Wellington Management Group LLP Sells 392,821 Shares of Raymond James Financial, Inc. $RJF

Key Points

• Wellington Management Group LLP has reduced its stake in Raymond James Financial by 3.8%, now holding approximately $1.38 billion worth of shares.
• Several institutional investors significantly increased their positions in Raymond James Financial, with Victory Capital Management lifting its stake by over 1,500%.
• Analysts have raised their price targets for Raymond James Financial, with Morgan Stanley's target now set at $180, indicating strong market interest in the stock.

Wellington Management Group LLP reduced its position in shares of Raymond James Financial, Inc. (NYSE:RJF - Free Report) by 3.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 9,935,440 shares of the financial services provider's stock after selling 392,821 shares during the quarter. Wellington Management Group LLP owned 4.85% of Raymond James Financial worth $1,380,132,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in RJF. Formidable Asset Management LLC raised its position in shares of Raymond James Financial by 0.9% during the fourth quarter. Formidable Asset Management LLC now owns 7,901 shares of the financial services provider's stock valued at $1,227,000 after buying an additional 67 shares during the last quarter. Venturi Wealth Management LLC raised its position in shares of Raymond James Financial by 2.2% during the first quarter. Venturi Wealth Management LLC now owns 3,318 shares of the financial services provider's stock valued at $461,000 after buying an additional 73 shares during the last quarter. Farther Finance Advisors LLC raised its position in shares of Raymond James Financial by 9.0% during the first quarter. Farther Finance Advisors LLC now owns 994 shares of the financial services provider's stock valued at $137,000 after buying an additional 82 shares during the last quarter. Dynasty Wealth Management LLC raised its position in shares of Raymond James Financial by 4.9% during the first quarter. Dynasty Wealth Management LLC now owns 2,017 shares of the financial services provider's stock valued at $280,000 after buying an additional 94 shares during the last quarter. Finally, Brighton Jones LLC raised its position in shares of Raymond James Financial by 3.6% during the first quarter. Brighton Jones LLC now owns 2,862 shares of the financial services provider's stock valued at $398,000 after buying an additional 100 shares during the last quarter. 83.83% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Raymond James Financial

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

Raymond James Financial Price Performance

Shares of NYSE RJF traded up $3.1490 during mid-day trading on Friday, hitting $165.1790. 677,938 shares of the stock were exchanged, compared to its average volume of 922,189. The company has a market cap of $32.93 billion, a P/E ratio of 16.19, a PEG ratio of 1.33 and a beta of 1.05. The stock's fifty day simple moving average is $159.87 and its two-hundred day simple moving average is $150.07. 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 twelve month low of $113.91 and a twelve month high of $174.32.

Raymond James Financial (NYSE:RJF - Get Free Report) last posted its quarterly earnings data 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). The firm had revenue of $3.40 billion for the quarter, compared to analyst estimates of $3.38 billion. Raymond James Financial had a return on equity of 18.38% and a net margin of 13.56%.The business's quarterly revenue was up 5.3% on a year-over-year basis. During the same period in the previous year, the business posted $2.39 EPS. As a group, analysts forecast that Raymond James Financial, Inc. will post 11.17 EPS 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. Stockholders of record on Wednesday, October 1st will be issued a dividend of $0.50 per share. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $2.00 annualized dividend and a dividend yield of 1.2%. Raymond James Financial's dividend payout ratio (DPR) is presently 19.61%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. JPMorgan Chase & Co. upped their price objective on shares of Raymond James Financial from $151.00 to $172.00 and gave the company a "neutral" rating in a research report on Thursday, July 24th. JMP Securities upped their price objective on shares of Raymond James Financial from $175.00 to $180.00 and gave the company a "market outperform" rating in a research report on Monday, July 14th. Morgan Stanley increased their price target on shares of 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. Citigroup reissued an "outperform" rating on shares of Raymond James Financial in a research report on Monday, July 14th. Finally, Keefe, Bruyette & Woods increased their price target on shares of 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. One 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. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $163.80.

Raymond James Financial Company 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.