Aberdeen Group plc Purchases 58,781 Shares of Raymond James Financial, Inc. $RJF

Key Points

• Aberdeen Group plc significantly increased its stake in Raymond James Financial, lifting its position by 116.9% to own approximately 109,070 shares worth $14.94 million.
• Several other institutional investors also raised their holdings in Raymond James Financial during the first quarter, with Victory Capital Management increasing its position by 1,502% to own nearly 1.88 million shares.
• Analysts have mixed opinions on Raymond James Financial, with a consensus rating of "Hold" and an average target price increasing to $163.80, while the company reported an earnings miss of $2.18 EPS against the consensus estimate of $2.36.

Aberdeen Group plc grew its holdings in Raymond James Financial, Inc. (NYSE:RJF - Free Report) by 116.9% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 109,070 shares of the financial services provider's stock after purchasing an additional 58,781 shares during the period. Aberdeen Group plc owned about 0.05% of Raymond James Financial worth $14,939,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RJF. Mariner LLC raised its holdings in shares of Raymond James Financial by 7.5% in the fourth quarter. Mariner LLC now owns 24,391 shares of the financial services provider's stock valued at $3,789,000 after purchasing an additional 1,697 shares during the last quarter. Guggenheim Capital LLC raised its holdings in shares of Raymond James Financial by 6.4% in the fourth quarter. Guggenheim Capital LLC now owns 4,006 shares of the financial services provider's stock valued at $622,000 after purchasing an additional 241 shares during the last quarter. NewEdge Advisors LLC raised its holdings in shares of Raymond James Financial by 2.2% in the fourth quarter. NewEdge Advisors LLC now owns 22,197 shares of the financial services provider's stock valued at $3,448,000 after purchasing an additional 477 shares during the last quarter. Canada Pension Plan Investment Board raised its holdings in shares of Raymond James Financial by 6.7% in the fourth quarter. Canada Pension Plan Investment Board now owns 119,913 shares of the financial services provider's stock valued at $18,626,000 after purchasing an additional 7,504 shares during the last quarter. Finally, GeoWealth Management LLC raised its holdings in shares of Raymond James Financial by 23.0% in the fourth quarter. GeoWealth Management LLC now owns 829 shares of the financial services provider's stock valued at $129,000 after purchasing an additional 155 shares during the last quarter. 83.83% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Citigroup reiterated an "outperform" rating on shares of Raymond James Financial in a report on Monday, July 14th. JPMorgan Chase & Co. upped their price target on shares of Raymond James Financial from $151.00 to $172.00 and gave the stock a "neutral" rating in a research report on Thursday, July 24th. Keefe, Bruyette & Woods lifted their price objective on shares of Raymond James Financial from $167.00 to $170.00 and gave the company a "market perform" rating in a research report on Thursday, July 24th. Wells Fargo & Company upped their target price on shares of Raymond James Financial from $155.00 to $163.00 and gave the company an "equal weight" rating in a report on Friday, July 11th. Finally, Bank of America cut Raymond James Financial from a "buy" rating to a "neutral" rating and set a $159.00 price target for the company. in a report on Wednesday, April 30th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $163.80.

Insider Activity

In other news, insider Bella Loykhter Allaire sold 6,570 shares of the business's stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $146.61, for a total value of $963,227.70. Following the completion of the sale, the insider owned 74,586 shares of the company's stock, valued at approximately $10,935,053.46. The trade was a 8.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.54% of the company's stock.

Raymond James Financial Stock Performance

Shares of NYSE:RJF traded up $3.1490 on Friday, hitting $165.1790. The company had a trading volume of 677,938 shares, compared to its average volume of 901,746. The stock has a 50 day moving average price of $159.87 and a 200 day moving average price of $149.84. The stock has a market cap of $32.93 billion, a price-to-earnings ratio of 16.19, a P/E/G ratio of 1.36 and a beta of 1.05. Raymond James Financial, Inc. has a 1-year low of $113.91 and a 1-year high of $174.32. The company has a current ratio of 1.04, a quick ratio of 1.02 and a debt-to-equity ratio of 0.33.

Raymond James Financial (NYSE:RJF - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The financial services provider reported $2.18 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.36 by ($0.18). The business had revenue of $3.40 billion during the quarter, compared to the consensus estimate of $3.38 billion. Raymond James Financial had a net margin of 13.56% and a return on equity of 18.38%. The company's revenue was up 5.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.39 EPS. Analysts expect that Raymond James Financial, Inc. will post 11.17 EPS for the current year.

Raymond James Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Wednesday, October 1st will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend is Wednesday, October 1st. Raymond James Financial's payout ratio is presently 19.61%.

Raymond James Financial Profile

Raymond James Financial, Inc, a financial holding company, through its subsidiaries, engages in the underwriting, distribution, trading, and brokerage of equity and debt securities, and the sale of mutual funds and other investment products in the United States, Canada, Europe, and internationally. The company operates through Private Client Group, Capital Markets, Asset Management, RJ Bank, and Other segments.