Wellington Management Group LLP Trims Position in Raymond James Financial, Inc. $RJF

Key Points

• Wellington Management reduced its Raymond James Financial position by 2.6%, selling 254,055 shares but retaining 9.45 million shares valued at approximately $1.44 billion. Institutional investors collectively own 83.83% of the company.
• Analyst sentiment remains mixed, with five Buy ratings and eight Hold ratings producing a consensus “Hold” rating and an average price target of $181.00.
• Raymond James reported stronger-than-expected quarterly results, including EPS of $3.14 versus the $2.91 consensus and 15.6% year-over-year revenue growth. The company also declared a quarterly dividend of $0.54 per share, representing a 1.2% yield.

Wellington Management Group LLP decreased its position in Raymond James Financial, Inc. (NYSE:RJF - Free Report) by 2.6% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 9,446,121 shares of the financial services provider's stock after selling 254,055 shares during the quarter. Wellington Management Group LLP owned approximately 4.91% of Raymond James Financial worth $1,436,094,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of RJF. BlackRock Inc. purchased a new position in shares of Raymond James Financial in the second quarter worth approximately $2,180,699,000. Primecap Management Co. CA bought a new stake in Raymond James Financial during the second quarter valued at approximately $1,405,145,000. First Trust Advisors LP increased its holdings in Raymond James Financial by 18.3% during the fourth quarter. First Trust Advisors LP now owns 3,071,996 shares of the financial services provider's stock valued at $493,332,000 after buying an additional 474,477 shares during the last quarter. Victory Capital Management Inc. increased its holdings in Raymond James Financial by 0.8% during the fourth quarter. Victory Capital Management Inc. now owns 2,785,857 shares of the financial services provider's stock valued at $447,381,000 after buying an additional 21,856 shares during the last quarter. Finally, Bank of America Corp DE raised its position in Raymond James Financial by 9.9% in the first quarter. Bank of America Corp DE now owns 2,449,760 shares of the financial services provider's stock worth $354,701,000 after acquiring an additional 220,227 shares during the period. 83.83% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Argus boosted their price objective on shares of Raymond James Financial from $178.00 to $196.00 and gave the company a "buy" rating in a research report on Thursday, July 30th. Citizens Jmp raised their target price on Raymond James Financial from $200.00 to $205.00 and gave the stock a "market outperform" rating in a report on Thursday, July 23rd. UBS Group set a $184.00 target price on Raymond James Financial and gave the company a "neutral" rating in a research report on Monday, July 27th. Morgan Stanley boosted their price target on Raymond James Financial from $172.00 to $174.00 and gave the company an "equal weight" rating in a report on Friday, July 10th. Finally, Citigroup restated a "market outperform" rating on shares of Raymond James Financial in a research report on Thursday, July 23rd. Five equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $181.00.

Insider Buying and Selling

In other Raymond James Financial 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 transaction of $1,760,600.00. Following the completion of the sale, the insider directly owned 45,114 shares of the company's stock, valued at $7,942,770.84. This trade represents a 18.14% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Steven M. Raney sold 5,770 shares of Raymond James Financial stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $172.97, for a total transaction of $998,036.90. Following the sale, the insider owned 43,046 shares in the company, valued at approximately $7,445,666.62. The trade was a 11.82% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.58% of the stock is currently owned by insiders.

Raymond James Financial Trading Up 1.9%

Shares of Raymond James Financial stock opened at $179.50 on Friday. 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 debt-to-equity ratio of 0.43, a quick ratio of 1.03 and a current ratio of 1.06. The company has a market capitalization of $34.53 billion, a P/E ratio of 15.65, a P/E/G ratio of 1.08 and a beta of 0.92. The company has a fifty day moving average of $170.25 and a 200 day moving average of $158.11.

Raymond James Financial (NYSE:RJF - Get Free Report) last posted its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $3.14 EPS for the quarter, beating analysts' consensus estimates 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 analysts' expectations of $3.87 billion. During the same period last year, the firm earned $2.18 earnings per share. The business's quarterly revenue was up 15.6% on a year-over-year basis. On average, sell-side analysts anticipate that Raymond James Financial, Inc. will post 12.07 earnings per share for the current fiscal year.

Raymond James Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Thursday, October 1st will be paid a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend is Thursday, October 1st. Raymond James Financial's dividend payout ratio (DPR) is 18.83%.

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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