Bella Allaire sold 7,500 shares of the firm's stock in a transaction that occurred 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 sale, the insider owned 46,086 shares in the company, valued at approximately $8,184,873.60. This trade represents a 14.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 transaction of $998,036.90. Following the completion of the sale, the insider directly owned 43,046 shares of the company's stock, valued at $7,445,666.62. The trade was a 11.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 23,270 shares of company stock valued at $4,090,637 over the last 90 days. Insiders own 0.58% of the company's stock.

About Raymond James Financial

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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