Vestcor Inc Increases Stock Holdings in Raymond James Financial, Inc. (NYSE:RJF)

Key Points

• Vestcor Inc increased its holdings in Raymond James Financial by 142.3% in the first quarter, owning a total of 8,229 shares valued at approximately $1,143,000.
• Other institutional investors also significantly increased their positions, with Victory Capital Management expanding by 1,502.0% and GAMMA Investing LLC by an astounding 25,259.8%.
• Raymond James Financial's stock has received mixed ratings from analysts, with a consensus rating of "Hold" and an average price target of $163.80, following recent price adjustments from firms like Morgan Stanley and JPMorgan Chase & Co..

Vestcor Inc increased its holdings in Raymond James Financial, Inc. (NYSE:RJF - Free Report) by 142.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,229 shares of the financial services provider's stock after purchasing an additional 4,833 shares during the period. Vestcor Inc's holdings in Raymond James Financial were worth $1,143,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in RJF. Victory Capital Management Inc. grew its position in Raymond James Financial by 1,502.0% during the first quarter. Victory Capital Management Inc. now owns 1,883,139 shares of the financial services provider's stock valued at $261,587,000 after acquiring an additional 1,765,588 shares during the period. GAMMA Investing LLC grew its position in Raymond James Financial by 25,259.8% during the first quarter. GAMMA Investing LLC now owns 674,825 shares of the financial services provider's stock valued at $93,740,000 after acquiring an additional 672,164 shares during the period. Select Equity Group L.P. purchased a new stake in Raymond James Financial during the fourth quarter valued at about $81,611,000. Northern Trust Corp grew its position in Raymond James Financial by 18.4% during the fourth quarter. Northern Trust Corp now owns 2,107,218 shares of the financial services provider's stock valued at $327,314,000 after acquiring an additional 327,739 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Raymond James Financial by 17.5% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,519,696 shares of the financial services provider's stock valued at $236,054,000 after acquiring an additional 226,633 shares during the period. Hedge funds and other institutional investors own 83.83% of the company's stock.

Insider Transactions at Raymond James Financial

In other Raymond James Financial news, insider Bella Loykhter Allaire sold 6,570 shares of the company's stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $146.61, for a total transaction of $963,227.70. Following the sale, the insider owned 74,586 shares in the company, valued at $10,935,053.46. This represents a 8.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 0.54% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

RJF has been the subject of a number of research reports. Morgan Stanley boosted their price target on Raymond James Financial from $136.00 to $180.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 15th. Citigroup reaffirmed an "outperform" rating on shares of Raymond James Financial in a research report on Monday, July 14th. 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 report on Thursday, July 24th. Bank of America downgraded Raymond James Financial from a "buy" rating to a "neutral" rating and set a $159.00 target price for the company. in a research report on Wednesday, April 30th. Finally, Wells Fargo & Company boosted 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 report on Friday, July 11th. Nine investment analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $163.80.

Raymond James Financial Price Performance

Shares of NYSE RJF opened at $163.12 on Friday. Raymond James Financial, Inc. has a fifty-two week low of $104.24 and a fifty-two week high of $174.32. The business has a 50 day moving average price of $154.40 and a two-hundred day moving average price of $150.46. The company has a quick ratio of 1.02, a current ratio of 1.04 and a debt-to-equity ratio of 0.32. The firm has a market cap of $32.91 billion, a PE ratio of 15.99, a price-to-earnings-growth ratio of 1.37 and a beta of 1.04.

Raymond James Financial (NYSE:RJF - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The financial services provider reported $2.18 earnings per share (EPS) 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 18.50%. The firm had revenue of $3.40 billion for the quarter, compared to analyst estimates of $3.38 billion. During the same quarter in the previous year, the company earned $2.39 EPS. The company's quarterly revenue was up 5.3% compared to the same quarter last year. 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 was paid on Tuesday, July 15th. Shareholders of record on Tuesday, July 1st were paid a dividend of $0.50 per share. The ex-dividend date was Tuesday, July 1st. This represents a $2.00 annualized dividend and a yield of 1.2%. Raymond James Financial's dividend payout ratio is presently 19.61%.

Raymond James Financial 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.

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