Sowell Financial Services LLC Makes New $654,000 Investment in Raymond James Financial, Inc. (NYSE:RJF)

Sowell Financial Services LLC purchased a new stake in Raymond James Financial, Inc. (NYSE:RJF - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 4,707 shares of the financial services provider's stock, valued at approximately $654,000.

A number of other hedge funds also recently modified their holdings of the company. Assetmark Inc. increased its position in shares of Raymond James Financial by 43.8% during the fourth quarter. Assetmark Inc. now owns 453 shares of the financial services provider's stock valued at $70,000 after purchasing an additional 138 shares during the period. Raymond James Financial Inc. bought a new stake in Raymond James Financial in the 4th quarter valued at $105,701,000. Jefferies Financial Group Inc. acquired a new position in shares of Raymond James Financial in the 4th quarter valued at $9,366,000. J.W. Cole Advisors Inc. bought a new position in shares of Raymond James Financial during the 4th quarter worth about $511,000. Finally, Proficio Capital Partners LLC bought a new position in shares of Raymond James Financial during the 4th quarter worth about $21,334,000. Institutional investors own 83.83% of the company's stock.

Analyst Upgrades and Downgrades

RJF has been the subject of several recent research reports. Cowen reissued a "hold" rating on shares of Raymond James Financial in a research report on Thursday, April 24th. JPMorgan Chase & Co. dropped their target price on Raymond James Financial from $149.00 to $143.00 and set a "neutral" rating for the company in a report on Thursday, April 24th. JMP Securities restated a "market outperform" rating and set a $175.00 target price on shares of Raymond James Financial in a research report on Thursday, April 24th. Wells Fargo & Company lowered their price target on Raymond James Financial from $176.00 to $143.00 and set an "equal weight" rating on the stock in a research report on Tuesday, April 8th. Finally, Citigroup cut their price objective on Raymond James Financial from $180.00 to $150.00 and set a "neutral" rating for the company in a report on Wednesday, April 2nd. Eleven investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $153.82.

Insiders Place Their Bets

In related news, insider James E. Bunn sold 3,650 shares of Raymond James Financial stock in a transaction that occurred on Monday, April 28th. The shares were sold at an average price of $136.49, for a total transaction of $498,188.50. Following the transaction, the insider now owns 78,227 shares of the company's stock, valued at $10,677,203.23. This trade represents a 4.46% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Bella Loykhter Allaire sold 6,570 shares of the business's stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $146.61, for a total transaction of $963,227.70. Following the transaction, the insider now owns 74,586 shares of the company's stock, valued at approximately $10,935,053.46. This represents a 8.10% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.54% of the company's stock.

Raymond James Financial Trading Up 0.4%

Shares of RJF traded up $0.58 during trading hours on Friday, hitting $148.92. 2,143,099 shares of the stock traded hands, compared to its average volume of 1,326,746. The business has a fifty day moving average of $143.82 and a 200-day moving average of $150.31. The firm has a market capitalization of $30.05 billion, a PE ratio of 14.33, a price-to-earnings-growth ratio of 1.78 and a beta of 1.03. Raymond James Financial, Inc. has a 1-year low of $104.24 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 0.32.

Raymond James Financial (NYSE:RJF - Get Free Report) last released its earnings results on Wednesday, April 23rd. The financial services provider reported $2.42 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.44 by ($0.02). Raymond James Financial had a net margin of 13.99% and a return on equity of 19.31%. The business had revenue of $3.40 billion for the quarter, compared to analyst estimates of $3.46 billion. During the same quarter in the previous year, the company posted $2.31 earnings per share. The business's revenue for the quarter was up 9.0% on a year-over-year basis. Analysts expect that Raymond James Financial, Inc. will post 11.17 EPS for the current year.

Raymond James Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Tuesday, July 1st will be paid a $0.50 dividend. The ex-dividend date is Tuesday, July 1st. This represents a $2.00 dividend on an annualized basis and a yield of 1.34%. Raymond James Financial's payout ratio is presently 19.25%.

Raymond James Financial Company 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.