Western Wealth Management LLC Invests $1.49 Million in Raymond James Financial, Inc. $RJF

Key Points

• Western Wealth Management initiated a $1.49 million position in Raymond James Financial during the second quarter, while institutional investors collectively own 83.83% of the company.
• Raymond James reported strong quarterly results, with earnings of $3.14 per share and revenue of $3.93 billion, exceeding analyst estimates; revenue rose 15.6% year over year.
• Analysts maintain a consensus “Hold” rating with an average price target of $181, while recent insider activity included sizable sales by two executives.

Western Wealth Management LLC acquired a new position in shares of Raymond James Financial, Inc. (NYSE:RJF - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 9,814 shares of the financial services provider's stock, valued at approximately $1,492,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Great Valley Advisor Group Inc. grew its position in shares of Raymond James Financial by 1.5% during the 2nd quarter. Great Valley Advisor Group Inc. now owns 4,076 shares of the financial services provider's stock worth $625,000 after buying an additional 61 shares during the period. Collective Family Office LLC increased its stake in shares of Raymond James Financial by 3.0% in the 2nd quarter. Collective Family Office LLC now owns 2,124 shares of the financial services provider's stock valued at $323,000 after acquiring an additional 62 shares during the last quarter. MassMutual Private Wealth & Trust FSB raised its position in shares of Raymond James Financial by 10.2% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 765 shares of the financial services provider's stock valued at $116,000 after acquiring an additional 71 shares during the period. Parallel Advisors LLC raised its position in shares of Raymond James Financial by 4.3% in the 3rd quarter. Parallel Advisors LLC now owns 1,722 shares of the financial services provider's stock valued at $297,000 after acquiring an additional 71 shares during the period. Finally, Meeder Advisory Services Inc. boosted its stake in Raymond James Financial by 3.0% during the 1st quarter. Meeder Advisory Services Inc. now owns 2,469 shares of the financial services provider's stock worth $358,000 after acquiring an additional 72 shares during the last quarter. Institutional investors own 83.83% of the company's stock.

Raymond James Financial Stock Performance

Shares of RJF stock opened at $174.92 on Wednesday. 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 $33.65 billion, a P/E ratio of 15.25, a price-to-earnings-growth ratio of 1.08 and a beta of 0.92. The company's 50 day moving average price is $169.03 and its two-hundred day moving average price is $157.87. Raymond James Financial, Inc. has a 52 week low of $138.82 and a 52 week high of $182.73.

Raymond James Financial (NYSE:RJF - Get Free Report) last released its quarterly earnings results 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 net margin of 13.57% and a return on equity of 19.07%. The company had revenue of $3.93 billion during the quarter, compared to analysts' expectations of $3.87 billion. During the same quarter in the prior year, the company earned $2.18 earnings per share. The business's quarterly revenue was up 15.6% compared to the same quarter last year. On average, analysts expect that Raymond James Financial, Inc. will post 12.07 earnings per share for the current fiscal year.

Analysts Set New Price Targets

RJF has been the subject of several recent analyst reports. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Raymond James Financial in a research note on Monday, August 17th. Citizens Jmp lifted their price target on shares of Raymond James Financial from $200.00 to $205.00 and gave the stock a "market outperform" rating in a research report on Thursday, July 23rd. BMO Capital Markets reissued a "market perform" rating and issued a $175.00 price target (up from $160.00) on shares of Raymond James Financial in a report on Thursday, July 23rd. UBS Group set a $184.00 price objective on shares of Raymond James Financial and gave the company a "neutral" rating in a research report on Monday, July 27th. Finally, TD Cowen dropped their price objective on Raymond James Financial from $162.00 to $161.00 and set a "hold" rating on the stock in a research note on Thursday, July 23rd. Five investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $181.00.

Insider Buying and Selling at Raymond James Financial

In related news, insider Tashtego S. Elwyn sold 10,000 shares of the business's stock in a transaction 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 sale, the insider directly owned 45,114 shares of the company's stock, valued at approximately $7,942,770.84. The trade was a 18.14% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 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 completion of the transaction, the insider directly owned 43,046 shares of the company's stock, valued at approximately $7,445,666.62. The trade was a 11.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.58% of the company's stock.

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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