Systematic Financial Management LP Lowers Stake in Raymond James Financial, Inc. $RJF

Key Points

• Systematic Financial Management LP reduced its stake in Raymond James Financial, Inc. by 8.2% in the first quarter, now holding 25,291 shares valued at approximately $3.5 million.
• Vanguard Group and Invesco Ltd. have both increased their stakes in Raymond James Financial, with Vanguard raising its position by 1.6% and Invesco by 19.1%.
• Raymond James Financial recently announced a quarterly dividend of $0.50 per share, scheduled to be paid on October 15th, representing a 1.2% yield.

Systematic Financial Management LP trimmed its holdings in Raymond James Financial, Inc. (NYSE:RJF - Free Report) by 8.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 25,291 shares of the financial services provider's stock after selling 2,270 shares during the quarter. Systematic Financial Management LP's holdings in Raymond James Financial were worth $3,513,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in RJF. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Raymond James Financial in the first quarter valued at $25,000. Alpine Bank Wealth Management purchased a new stake in Raymond James Financial in the first quarter valued at $27,000. Golden State Wealth Management LLC boosted its holdings in Raymond James Financial by 164.0% in the first quarter. Golden State Wealth Management LLC now owns 198 shares of the financial services provider's stock valued at $28,000 after purchasing an additional 123 shares during the last quarter. Olde Wealth Management LLC purchased a new stake in Raymond James Financial in the first quarter valued at $33,000. Finally, TCTC Holdings LLC boosted its holdings in Raymond James Financial by 72.9% in the first quarter. TCTC Holdings LLC now owns 287 shares of the financial services provider's stock valued at $40,000 after purchasing an additional 121 shares during the last quarter. 83.83% of the stock is owned by hedge funds and other institutional investors.

Raymond James Financial Price Performance

Shares of RJF traded up $0.79 during mid-day trading on Thursday, hitting $168.74. 660,349 shares of the company were exchanged, compared to its average volume of 1,295,592. The stock has a market cap of $33.64 billion, a price-to-earnings ratio of 16.54, a price-to-earnings-growth ratio of 1.38 and a beta of 1.05. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.02 and a current ratio of 1.04. Raymond James Financial, Inc. has a 1-year low of $113.91 and a 1-year high of $174.32. The company has a 50 day moving average of $161.03 and a 200-day moving average of $150.08.

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

Raymond James Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders 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 dividend yield of 1.2%. Raymond James Financial's dividend payout ratio is 19.61%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on RJF. Morgan Stanley increased their target price on shares of Raymond James Financial from $136.00 to $180.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 15th. Bank of America lowered shares of Raymond James Financial from a "buy" rating to a "neutral" rating and set a $159.00 target price on the stock. in a research note on Wednesday, April 30th. JMP Securities increased their target price on shares of Raymond James Financial from $175.00 to $180.00 and gave the stock a "market outperform" rating in a research note on Monday, July 14th. Keefe, Bruyette & Woods increased their target price on shares of Raymond James Financial from $167.00 to $170.00 and gave the stock a "market perform" rating in a research note on Thursday, July 24th. Finally, Wells Fargo & Company increased their target price on shares of Raymond James Financial from $155.00 to $163.00 and gave the stock an "equal weight" rating in a research note on Friday, July 11th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and eight have given a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $163.80.

About Raymond James Financial

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.