Cullen Investment Group LTD. Invests $3.47 Million in Raymond James (NYSE:RJF)

Cullen Investment Group LTD. bought a new position in Raymond James (NYSE:RJF - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 31,078 shares of the financial services provider's stock, valued at approximately $3,465,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Turtle Creek Wealth Advisors LLC purchased a new stake in Raymond James in the fourth quarter worth approximately $30,000. Advisors Asset Management Inc. bought a new position in Raymond James in the third quarter worth approximately $30,000. Covestor Ltd raised its position in Raymond James by 77.1% in the first quarter. Covestor Ltd now owns 317 shares of the financial services provider's stock worth $35,000 after acquiring an additional 138 shares during the period. Clear Street Markets LLC raised its position in Raymond James by 95.9% in the first quarter. Clear Street Markets LLC now owns 382 shares of the financial services provider's stock worth $36,000 after acquiring an additional 187 shares during the period. Finally, Addison Advisors LLC raised its position in Raymond James by 32.9% in the third quarter. Addison Advisors LLC now owns 416 shares of the financial services provider's stock worth $42,000 after acquiring an additional 103 shares during the period. Hedge funds and other institutional investors own 83.83% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on RJF shares. Morgan Stanley increased their price target on shares of Raymond James from $113.00 to $123.00 and gave the stock an "equal weight" rating in a research report on Tuesday, April 9th. Jefferies Financial Group restated a "hold" rating and set a $117.00 price objective (up from $112.00) on shares of Raymond James in a research report on Tuesday, January 9th. Citigroup raised their price objective on shares of Raymond James from $112.00 to $132.00 and gave the company a "neutral" rating in a research report on Thursday. TD Cowen raised their price objective on shares of Raymond James from $116.50 to $131.00 and gave the company a "market perform" rating in a research report on Friday, March 22nd. Finally, UBS Group decreased their price objective on shares of Raymond James from $116.00 to $115.00 and set a "neutral" rating on the stock in a research report on Thursday, January 25th. Eight equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Raymond James presently has an average rating of "Hold" and a consensus price target of $123.88.

Insiders Place Their Bets

In other news, Director Art A. Garcia purchased 879 shares of the company's stock in a transaction that occurred on Friday, February 9th. The stock was purchased at an average cost of $112.30 per share, with a total value of $98,711.70. Following the purchase, the director now owns 879 shares in the company, valued at $98,711.70. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Jonathan N. Santelli sold 1,891 shares of Raymond James stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $111.91, for a total transaction of $211,621.81. Following the completion of the transaction, the executive vice president now directly owns 21,491 shares of the company's stock, valued at approximately $2,405,057.81. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Art A. Garcia acquired 879 shares of the firm's stock in a transaction that occurred on Friday, February 9th. The shares were bought at an average price of $112.30 per share, with a total value of $98,711.70. Following the acquisition, the director now directly owns 879 shares in the company, valued at $98,711.70. The disclosure for this purchase can be found here. Corporate insiders own 9.74% of the company's stock.

Raymond James Price Performance

NYSE RJF traded down $0.03 on Monday, reaching $122.52. The company had a trading volume of 1,413,394 shares, compared to its average volume of 1,028,021. The company has a quick ratio of 0.97, a current ratio of 0.99 and a debt-to-equity ratio of 0.37. The stock has a market capitalization of $25.61 billion, a PE ratio of 15.57, a price-to-earnings-growth ratio of 0.86 and a beta of 1.05. The firm's 50 day moving average price is $121.33 and its 200 day moving average price is $110.95. Raymond James has a 12 month low of $82.00 and a 12 month high of $131.19.

Raymond James (NYSE:RJF - Get Free Report) last issued its quarterly earnings data on Tuesday, January 23rd. The financial services provider reported $2.40 EPS for the quarter, topping analysts' consensus estimates of $2.25 by $0.15. Raymond James had a net margin of 12.81% and a return on equity of 17.95%. The business had revenue of $3.01 billion during the quarter, compared to analysts' expectations of $3.01 billion. During the same period last year, the company posted $2.29 EPS. The business's revenue was up 8.0% on a year-over-year basis. As a group, equities analysts predict that Raymond James will post 9.36 earnings per share for the current year.

Raymond James Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 15th. Shareholders of record on Monday, April 1st will be paid a $0.45 dividend. The ex-dividend date of this dividend is Thursday, March 28th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.47%. Raymond James's payout ratio is currently 22.56%.

About Raymond James

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.