Raymond James (NYSE:RJF) Stock Position Reduced by First Hawaiian Bank

First Hawaiian Bank lowered its stake in shares of Raymond James (NYSE:RJF) by 0.5% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 25,860 shares of the financial services provider’s stock after selling 124 shares during the period. First Hawaiian Bank’s holdings in Raymond James were worth $4,017,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Wolff Wiese Magana LLC boosted its position in Raymond James by 3,960.0% during the third quarter. Wolff Wiese Magana LLC now owns 203 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 198 shares during the last quarter. Quarry LP bought a new stake in shares of Raymond James in the 2nd quarter valued at approximately $29,000. Future Financial Wealth Managment LLC acquired a new position in Raymond James in the third quarter worth approximately $32,000. Gladius Capital Management LP bought a new position in Raymond James during the third quarter valued at approximately $34,000. Finally, Peterson Financial Group Inc. acquired a new stake in Raymond James in the third quarter valued at approximately $37,000. 83.83% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the stock. Keefe, Bruyette & Woods raised their price target on shares of Raymond James from $143.00 to $170.00 and gave the company a “market perform” rating in a report on Friday, December 20th. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $169.00 price target (up previously from $152.00) on shares of Raymond James in a research report on Thursday, December 12th. Morgan Stanley upped their price target on Raymond James from $132.00 to $145.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 29th. The Goldman Sachs Group raised Raymond James from a “neutral” rating to a “buy” rating and raised their price objective for the company from $161.00 to $185.00 in a research note on Monday. Finally, TD Cowen upped their target price on Raymond James from $128.00 to $150.00 and gave the stock a “hold” rating in a research report on Wednesday, October 30th. Ten investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $152.73.

Raymond James Stock Performance

RJF stock traded up $0.34 on Wednesday, reaching $159.32. 849,261 shares of the company were exchanged, compared to its average volume of 966,649. The stock’s fifty day moving average price is $159.40 and its 200 day moving average price is $134.56. Raymond James has a 12 month low of $104.24 and a 12 month high of $171.38. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.02 and a quick ratio of 1.00. The firm has a market capitalization of $32.51 billion, a PE ratio of 16.41, a PEG ratio of 0.91 and a beta of 1.02.

Raymond James (NYSE:RJF) last posted its quarterly earnings results on Wednesday, October 23rd. The financial services provider reported $2.95 EPS for the quarter, beating the consensus estimate of $2.41 by $0.54. Raymond James had a return on equity of 19.30% and a net margin of 13.86%. The firm had revenue of $3.46 billion during the quarter, compared to analysts’ expectations of $3.32 billion. During the same quarter in the prior year, the firm posted $2.13 EPS. The company’s revenue for the quarter was up 13.4% on a year-over-year basis. On average, research analysts anticipate that Raymond James will post 10.85 EPS for the current fiscal year.

Raymond James Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 16th. Shareholders of record on Thursday, January 2nd will be paid a dividend of $0.50 per share. The ex-dividend date is Thursday, January 2nd. This represents a $2.00 dividend on an annualized basis and a yield of 1.26%. This is an increase from Raymond James’s previous quarterly dividend of $0.45. Raymond James’s payout ratio is currently 20.60%.

Insider Activity

In other news, insider Tashtego S. Elwyn sold 10,000 shares of the stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $159.47, for a total value of $1,594,700.00. Following the completion of the transaction, the insider now directly owns 32,688 shares of the company’s stock, valued at approximately $5,212,755.36. This represents a 23.43 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Paul C. Reilly sold 50,000 shares of Raymond James stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $167.30, for a total transaction of $8,365,000.00. Following the transaction, the chief executive officer now directly owns 283,110 shares of the company’s stock, valued at $47,364,303. This represents a 15.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 64,621 shares of company stock worth $10,729,488. 9.74% of the stock is currently owned by corporate insiders.

Raymond James 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.