Rafferty Asset Management LLC Decreases Stock Holdings in Raymond James Financial, Inc. $RJF

Rafferty Asset Management LLC lowered its stake in shares of Raymond James Financial, Inc. (NYSE:RJF) by 6.3% during the 1st quarter, Holdings Channel.com reports. The fund owned 60,460 shares of the financial services provider’s stock after selling 4,097 shares during the quarter. Rafferty Asset Management LLC’s holdings in Raymond James Financial were worth $8,398,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently made changes to their positions in the stock. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Raymond James Financial during the first quarter valued at approximately $25,000. Alpine Bank Wealth Management purchased a new stake in Raymond James Financial during the 1st quarter valued at $27,000. Golden State Wealth Management LLC lifted its holdings in shares of Raymond James Financial by 164.0% during the 1st quarter. Golden State Wealth Management LLC now owns 198 shares of the financial services provider’s stock valued at $28,000 after buying an additional 123 shares during the period. Olde Wealth Management LLC purchased a new position in shares of Raymond James Financial in the 1st quarter worth $33,000. Finally, TCTC Holdings LLC grew its holdings in shares of Raymond James Financial by 72.9% in the first quarter. TCTC Holdings LLC now owns 287 shares of the financial services provider’s stock worth $40,000 after acquiring an additional 121 shares during the period. Hedge funds and other institutional investors own 83.83% of the company’s stock.

Raymond James Financial Price Performance

NYSE:RJF opened at $168.17 on Thursday. The business’s 50-day moving average is $161.03 and its 200 day moving average is $150.08. Raymond James Financial, Inc. has a 12 month low of $113.91 and a 12 month high of $174.32. The company has a market capitalization of $33.53 billion, a P/E ratio of 16.49, a P/E/G ratio of 1.38 and a beta of 1.05. The company has a current ratio of 1.04, a quick ratio of 1.02 and a debt-to-equity ratio of 0.33.

Raymond James Financial (NYSE:RJF) last released its quarterly earnings data on Wednesday, July 23rd. The financial services provider reported $2.18 EPS for the quarter, missing the consensus estimate of $2.36 by ($0.18). The business had revenue of $3.40 billion for the quarter, compared to the consensus estimate of $3.38 billion. Raymond James Financial had a net margin of 13.56% and a return on equity of 18.38%. Raymond James Financial’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same quarter last year, the business earned $2.39 EPS. On average, equities research analysts forecast that Raymond James Financial, Inc. will post 11.17 earnings per share for the current fiscal year.

Raymond James Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Wednesday, October 1st will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.2%. Raymond James Financial’s payout ratio is currently 19.61%.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Morgan Stanley increased their target price on Raymond James Financial from $136.00 to $180.00 and gave the company an “equal weight” rating in a report on Tuesday, July 15th. Wells Fargo & Company increased their price objective on shares of Raymond James Financial from $155.00 to $163.00 and gave the stock an “equal weight” rating in a research note on Friday, July 11th. Keefe, Bruyette & Woods boosted their target price on shares of Raymond James Financial from $167.00 to $170.00 and gave the company a “market perform” rating in a research report on Thursday, July 24th. Citigroup reaffirmed an “outperform” rating on shares of Raymond James Financial in a report on Monday, July 14th. Finally, Bank of America cut shares of Raymond James Financial from a “buy” rating to a “neutral” rating and set a $159.00 price target on the stock. in a research note on Wednesday, April 30th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat, Raymond James Financial currently has a consensus rating of “Hold” and an average target price of $163.80.

Raymond James Financial Profile

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.