Insider Selling: Raymond James Financial (NYSE:RJF) Insider Sells 5,770 Shares of Stock

Key Points

• Insider sale: Raymond James Financial insider Steven Raney sold 5,770 shares for approximately $998,037 at an average price of $172.97, reducing his ownership by 11.82% to 43,046 shares.
• Strong quarterly results: The company reported quarterly earnings of $3.14 per share, exceeding estimates of $2.91, while revenue rose 15.6% year over year to $3.93 billion.
• Market and analyst view: Shares traded near their one-year high at $177.50, while analysts maintained a consensus “Hold” rating with an average price target of $179.64. Raymond James also pays a quarterly dividend of $0.54, yielding about 1.2%.

Raymond James Financial, Inc. (NYSE:RJF - Get Free Report) insider Steven Raney sold 5,770 shares of the business's stock in a transaction 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 completion of the transaction, the insider owned 43,046 shares of the company's stock, valued at approximately $7,445,666.62. This represents a 11.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Raymond James Financial Stock Performance

NYSE RJF traded up $3.90 during mid-day trading on Tuesday, reaching $177.50. 1,391,155 shares of the stock were exchanged, compared to its average volume of 1,426,587. The company has a market capitalization of $34.59 billion, a P/E ratio of 15.48, a P/E/G ratio of 1.06 and a beta of 0.93. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.05 and a current ratio of 1.07. The business's 50 day moving average is $157.38 and its 200-day moving average is $156.57. Raymond James Financial, Inc. has a 1 year low of $138.82 and a 1 year high of $178.28.

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 analysts' consensus estimates of $2.91 by $0.23. The company had revenue of $3.93 billion during the quarter, compared to analysts' expectations of $3.87 billion. Raymond James Financial had a net margin of 13.57% and a return on equity of 19.17%. The firm's revenue for the quarter was up 15.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.18 earnings per share. On average, equities research analysts forecast that Raymond James Financial, Inc. will post 12.01 EPS for the current fiscal year.

Raymond James Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Wednesday, July 1st were paid a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 1.2%. The ex-dividend date was Wednesday, July 1st. Raymond James Financial's payout ratio is currently 18.83%.

Analyst Ratings Changes

A number of brokerages have issued reports on RJF. Weiss Ratings reiterated a "buy (b-)" rating on shares of Raymond James Financial in a research report on Wednesday, May 20th. Jefferies Financial Group cut their price objective on Raymond James Financial from $165.00 to $145.00 and set a "hold" rating for the company in a research report on Monday, April 6th. Citigroup reaffirmed a "market outperform" rating on shares of Raymond James Financial in a research note on Thursday, July 23rd. TD Cowen dropped their price target on shares of 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. Finally, Barclays boosted their price target on shares of Raymond James Financial from $192.00 to $196.00 and gave the stock an "overweight" rating in a report on Thursday, July 23rd. Four investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $179.64.

Institutional Investors Weigh In On Raymond James Financial

Large investors have recently modified their holdings of the business. Great Valley Advisor Group Inc. lifted its stake in shares of Raymond James Financial by 1.5% in the second 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 in the last quarter. Collective Family Office LLC raised its holdings in 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. Salomon & Ludwin LLC raised its holdings in Raymond James Financial by 34.8% in the 4th quarter. Salomon & Ludwin LLC now owns 252 shares of the financial services provider's stock valued at $42,000 after acquiring an additional 65 shares during the last quarter. Bridgewater Advisors Inc. lifted its stake in Raymond James Financial by 1.3% in the 4th quarter. Bridgewater Advisors Inc. now owns 5,261 shares of the financial services provider's stock worth $892,000 after purchasing an additional 68 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB boosted its holdings in shares of Raymond James Financial by 10.2% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 765 shares of the financial services provider's stock worth $116,000 after purchasing an additional 71 shares during the last quarter. Hedge funds and other institutional investors own 83.83% 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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