State Street Corp Has $1.20 Billion Stock Position in Raymond James Financial, Inc. $RJF

Key Points

• State Street increased its Raymond James Financial stake by 0.4% to 7.89 million shares worth approximately $1.20 billion, representing about 4.1% of the company. Institutional investors collectively own 83.83% of RJF.
• Analyst sentiment remains mixed, with five Buy ratings and nine Holds, resulting in a consensus rating of Hold and an average price target of $181.58.
• Raymond James exceeded quarterly expectations with adjusted earnings of $3.14 per share and revenue of $3.93 billion, while reporting 15.6% year-over-year revenue growth. The company also declared a quarterly dividend of $0.54 per share, for an annualized yield of about 1.4%.

State Street Corp raised its holdings in Raymond James Financial, Inc. (NYSE:RJF - Free Report) by 0.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,889,824 shares of the financial services provider's stock after acquiring an additional 35,294 shares during the period. State Street Corp owned about 4.10% of Raymond James Financial worth $1,199,424,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. BlackRock Inc. acquired a new position in Raymond James Financial during the 2nd quarter worth approximately $2,180,699,000. Primecap Management Co. CA acquired a new stake in Raymond James Financial in the second quarter valued at approximately $1,405,145,000. Victory Capital Management Inc. boosted its position in Raymond James Financial by 0.8% in the fourth quarter. Victory Capital Management Inc. now owns 2,785,857 shares of the financial services provider's stock valued at $447,381,000 after buying an additional 21,856 shares in the last quarter. Bank of America Corp DE grew its stake in shares of Raymond James Financial by 9.9% during the first quarter. Bank of America Corp DE now owns 2,449,760 shares of the financial services provider's stock worth $354,701,000 after buying an additional 220,227 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Raymond James Financial by 1.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,399,638 shares of the financial services provider's stock valued at $347,390,000 after acquiring an additional 41,413 shares during the last quarter. Institutional investors own 83.83% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on RJF. Argus boosted their price objective on Raymond James Financial from $178.00 to $196.00 and gave the stock a "buy" rating in a research report on Thursday, July 30th. UBS Group set a $184.00 price target on Raymond James Financial and gave the company a "neutral" rating in a research note on Monday, July 27th. Weiss Ratings restated a "buy (b-)" rating on shares of Raymond James Financial in a report on Monday, August 17th. JPMorgan Chase & Co. upped their price objective on Raymond James Financial from $175.00 to $179.00 and gave the company a "neutral" rating in a research note on Thursday, July 23rd. Finally, Citigroup reiterated a "market outperform" rating on shares of Raymond James Financial in a report on Thursday, July 23rd. Five analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat.com, Raymond James Financial presently has a consensus rating of "Hold" and a consensus price target of $181.58.

Raymond James Financial Price Performance

Shares of NYSE RJF opened at $159.34 on Wednesday. The company has a market capitalization of $30.65 billion, a PE ratio of 13.89, a P/E/G ratio of 1.01 and a beta of 0.91. 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, Inc. has a twelve month low of $138.82 and a twelve month high of $182.73. The firm has a fifty day simple moving average of $174.18 and a 200 day simple moving average of $159.76.

Raymond James Financial (NYSE:RJF - Get Free Report) last issued its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $3.14 EPS for the quarter, beating analysts' consensus estimates 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 business had revenue of $3.93 billion for the quarter, compared to analysts' expectations of $3.87 billion. During the same quarter in the prior year, the firm posted $2.18 earnings per share. The business's quarterly revenue was up 15.6% compared to the same quarter last year. On average, sell-side analysts forecast that Raymond James Financial, Inc. will post 12.08 EPS for the current year.

Raymond James Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Thursday, October 1st will be paid a dividend of $0.54 per share. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $2.16 annualized dividend and a yield of 1.4%. Raymond James Financial's dividend payout ratio (DPR) is currently 18.83%.

Insider Buying and Selling

In other Raymond James Financial news, insider Steven Raney sold 5,770 shares of the business'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 transaction, the insider directly owned 43,046 shares of the company's stock, valued at approximately $7,445,666.62. The trade was a 11.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Bella Allaire sold 7,500 shares of the stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $177.60, for a total value of $1,332,000.00. Following the transaction, the insider owned 46,086 shares in the company, valued at $8,184,873.60. The trade was a 14.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 23,270 shares of company stock valued at $4,090,637 over the last 90 days. Company insiders own 0.58% of the company's stock.

Raymond James Financial Company Profile

Raymond James Financial, Inc is a diversified financial services company headquartered in St. Petersburg, Florida. Founded in 1962, the company provides investment, wealth management and financial planning services to individuals, corporations, institutions and municipalities.

Through its principal businesses, Raymond James offers securities brokerage, investment advisory, retirement planning, trust services and banking products. Its operations also include equity and debt capital markets, investment banking, institutional sales and trading, research, and asset management.

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