Verition Fund Management LLC purchased a new stake in Raymond James (NYSE:RJF) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 3,192 shares of the financial services provider’s stock, valued at approximately $220,000.

Several other hedge funds also recently bought and sold shares of the company. Primecap Management Co. CA lifted its stake in shares of Raymond James by 40.0% in the 1st quarter. Primecap Management Co. CA now owns 4,390,345 shares of the financial services provider’s stock valued at $277,470,000 after purchasing an additional 1,255,195 shares during the period. Bank of America Corp DE lifted its stake in shares of Raymond James by 29.2% in the 2nd quarter. Bank of America Corp DE now owns 3,132,535 shares of the financial services provider’s stock valued at $215,613,000 after purchasing an additional 708,196 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Raymond James by 2.6% in the 1st quarter. JPMorgan Chase & Co. now owns 2,772,817 shares of the financial services provider’s stock valued at $175,241,000 after purchasing an additional 70,261 shares during the period. Geode Capital Management LLC lifted its stake in shares of Raymond James by 2.8% in the 1st quarter. Geode Capital Management LLC now owns 1,941,771 shares of the financial services provider’s stock valued at $122,505,000 after purchasing an additional 52,487 shares during the period. Finally, Congress Asset Management Co. MA lifted its stake in shares of Raymond James by 4.1% in the 2nd quarter. Congress Asset Management Co. MA now owns 1,090,832 shares of the financial services provider’s stock valued at $75,082,000 after purchasing an additional 43,168 shares during the period. 77.31% of the stock is currently owned by institutional investors.

RJF stock opened at $74.34 on Wednesday. The stock has a market cap of $10.20 billion, a PE ratio of 12.03 and a beta of 1.35. The stock has a 50-day moving average price of $74.32 and a two-hundred day moving average price of $69.98. The company has a current ratio of 1.03, a quick ratio of 1.02 and a debt-to-equity ratio of 0.47. Raymond James has a 1 year low of $54.21 and a 1 year high of $102.45.

Raymond James (NYSE:RJF) last posted its quarterly earnings results on Wednesday, July 29th. The financial services provider reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $0.97 by $0.26. Raymond James had a return on equity of 13.04% and a net margin of 10.75%. The business had revenue of $1.83 billion during the quarter, compared to analysts’ expectations of $1.84 billion. During the same quarter last year, the company posted $1.80 earnings per share. Raymond James’s quarterly revenue was down 3.7% on a year-over-year basis. On average, analysts forecast that Raymond James will post 5.47 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Thursday, October 1st will be issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 1.99%. The ex-dividend date is Wednesday, September 30th. Raymond James’s payout ratio is currently 20.00%.

Several analysts recently commented on the company. TheStreet raised Raymond James from a “c+” rating to a “b-” rating in a research note on Friday, September 4th. Morgan Stanley dropped their price objective on Raymond James from $95.00 to $91.00 and set an “overweight” rating on the stock in a research note on Friday, July 31st. Zacks Investment Research downgraded Raymond James from a “hold” rating to a “sell” rating and set a $78.00 price objective on the stock. in a research note on Monday, August 10th. Credit Suisse Group raised their price objective on Raymond James from $74.00 to $77.00 and gave the stock a “neutral” rating in a research note on Friday, July 31st. Finally, Seaport Global Securities assumed coverage on Raymond James in a research note on Wednesday, July 8th. They set a “neutral” rating on the stock. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $74.00.

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.

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Institutional Ownership by Quarter for Raymond James (NYSE:RJF)

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