Savant Capital LLC Reduces Position in Raymond James Financial, Inc. $RJF

Key Points

• Savant Capital LLC cut its Raymond James Financial stake by 76.1% in the fourth quarter, leaving it with 3,658 shares valued at about $587,000.
• Raymond James reported Q2 earnings of $2.83 per share, topping estimates, while revenue of $3.86 billion came in slightly below expectations but still rose 13.4% year over year.
• The company also announced a quarterly dividend of $0.54 per share, which equates to an annualized yield of about 1.5%.

Savant Capital LLC trimmed its holdings in shares of Raymond James Financial, Inc. (NYSE:RJF - Free Report) by 76.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 3,658 shares of the financial services provider's stock after selling 11,619 shares during the quarter. Savant Capital LLC's holdings in Raymond James Financial were worth $587,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of RJF. Munich Reinsurance Co Stock Corp in Munich purchased a new stake in shares of Raymond James Financial during the third quarter worth about $69,861,000. PFA Pension Forsikringsaktieselskab bought a new stake in Raymond James Financial in the fourth quarter valued at about $64,640,000. Balyasny Asset Management L.P. increased its holdings in Raymond James Financial by 7,823.8% in the third quarter. Balyasny Asset Management L.P. now owns 288,583 shares of the financial services provider's stock valued at $49,809,000 after buying an additional 284,941 shares during the last quarter. AQR Capital Management LLC increased its holdings in Raymond James Financial by 44.9% in the third quarter. AQR Capital Management LLC now owns 783,144 shares of the financial services provider's stock valued at $135,171,000 after buying an additional 242,552 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in Raymond James Financial by 4.1% in the third quarter. JPMorgan Chase & Co. now owns 5,847,869 shares of the financial services provider's stock valued at $1,009,342,000 after buying an additional 230,871 shares during the last quarter. 83.83% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Raymond James Financial

In related news, insider Bella Loykhter Allaire sold 29,551 shares of the stock in a transaction that occurred 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 transaction, the insider directly owned 53,586 shares of the company's stock, valued at $7,627,431.24. This represents a 35.54% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.58% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on RJF. Morgan Stanley boosted their price objective on Raymond James Financial from $171.00 to $172.00 and gave the company an "equal weight" rating in a report on Tuesday, April 28th. BMO Capital Markets boosted their price objective on Raymond James Financial from $152.00 to $165.00 and gave the company a "market perform" rating in a report on Thursday, April 23rd. Weiss Ratings reissued a "buy (b-)" rating on shares of Raymond James Financial in a report on Wednesday, May 20th. Barclays reissued an "overweight" rating and issued a $182.00 price objective (up from $174.00) on shares of Raymond James Financial in a report on Thursday, April 23rd. Finally, Jefferies Financial Group lowered their price objective on Raymond James Financial from $165.00 to $145.00 and set a "hold" rating for the company in a report on Monday, April 6th. Four 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 an average rating of "Hold" and a consensus price target of $172.92.

Raymond James Financial Stock Up 0.0%

NYSE:RJF opened at $146.82 on Thursday. The firm has a market capitalization of $28.61 billion, a PE ratio of 13.88, a price-to-earnings-growth ratio of 1.13 and a beta of 0.94. The stock has a 50 day moving average of $149.99 and a 200-day moving average of $156.74. Raymond James Financial, Inc. has a 52 week low of $138.82 and a 52 week high of $177.66. The company has a current ratio of 1.07, a quick ratio of 1.05 and a debt-to-equity ratio of 0.44.

Raymond James Financial (NYSE:RJF - Get Free Report) last posted its earnings results on Wednesday, April 22nd. The financial services provider reported $2.83 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 analyst estimates of $3.92 billion. Raymond James Financial had a return on equity of 17.93% and a net margin of 13.04%.The business's revenue was up 13.4% compared to the same quarter last year. During the same period in the prior year, the company earned $2.42 earnings per share. Analysts predict that Raymond James Financial, Inc. will post 11.82 EPS for the current year.

Raymond James Financial Announces Dividend

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

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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