Raymond James Financial, Inc. $RJF Shares Sold by USS Investment Management Ltd

Key Points

• USS Investment Management Ltd has reduced its stake in Raymond James Financial, Inc. by 23.9%, now holding 32,115 shares valued at approximately $4.46 million as of the end of the last quarter.
• Raymond James Financial reported $2.18 earnings per share for the last quarter, which was below analysts' expectations of $2.36, while revenue increased by 5.3% year-over-year to $3.40 billion.
• The company has declared a quarterly dividend of $0.50 per share, payable on October 15th, reflecting an annualized yield of 1.2%.

USS Investment Management Ltd decreased its holdings in Raymond James Financial, Inc. (NYSE:RJF - Free Report) by 23.9% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,115 shares of the financial services provider's stock after selling 10,100 shares during the quarter. USS Investment Management Ltd's holdings in Raymond James Financial were worth $4,457,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. boosted its position in shares of Raymond James Financial by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 22,244,204 shares of the financial services provider's stock worth $3,089,942,000 after purchasing an additional 347,916 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its position in Raymond James Financial by 0.7% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 4,136,413 shares of the financial services provider's stock worth $574,590,000 after acquiring an additional 29,086 shares during the period. Invesco Ltd. lifted its position in Raymond James Financial by 19.1% during the 1st quarter. Invesco Ltd. now owns 2,901,435 shares of the financial services provider's stock worth $403,038,000 after acquiring an additional 466,129 shares during the period. Massachusetts Financial Services Co. MA lifted its position in Raymond James Financial by 8.3% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 2,335,254 shares of the financial services provider's stock worth $324,390,000 after acquiring an additional 178,262 shares during the period. Finally, Northern Trust Corp lifted its position in Raymond James Financial by 6.7% during the 1st quarter. Northern Trust Corp now owns 2,247,922 shares of the financial services provider's stock worth $312,259,000 after acquiring an additional 140,704 shares during the period. Institutional investors and hedge funds own 83.83% of the company's stock.

Raymond James Financial Price Performance

Shares of Raymond James Financial stock traded down $0.86 on Friday, hitting $170.22. The company's stock had a trading volume of 1,188,301 shares, compared to its average volume of 826,323. 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 $116.89 and a 1 year high of $174.32. The firm has a fifty day moving average price of $164.55 and a 200-day moving average price of $150.92. The company has a market capitalization of $33.94 billion, a price-to-earnings ratio of 16.69, a price-to-earnings-growth ratio of 1.40 and a beta of 1.04.

Raymond James Financial (NYSE:RJF - Get Free Report) last announced 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 net margin of 13.56% and a return on equity of 18.38%. 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 prior year, the firm earned $2.39 EPS. Raymond James Financial's revenue for the quarter was up 5.3% on a year-over-year basis. As a group, sell-side analysts anticipate 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 issued a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 1.2%. The ex-dividend date is Wednesday, October 1st. Raymond James Financial's payout ratio is presently 19.61%.

Analyst Upgrades and Downgrades

RJF has been the subject of a number of research reports. Citigroup reaffirmed an "outperform" rating on shares of Raymond James Financial in a research report on Monday, July 14th. Keefe, Bruyette & Woods lifted their price target 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. JMP Securities lifted their price target 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. Morgan Stanley lifted their price target on Raymond James Financial from $136.00 to $180.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 15th. Finally, Wells Fargo & Company lifted their price target 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. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and eight have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target 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.