Wealthfront Advisers LLC Purchases New Position in Raymond James Financial, Inc. $RJF

Key Points

• Wealthfront Advisers initiated a roughly $3.87 million position in Raymond James Financial during the second quarter, while institutional investors collectively own 83.83% of the company.
• Analyst sentiment remains mixed: five analysts rate RJF a Buy and eight rate it a Hold, producing an overall “Hold” consensus and an average price target of $181.
• Raymond James reported strong quarterly results, with EPS of $3.14 beating estimates of $2.91 and revenue rising 15.6% year over year to $3.93 billion; shares opened at $172.21, down 3.2%.

Wealthfront Advisers LLC purchased a new stake in Raymond James Financial, Inc. (NYSE:RJF - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 25,439 shares of the financial services provider's stock, valued at approximately $3,867,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Alpine Woods Capital Investors LLC acquired a new stake in Raymond James Financial during the 2nd quarter worth approximately $1,203,000. Meeder Advisory Services Inc. acquired a new position in Raymond James Financial in the 2nd quarter valued at $329,000. Meeder Asset Management Inc. bought a new position in Raymond James Financial during the 2nd quarter worth $274,000. Citizens Financial Group Inc. RI acquired a new position in shares of Raymond James Financial in the second quarter valued at about $506,000. Finally, Texas Capital Bank Wealth Management Services Inc bought a new position in Raymond James Financial during the second quarter worth about $264,000. Institutional investors and hedge funds own 83.83% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently commented on RJF. Citigroup reaffirmed a "market outperform" rating on shares of Raymond James Financial in a report on Thursday, July 23rd. UBS Group set a $184.00 price objective on Raymond James Financial and gave the company a "neutral" rating in a report on Monday, July 27th. Weiss Ratings reiterated a "buy (b-)" rating on shares of Raymond James Financial in a research report on Monday. TD Cowen reduced their target price on Raymond James Financial from $162.00 to $161.00 and set a "hold" rating on the stock in a report on Thursday, July 23rd. Finally, Citizens Jmp boosted their price target on Raymond James Financial from $200.00 to $205.00 and gave the company a "market outperform" rating in a research note on Thursday, July 23rd. Five research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $181.00.

Insider Buying and Selling

In related news, insider Tashtego S. Elwyn sold 10,000 shares of the stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $176.06, for a total value of $1,760,600.00. Following the completion of the transaction, the insider owned 45,114 shares of the company's stock, valued at $7,942,770.84. This represents a 18.14% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Steven M. Raney sold 5,770 shares of the company's stock in a transaction on Monday, July 27th. The stock was sold at an average price of $172.97, for a total transaction of $998,036.90. Following the transaction, the insider owned 43,046 shares of the company's stock, valued at $7,445,666.62. This trade represents a 11.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.58% of the stock is owned by corporate insiders.

Raymond James Financial Trading Down 3.2%

Shares of RJF stock opened at $172.21 on Friday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.03 and a current ratio of 1.06. Raymond James Financial, Inc. has a fifty-two week low of $138.82 and a fifty-two week high of $182.73. The company has a market cap of $33.13 billion, a PE ratio of 15.01, a P/E/G ratio of 1.09 and a beta of 0.92. The stock's fifty day moving average price is $167.82 and its two-hundred day moving average price is $157.70.

Raymond James Financial (NYSE:RJF - Get Free Report) last released its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $3.14 earnings per share for the quarter, beating the consensus estimate of $2.91 by $0.23. Raymond James Financial had a return on equity of 19.07% and a net margin of 13.57%.The business had revenue of $3.93 billion for the quarter, compared to analyst estimates of $3.87 billion. During the same period last year, the firm posted $2.18 earnings per share. Raymond James Financial's revenue was up 15.6% compared to the same quarter last year. Equities analysts predict that Raymond James Financial, Inc. will post 12.07 EPS for the current fiscal year.

Raymond James Financial Company Profile

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.

Want to see what other hedge funds are holding RJF? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Raymond James Financial, Inc. (NYSE:RJF - Free Report).

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