Synovus Financial Corp Buys 1,936 Shares of Raymond James Financial, Inc. $RJF

Key Points

• Synovus Financial Corp increased its stake in Raymond James Financial by 99.0%, acquiring an additional 1,936 shares, bringing their total holdings to 3,891 shares valued at approximately $541,000.
• Analysts have raised price targets for Raymond James Financial, with Morgan Stanley setting a new target at $180.00 and a consensus rating remaining at "Hold" with a price target of $163.80.
• Raymond James Financial recently announced a $0.50 quarterly dividend to be paid on October 15, representing an annualized dividend of $2.00 and a yield of 1.2%.

Synovus Financial Corp boosted its holdings in Raymond James Financial, Inc. (NYSE:RJF - Free Report) by 99.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,891 shares of the financial services provider's stock after purchasing an additional 1,936 shares during the period. Synovus Financial Corp's holdings in Raymond James Financial were worth $541,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Formidable Asset Management LLC lifted its position in shares of Raymond James Financial by 0.9% during the 4th quarter. Formidable Asset Management LLC now owns 7,901 shares of the financial services provider's stock valued at $1,227,000 after buying an additional 67 shares during the last quarter. Venturi Wealth Management LLC lifted its position in shares of Raymond James Financial by 2.2% during the 1st quarter. Venturi Wealth Management LLC now owns 3,318 shares of the financial services provider's stock valued at $461,000 after buying an additional 73 shares during the last quarter. Farther Finance Advisors LLC lifted its position in shares of Raymond James Financial by 9.0% during the 1st quarter. Farther Finance Advisors LLC now owns 994 shares of the financial services provider's stock valued at $137,000 after buying an additional 82 shares during the last quarter. Dynasty Wealth Management LLC lifted its position in shares of Raymond James Financial by 4.9% during the 1st quarter. Dynasty Wealth Management LLC now owns 2,017 shares of the financial services provider's stock valued at $280,000 after buying an additional 94 shares during the last quarter. Finally, Brighton Jones LLC increased its position in shares of Raymond James Financial by 3.6% during the first quarter. Brighton Jones LLC now owns 2,862 shares of the financial services provider's stock valued at $398,000 after buying an additional 100 shares during the period. Hedge funds and other institutional investors own 83.83% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. JPMorgan Chase & Co. upped their target price on Raymond James Financial from $151.00 to $172.00 and gave the stock a "neutral" rating in a research note on Thursday, July 24th. JMP Securities increased their price objective on Raymond James Financial from $175.00 to $180.00 and gave the company a "market outperform" rating in a research report on Monday, July 14th. Citigroup restated an "outperform" rating on shares of Raymond James Financial in a report on Monday, July 14th. Morgan Stanley increased their price objective on Raymond James Financial from $136.00 to $180.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 15th. Finally, Keefe, Bruyette & Woods increased 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, July 24th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat, Raymond James Financial presently has a consensus rating of "Hold" and an average target price of $163.80.

Raymond James Financial Trading Down 1.1%

RJF stock traded down $1.85 during midday trading on Tuesday, reaching $167.59. 398,680 shares of the company traded hands, compared to its average volume of 1,287,296. Raymond James Financial, Inc. has a 52-week low of $113.91 and a 52-week high of $174.32. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.02 and a current ratio of 1.04. The business has a 50 day moving average of $162.22 and a 200-day moving average of $150.09. The firm has a market capitalization of $33.41 billion, a price-to-earnings ratio of 16.42, a P/E/G ratio of 1.39 and a beta of 1.04.

Raymond James Financial (NYSE:RJF - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The financial services provider reported $2.18 earnings per share for the quarter, missing the consensus estimate of $2.36 by ($0.18). Raymond James Financial had a return on equity of 18.38% and a net margin of 13.56%.The business had revenue of $3.40 billion during the quarter, compared to analysts' expectations of $3.38 billion. During the same quarter in the previous year, the company posted $2.39 earnings per share. The company's quarterly revenue was up 5.3% compared to the same quarter last year. As a group, sell-side analysts expect that Raymond James Financial, Inc. will post 11.17 earnings per share for the current fiscal year.

Raymond James Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Wednesday, October 1st will be paid a $0.50 dividend. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $2.00 annualized dividend and a yield of 1.2%. Raymond James Financial's dividend payout ratio is 19.61%.

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.