Palisade Capital Management LP Invests $26.82 Million in Raymond James Financial, Inc. $RJF

Palisade Capital Management LP bought a new position in shares of Raymond James Financial, Inc. (NYSE:RJF) in the 2nd quarter, Holdings Channel reports. The fund bought 176,430 shares of the financial services provider’s stock, valued at approximately $26,823,000. Raymond James Financial makes up 1.2% of Palisade Capital Management LP’s portfolio, making the stock its 16th biggest position.

A number of other institutional investors and hedge funds have also bought and sold shares of RJF. Kingsview Wealth Management LLC grew its position in shares of Raymond James Financial by 586.7% in the fourth quarter. Kingsview Wealth Management LLC now owns 20,374 shares of the financial services provider’s stock valued at $3,272,000 after purchasing an additional 17,407 shares during the last quarter. Algebris UK Ltd. bought a new position in shares of Raymond James Financial during the fourth quarter worth approximately $10,179,000. Fisher Asset Management LLC lifted its holdings in Raymond James Financial by 6.9% during the 4th quarter. Fisher Asset Management LLC now owns 392,663 shares of the financial services provider’s stock worth $63,058,000 after purchasing an additional 25,410 shares during the last quarter. Swedbank AB boosted its stake in Raymond James Financial by 31.1% in the 4th quarter. Swedbank AB now owns 41,436 shares of the financial services provider’s stock valued at $6,654,000 after purchasing an additional 9,838 shares during the period. Finally, Wealthfront Advisers LLC boosted its stake in Raymond James Financial by 40.8% in the 4th quarter. Wealthfront Advisers LLC now owns 24,725 shares of the financial services provider’s stock valued at $3,971,000 after purchasing an additional 7,164 shares during the period. Institutional investors and hedge funds own 83.83% of the company’s stock.

Raymond James Financial Price Performance

Shares of RJF opened at $174.92 on Wednesday. The company has a quick ratio of 1.03, a current ratio of 1.06 and a debt-to-equity ratio of 0.43. The stock has a market cap of $33.65 billion, a PE ratio of 15.25, a PEG ratio of 1.08 and a beta of 0.92. Raymond James Financial, Inc. has a 12-month low of $138.82 and a 12-month high of $182.73. The business has a 50-day simple moving average of $169.03 and a two-hundred day simple moving average of $157.87.

Raymond James Financial (NYSE:RJF) last announced 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 firm had revenue of $3.93 billion for the quarter, compared to analyst estimates of $3.87 billion. During the same period last year, the firm posted $2.18 earnings per share. The business’s revenue for the quarter was up 15.6% on a year-over-year basis. Analysts anticipate that Raymond James Financial, Inc. will post 12.07 earnings per share for the current fiscal year.

Insider Activity at Raymond James Financial

In other news, insider Tashtego S. Elwyn sold 10,000 shares of the stock in a transaction dated 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 completion of the sale, the insider owned 45,114 shares of the company’s stock, valued at approximately $7,942,770.84. This represents a 18.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Steven M. Raney sold 5,770 shares of the stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $172.97, for a total value of $998,036.90. Following the completion of the sale, 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 position. The disclosure for this sale is available in the SEC filing. 0.58% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research analysts have weighed in on RJF shares. Barclays increased their price objective on Raymond James Financial from $192.00 to $196.00 and gave the stock an “overweight” rating in a research report on Thursday, July 23rd. BMO Capital Markets reaffirmed a “market perform” rating and set a $175.00 price objective (up from $160.00) on shares of Raymond James Financial in a research 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. Citizens Jmp lifted their price target on Raymond James Financial from $200.00 to $205.00 and gave the company a “market outperform” rating in a research note on Thursday, July 23rd. Finally, Argus upped their price objective on Raymond James Financial from $178.00 to $196.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. Five investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat, Raymond James Financial has an average rating of “Hold” and a consensus price target of $181.00.

Raymond James Financial Company Profile

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.