Spectrum Wealth Counsel LLC Purchases Shares of 17,181 Raymond James Financial, Inc. (NYSE:RJF)

Key Points

• Spectrum Wealth Counsel LLC has purchased a new stake in Raymond James Financial, acquiring 17,181 shares valued at approximately $2.39 million during the first quarter of the year.
• Several other institutional investors have also increased their stakes, with 83.83% of the company's stock now owned by these entities.
• The most recent quarterly earnings report showed that the company had $2.18 earnings per share, missing estimates, but its revenue increased by 5.3% compared to the previous year.

Spectrum Wealth Counsel LLC purchased a new stake in shares of Raymond James Financial, Inc. (NYSE:RJF - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 17,181 shares of the financial services provider's stock, valued at approximately $2,387,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Empirical Finance LLC boosted its position in shares of Raymond James Financial by 2.8% in the first quarter. Empirical Finance LLC now owns 6,390 shares of the financial services provider's stock valued at $888,000 after acquiring an additional 176 shares during the period. HB Wealth Management LLC boosted its position in shares of Raymond James Financial by 166.7% in the first quarter. HB Wealth Management LLC now owns 3,825 shares of the financial services provider's stock valued at $531,000 after acquiring an additional 2,391 shares during the period. TD Asset Management Inc boosted its position in shares of Raymond James Financial by 1.5% in the first quarter. TD Asset Management Inc now owns 413,233 shares of the financial services provider's stock valued at $57,402,000 after acquiring an additional 6,287 shares during the period. Applied Finance Capital Management LLC bought a new stake in shares of Raymond James Financial in the first quarter valued at approximately $654,000. Finally, Mediolanum International Funds Ltd boosted its position in shares of Raymond James Financial by 14.4% in the first quarter. Mediolanum International Funds Ltd now owns 14,884 shares of the financial services provider's stock valued at $2,069,000 after acquiring an additional 1,872 shares during the period. Institutional investors and hedge funds own 83.83% of the company's stock.

Insiders Place Their Bets

In other Raymond James Financial news, insider Bella Loykhter Allaire sold 6,570 shares of Raymond James Financial stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $146.61, for a total transaction of $963,227.70. Following the completion of the transaction, the insider directly owned 74,586 shares of the company's stock, valued at approximately $10,935,053.46. This trade represents a 8.10% 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 link. Also, insider James E. Bunn sold 3,650 shares of Raymond James Financial stock in a transaction on Monday, April 28th. The shares were sold at an average price of $136.49, for a total value of $498,188.50. Following the transaction, the insider directly owned 78,227 shares of the company's stock, valued at approximately $10,677,203.23. The trade was a 4.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.54% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Cowen reissued a "hold" rating on shares of Raymond James Financial in a research report on Thursday, April 24th. JMP Securities raised their target price on Raymond James Financial from $175.00 to $180.00 and gave the stock a "market outperform" rating in a research report on Monday, July 14th. Citigroup reaffirmed an "outperform" rating on shares of Raymond James Financial in a research report on Monday, July 14th. Wells Fargo & Company raised their target price on Raymond James Financial from $155.00 to $163.00 and gave the stock an "equal weight" rating in a research report on Friday, July 11th. Finally, Keefe, Bruyette & Woods raised their target price on Raymond James Financial from $167.00 to $170.00 and gave the stock a "market perform" rating in a research report on Thursday. Nine analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Raymond James Financial presently has a consensus rating of "Hold" and an average target price of $163.80.

Raymond James Financial Stock Up 1.0%

Shares of NYSE RJF opened at $168.44 on Friday. The stock has a market cap of $33.99 billion, a PE ratio of 16.51, a PEG ratio of 1.40 and a beta of 1.02. The business has a fifty day moving average of $152.63 and a two-hundred day moving average of $150.05. Raymond James Financial, Inc. has a 52-week low of $104.24 and a 52-week high of $174.32. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.02 and a current ratio of 1.04.

Raymond James Financial (NYSE:RJF - Get Free Report) last issued its quarterly earnings data 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 company had revenue of $3.40 billion for 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 18.50%. The firm's revenue was up 5.3% compared to the same quarter last year. During the same period in the previous year, the business posted $2.39 earnings per share. As a group, equities research analysts expect that Raymond James Financial, Inc. will post 11.17 earnings per share for the current fiscal year.

Raymond James Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Tuesday, July 1st were issued a dividend of $0.50 per share. The ex-dividend date was Tuesday, July 1st. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.19%. 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.

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