Thrivent Financial for Lutherans Boosts Stake in Raymond James Financial, Inc. $RJF

Key Points

• Thrivent Financial for Lutherans increased its Raymond James Financial stake by 36.2% in the fourth quarter, adding 21,829 shares to bring its total to 82,201 shares valued at about $13.16 million.
• Several other institutional investors also adjusted positions in RJF, and 83.83% of the stock is now held by hedge funds and other institutions.
• Raymond James Financial reported better-than-expected quarterly earnings of $2.83 per share, while analysts currently rate the stock a consensus "Hold" with an average price target of $173.25.

Thrivent Financial for Lutherans grew its position in shares of Raymond James Financial, Inc. (NYSE:RJF - Free Report) by 36.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 82,201 shares of the financial services provider's stock after purchasing an additional 21,829 shares during the period. Thrivent Financial for Lutherans' holdings in Raymond James Financial were worth $13,156,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of RJF. Arbejdsmarkedets Tillaegspension purchased a new position in Raymond James Financial in the fourth quarter valued at $22,647,000. Allworth Financial LP boosted its stake in shares of Raymond James Financial by 16.0% in the 4th quarter. Allworth Financial LP now owns 1,133 shares of the financial services provider's stock valued at $182,000 after buying an additional 156 shares during the period. Independent Advisor Alliance acquired a new position in shares of Raymond James Financial during the fourth quarter worth about $206,000. World Investment Advisors increased its stake in shares of Raymond James Financial by 0.5% during the fourth quarter. World Investment Advisors now owns 31,404 shares of the financial services provider's stock worth $5,008,000 after buying an additional 156 shares during the period. Finally, Versor Investments LP purchased a new position in Raymond James Financial in the fourth quarter worth approximately $677,000. 83.83% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Raymond James Financial news, insider Bella Loykhter Allaire sold 29,551 shares of the company's stock in a transaction dated Thursday, March 19th. The shares were sold at an average price of $142.34, for a total value of $4,206,289.34. Following the sale, the insider owned 53,586 shares of the company's stock, valued at $7,627,431.24. This represents a 35.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.58% of the company's stock.

Analysts Set New Price Targets

Several research firms recently weighed in on RJF. TD Cowen restated a "hold" rating and set a $159.00 target price (up from $156.00) on shares of Raymond James Financial in a research note on Thursday, April 23rd. BMO Capital Markets increased their price target on shares of Raymond James Financial from $152.00 to $165.00 and gave the company a "market perform" rating in a research note on Thursday, April 23rd. Jefferies Financial Group cut their price objective on shares of Raymond James Financial from $165.00 to $145.00 and set a "hold" rating on the stock in a report on Monday, April 6th. Morgan Stanley boosted their price objective on shares of Raymond James Financial from $171.00 to $172.00 and gave the stock an "equal weight" rating in a research report on Tuesday, April 28th. Finally, UBS Group restated a "neutral" rating and issued a $166.00 target price (up from $158.00) on shares of Raymond James Financial in a report on Thursday, April 23rd. Four investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat, Raymond James Financial presently has an average rating of "Hold" and an average price target of $173.25.

Raymond James Financial Price Performance

Raymond James Financial stock opened at $154.49 on Tuesday. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.07 and a quick ratio of 1.05. The business has a 50 day simple moving average of $149.47 and a 200-day simple moving average of $157.78. Raymond James Financial, Inc. has a 12 month low of $138.82 and a 12 month high of $177.66. The stock has a market capitalization of $30.11 billion, a PE ratio of 14.60, a price-to-earnings-growth ratio of 1.18 and a beta of 0.99.

Raymond James Financial (NYSE:RJF - Get Free Report) last announced its quarterly earnings data on Wednesday, April 22nd. The financial services provider reported $2.83 EPS for the quarter, beating analysts' consensus estimates of $2.76 by $0.07. The firm had revenue of $3.86 billion during the quarter, compared to the consensus estimate of $3.92 billion. Raymond James Financial had a net margin of 13.04% and a return on equity of 17.93%. The firm's revenue was up 13.4% compared to the same quarter last year. During the same quarter last year, the firm earned $2.42 earnings per share. Equities analysts predict that Raymond James Financial, Inc. will post 11.83 earnings per share for the current year.

Raymond James Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Wednesday, July 1st will be paid a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date of this dividend is Wednesday, July 1st. Raymond James Financial's dividend payout ratio is presently 20.42%.

About Raymond James Financial

Raymond James Financial is a diversified financial services firm headquartered in St. Petersburg, Florida. Founded in 1962, the company provides a range of services to individual investors, businesses and institutions through a combination of wealth management, capital markets, investment banking, asset management, banking and trust services. Its business model centers on a network of financial advisors and broker-dealer operations that deliver personalized financial planning, investment advisory services and brokerage solutions.

The firm's core offerings include private client wealth management delivered by independent and employee advisors, equity and fixed-income research, institutional sales and trading, and investment banking services such as mergers and acquisitions advisory and capital raising.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.