Raymond James Financial (NYSE:RJF) Insider Tashtego Elwyn Sells 10,000 Shares of Stock

Key Points

• Insider sale: Raymond James Financial insider Tashtego Elwyn sold 10,000 shares for approximately $1.76 million, reducing their ownership by 18.14% to 45,114 shares.
• Strong quarterly results: The company reported quarterly EPS of $3.14, beating estimates of $2.91, while revenue rose 15.6% year over year to $3.93 billion.
• Market and analyst view: Shares traded down 0.9% to $175.67, while analysts maintained a consensus “Hold” rating with an average price target of $179.64. The company also pays a $0.54 quarterly dividend, yielding about 1.2% annually.

Raymond James Financial, Inc. (NYSE:RJF - Get Free Report) insider Tashtego Elwyn sold 10,000 shares of Raymond James Financial stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $176.06, for a total value of $1,760,600.00. Following the sale, the insider owned 45,114 shares of the company's stock, valued at approximately $7,942,770.84. This trade represents a 18.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Raymond James Financial Trading Down 0.9%

Shares of NYSE RJF traded down $1.51 during trading hours on Wednesday, reaching $175.67. The stock had a trading volume of 518,082 shares, compared to its average volume of 1,419,963. Raymond James Financial, Inc. has a 52-week low of $138.82 and a 52-week high of $178.28. The firm has a market cap of $34.23 billion, a price-to-earnings ratio of 15.37, a P/E/G ratio of 1.09 and a beta of 0.93. The business's fifty day moving average price is $157.90 and its two-hundred day moving average price is $156.66. The company has a current ratio of 1.07, a quick ratio of 1.05 and a debt-to-equity ratio of 0.44.

Raymond James Financial (NYSE:RJF - Get Free Report) last issued its earnings results on Wednesday, July 22nd. The financial services provider reported $3.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.91 by $0.23. The company had revenue of $3.93 billion for 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 quarterly revenue was up 15.6% on a year-over-year basis. During the same period in the prior year, the business earned $2.18 EPS. Analysts expect that Raymond James Financial, Inc. will post 12.04 EPS for the current fiscal year.

Raymond James Financial Dividend Announcement

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

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Reflection Asset Management purchased a new position in Raymond James Financial in the 4th quarter valued at $28,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Raymond James Financial during the 4th quarter worth approximately $32,000. Hilton Head Capital Partners LLC acquired a new position in shares of Raymond James Financial during the 4th quarter worth approximately $35,000. DV Equities LLC purchased a new stake in shares of Raymond James Financial in the fourth quarter valued at approximately $40,000. Finally, Salomon & Ludwin LLC grew its position in shares of Raymond James Financial by 34.8% in the fourth quarter. Salomon & Ludwin LLC now owns 252 shares of the financial services provider's stock valued at $42,000 after purchasing an additional 65 shares in the last quarter. Institutional investors and hedge funds own 83.83% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on RJF. BMO Capital Markets reissued a "market perform" rating and issued a $175.00 price objective (up from $160.00) on shares of Raymond James Financial in a report on Thursday, July 23rd. Morgan Stanley lifted their price objective on shares of Raymond James Financial from $172.00 to $174.00 and gave the company an "equal weight" rating in a research note on Friday, July 10th. Barclays increased their price objective on shares of Raymond James Financial from $192.00 to $196.00 and gave the stock an "overweight" rating in a research note on Thursday, July 23rd. Citigroup reissued a "market outperform" rating on shares of Raymond James Financial in a report on Thursday, July 23rd. Finally, UBS Group set a $184.00 target price on shares of Raymond James Financial and gave the company a "neutral" rating in a research report on Monday. Four equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $179.64.

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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