Victory Capital Management Inc. Acquires 21,856 Shares of Raymond James Financial, Inc. $RJF

Key Points

• Victory Capital Management increased its stake in Raymond James Financial by 0.8% in the fourth quarter, adding 21,856 shares to bring its total holdings to 2,785,857 shares worth about $447.4 million.
• Other institutional investors also made large moves in the stock, including new positions from Norges Bank and Munich Reinsurance, while institutional ownership overall stands at 83.83%.
• Raymond James Financial reported better-than-expected quarterly EPS of $2.83 versus $2.76 estimated, and it also declared a quarterly dividend of $0.54 per share, yielding about 1.4%.

Victory Capital Management Inc. grew its holdings in shares of Raymond James Financial, Inc. (NYSE:RJF - Free Report) by 0.8% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,785,857 shares of the financial services provider's stock after buying an additional 21,856 shares during the quarter. Victory Capital Management Inc. owned 1.41% of Raymond James Financial worth $447,381,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Norges Bank bought a new position in Raymond James Financial in the fourth quarter worth approximately $324,263,000. Munich Reinsurance Co Stock Corp in Munich bought a new position in Raymond James Financial in the third quarter worth approximately $69,861,000. PFA Pension Forsikringsaktieselskab bought a new position in Raymond James Financial in the fourth quarter worth approximately $64,640,000. Balyasny Asset Management L.P. grew its stake in Raymond James Financial by 7,823.8% in the third quarter. Balyasny Asset Management L.P. now owns 288,583 shares of the financial services provider's stock worth $49,809,000 after purchasing an additional 284,941 shares in the last quarter. Finally, AQR Capital Management LLC grew its stake in Raymond James Financial by 44.9% in the third quarter. AQR Capital Management LLC now owns 783,144 shares of the financial services provider's stock worth $135,171,000 after purchasing an additional 242,552 shares in the last quarter. Institutional investors own 83.83% of the company's stock.

Insider Activity at Raymond James Financial

In other news, insider Bella Loykhter Allaire sold 29,551 shares of the stock in a transaction on Thursday, March 19th. The stock was sold at an average price of $142.34, for a total transaction of $4,206,289.34. Following the completion of the sale, the insider owned 53,586 shares in the company, valued at approximately $7,627,431.24. This represents a 35.54% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.58% of the company's stock.

Raymond James Financial Stock Up 2.5%

Raymond James Financial stock opened at $154.25 on Friday. The business has a fifty day moving average of $151.05 and a two-hundred day moving average of $156.53. The company has a quick ratio of 1.05, a current ratio of 1.07 and a debt-to-equity ratio of 0.44. The firm has a market cap of $30.06 billion, a P/E ratio of 14.58, a P/E/G ratio of 1.15 and a beta of 0.94. Raymond James Financial, Inc. has a twelve month low of $138.82 and a twelve month high of $177.66.

Raymond James Financial (NYSE:RJF - Get Free Report) last posted its earnings results on Wednesday, April 22nd. The financial services provider reported $2.83 earnings per share for the quarter, topping analysts' consensus estimates of $2.76 by $0.07. The company had revenue of $3.86 billion during the quarter, compared to analyst estimates of $3.92 billion. Raymond James Financial had a return on equity of 17.93% and a net margin of 13.04%.Raymond James Financial's revenue was up 13.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.42 earnings per share. On average, analysts forecast that Raymond James Financial, Inc. will post 11.82 earnings per share for the current fiscal year.

Raymond James Financial Announces Dividend

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

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Jefferies Financial Group dropped their price objective on Raymond James Financial from $165.00 to $145.00 and set a "hold" rating on the stock in a research note on Monday, April 6th. Barclays reissued an "overweight" rating and issued a $182.00 price objective (up from $174.00) on shares of Raymond James Financial in a research note on Thursday, April 23rd. BMO Capital Markets increased their price objective on Raymond James Financial from $152.00 to $165.00 and gave the stock a "market perform" rating in a research note on Thursday, April 23rd. UBS Group restated a "neutral" rating and set a $166.00 target price (up from $158.00) on shares of Raymond James Financial in a report on Thursday, April 23rd. Finally, Weiss Ratings restated a "buy (b-)" rating on shares of Raymond James Financial in a report on Wednesday, May 20th. Four research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat, Raymond James Financial currently has a consensus rating of "Hold" and an average price target of $172.92.

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.

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