Raymond James Financial, Inc. $RJF Stock Position Decreased by Gradient Investments LLC

Key Points

• Gradient Investments cut its Raymond James Financial stake by 59.4% in the second quarter, selling 14,811 shares and retaining 10,140 shares valued at approximately $1.54 million. Institutional investors collectively own 83.83% of the company.
• Raymond James reported strong quarterly results, with EPS of $3.14 beating estimates of $2.91 and revenue rising 15.6% year over year to $3.93 billion. The company also maintains a quarterly dividend of $0.54 per share, yielding about 1.2%.
• Analyst sentiment remains mixed: five analysts rate the stock Buy and eight rate it Hold, producing an overall “Hold” consensus and an average price target of $181, compared with the stock’s stated price of $176.59.

Gradient Investments LLC decreased its holdings in shares of Raymond James Financial, Inc. (NYSE:RJF - Free Report) by 59.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,140 shares of the financial services provider's stock after selling 14,811 shares during the quarter. Gradient Investments LLC's holdings in Raymond James Financial were worth $1,542,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Norges Bank bought a new position in shares of Raymond James Financial during the fourth quarter valued at approximately $324,263,000. First Trust Advisors LP lifted its holdings in shares of Raymond James Financial by 18.3% in the 4th quarter. First Trust Advisors LP now owns 3,071,996 shares of the financial services provider's stock worth $493,332,000 after purchasing an additional 474,477 shares during the last quarter. PFA Pension Forsikringsaktieselskab bought a new stake in shares of Raymond James Financial in the 4th quarter worth approximately $64,640,000. AQR Capital Management LLC boosted its position in Raymond James Financial by 40.0% during the 4th quarter. AQR Capital Management LLC now owns 1,096,731 shares of the financial services provider's stock valued at $176,124,000 after purchasing an additional 313,587 shares during the period. Finally, Balyasny Asset Management L.P. grew its stake in Raymond James Financial by 7,823.8% during the 3rd quarter. Balyasny Asset Management L.P. now owns 288,583 shares of the financial services provider's stock worth $49,809,000 after buying an additional 284,941 shares during the last quarter. Institutional investors own 83.83% of the company's stock.

Insider Activity at Raymond James Financial

In related news, insider Tashtego S. Elwyn sold 10,000 shares of the business's stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $176.06, for a total transaction of $1,760,600.00. Following the sale, the insider owned 45,114 shares of the company's stock, valued at $7,942,770.84. The trade was a 18.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Steven M. Raney sold 5,770 shares of the company's stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $172.97, for a total value of $998,036.90. Following the completion of the sale, the insider owned 43,046 shares of the company's stock, valued at $7,445,666.62. This trade represents a 11.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.58% of the stock is owned by insiders.

Wall Street Analyst Weigh In

RJF has been the topic of several analyst reports. BMO Capital Markets reaffirmed a "market perform" rating and issued a $175.00 target price (up from $160.00) on shares of Raymond James Financial in a research report on Thursday, July 23rd. Weiss Ratings restated a "buy (b-)" rating on shares of Raymond James Financial in a research report on Wednesday, May 20th. Morgan Stanley increased their price objective on shares of Raymond James Financial from $172.00 to $174.00 and gave the stock an "equal weight" rating in a report on Friday, July 10th. Argus boosted their target price 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. Finally, UBS Group set a $184.00 target price on shares of Raymond James Financial and gave the stock a "neutral" rating in a research report on Monday, July 27th. Five investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat.com, Raymond James Financial currently has an average rating of "Hold" and a consensus target price of $181.00.

Raymond James Financial Stock Performance

RJF stock opened at $176.59 on Monday. The company has a market capitalization of $33.97 billion, a P/E ratio of 15.40, a PEG ratio of 1.08 and a beta of 0.92. The company has a 50-day simple moving average of $162.50 and a 200 day simple moving average of $157.06. Raymond James Financial, Inc. has a fifty-two week low of $138.82 and a fifty-two week high of $182.73. The company has a quick ratio of 1.03, a current ratio of 1.06 and a debt-to-equity ratio of 0.43.

Raymond James Financial (NYSE:RJF - Get Free Report) last released its earnings results on Wednesday, July 22nd. The financial services provider reported $3.14 EPS for the quarter, beating the consensus estimate of $2.91 by $0.23. Raymond James Financial had a net margin of 13.57% and a return on equity of 19.07%. The firm had revenue of $3.93 billion for the quarter, compared to analysts' expectations of $3.87 billion. During the same quarter last year, the company earned $2.18 EPS. Raymond James Financial's quarterly revenue was up 15.6% on a year-over-year basis. Sell-side analysts predict that Raymond James Financial, Inc. will post 12.07 earnings per share for the current fiscal year.

Raymond James Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Wednesday, July 1st were paid 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 was Wednesday, July 1st. Raymond James Financial's dividend payout ratio (DPR) is currently 18.83%.

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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