Edgestream Partners L.P. Takes Position in Raymond James (NYSE:RJF)

Edgestream Partners L.P. acquired a new position in Raymond James (NYSE:RJF) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 33,059 shares of the financial services provider’s stock, valued at approximately $4,086,000.

A number of other institutional investors also recently bought and sold shares of the stock. Norges Bank bought a new position in shares of Raymond James in the fourth quarter worth about $238,830,000. Heritage Wealth Advisors raised its stake in Raymond James by 3,480.7% during the 1st quarter. Heritage Wealth Advisors now owns 488,258 shares of the financial services provider’s stock worth $62,702,000 after acquiring an additional 474,622 shares during the period. AGF Management Ltd. lifted its holdings in Raymond James by 17.2% during the second quarter. AGF Management Ltd. now owns 2,580,467 shares of the financial services provider’s stock valued at $318,972,000 after purchasing an additional 378,033 shares in the last quarter. SG Americas Securities LLC boosted its position in shares of Raymond James by 820.2% in the first quarter. SG Americas Securities LLC now owns 197,695 shares of the financial services provider’s stock worth $25,388,000 after purchasing an additional 176,210 shares during the period. Finally, Sei Investments Co. increased its stake in shares of Raymond James by 27.4% in the fourth quarter. Sei Investments Co. now owns 809,626 shares of the financial services provider’s stock worth $90,273,000 after purchasing an additional 174,286 shares in the last quarter. 83.83% of the stock is owned by institutional investors.

Raymond James Price Performance

RJF stock opened at $120.68 on Wednesday. Raymond James has a 52 week low of $91.67 and a 52 week high of $131.19. The firm has a market capitalization of $24.85 billion, a P/E ratio of 14.59, a price-to-earnings-growth ratio of 0.79 and a beta of 1.02. The company has a fifty day simple moving average of $115.20 and a two-hundred day simple moving average of $120.29. The company has a quick ratio of 0.99, a current ratio of 1.02 and a debt-to-equity ratio of 0.41.

Raymond James (NYSE:RJF) last announced its quarterly earnings results on Wednesday, July 24th. The financial services provider reported $2.39 EPS for the quarter, beating analysts’ consensus estimates of $2.31 by $0.08. Raymond James had a net margin of 13.16% and a return on equity of 18.44%. The firm had revenue of $3.23 billion during the quarter, compared to the consensus estimate of $3.24 billion. During the same quarter last year, the firm earned $1.85 EPS. The firm’s revenue for the quarter was up 11.1% compared to the same quarter last year. Analysts anticipate that Raymond James will post 9.58 earnings per share for the current fiscal year.

Raymond James Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 1st will be issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.49%. The ex-dividend date is Tuesday, October 1st. Raymond James’s dividend payout ratio (DPR) is 21.77%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. JPMorgan Chase & Co. lowered their target price on shares of Raymond James from $137.00 to $135.00 and set an “overweight” rating on the stock in a research note on Thursday, July 25th. Wells Fargo & Company started coverage on Raymond James in a research report on Thursday, September 12th. They issued an “overweight” rating and a $138.00 price objective on the stock. Jefferies Financial Group increased their target price on Raymond James from $122.00 to $123.00 and gave the stock a “hold” rating in a research report on Monday, July 8th. UBS Group lowered their price target on Raymond James from $138.00 to $135.00 and set a “neutral” rating on the stock in a report on Tuesday, July 9th. Finally, TD Cowen increased their price objective on shares of Raymond James from $130.00 to $133.00 and gave the company a “hold” rating in a report on Monday, July 8th. 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 has a consensus rating of “Hold” and a consensus price target of $130.70.

Insider Activity

In other Raymond James news, EVP Bella Loykhter Allaire sold 17,363 shares of Raymond James stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $115.00, for a total transaction of $1,996,745.00. Following the completion of the transaction, the executive vice president now directly owns 75,586 shares of the company’s stock, valued at $8,692,390. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Raymond James news, EVP Bella Loykhter Allaire sold 17,363 shares of the firm’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $115.00, for a total value of $1,996,745.00. Following the completion of the sale, the executive vice president now owns 75,586 shares of the company’s stock, valued at $8,692,390. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Tashtego S. Elwyn sold 31,277 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $109.64, for a total value of $3,429,210.28. Following the transaction, the chief executive officer now directly owns 35,380 shares in the company, valued at approximately $3,879,063.20. The disclosure for this sale can be found here. Corporate insiders own 9.74% of the company’s stock.

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.