JPMorgan Chase & Co. Sells 533,228 Shares of Raymond James Financial, Inc. $RJF

JPMorgan Chase & Co. lessened its stake in shares of Raymond James Financial, Inc. (NYSE:RJF) by 9.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,314,641 shares of the financial services provider’s stock after selling 533,228 shares during the period. JPMorgan Chase & Co.’s holdings in Raymond James Financial were worth $853,478,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in RJF. Thurston Springer Miller Herd & Titak Inc. bought a new position in Raymond James Financial during the 4th quarter worth $32,000. Anfield Capital Management LLC bought a new position in Raymond James Financial during the 3rd quarter worth $33,000. Harbor Investment Advisory LLC increased its stake in Raymond James Financial by 452.6% during the 4th quarter. Harbor Investment Advisory LLC now owns 210 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 172 shares during the period. Salomon & Ludwin LLC increased its stake in Raymond James Financial by 34.8% during the 4th quarter. Salomon & Ludwin LLC now owns 252 shares of the financial services provider’s stock worth $42,000 after acquiring an additional 65 shares during the period. Finally, Eagle Bay Advisors LLC bought a new position in Raymond James Financial during the 4th quarter worth $44,000. Institutional investors own 83.83% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on RJF shares. UBS Group reiterated a “neutral” rating and issued a $166.00 price target (up from $158.00) on shares of Raymond James Financial in a research note on Thursday, April 23rd. Weiss Ratings reiterated a “buy (b-)” rating on shares of Raymond James Financial in a research note on Wednesday, May 20th. Jefferies Financial Group decreased their price target on Raymond James Financial from $165.00 to $145.00 and set a “hold” rating on the stock in a research note on Monday, April 6th. BMO Capital Markets lifted their price target on Raymond James Financial from $152.00 to $165.00 and gave the company a “market perform” rating in a research note on Thursday, April 23rd. Finally, Morgan Stanley lifted their price target on Raymond James Financial from $171.00 to $172.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 28th. Four equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $172.92.

Insider Transactions at Raymond James Financial

In related news, insider Bella Loykhter Allaire sold 29,551 shares of the firm’s stock in a transaction that occurred on Thursday, March 19th. The shares were sold at an average price of $142.34, for a total value of $4,206,289.34. Following the completion of the transaction, the insider owned 53,586 shares in the company, valued at $7,627,431.24. This trade represents a 35.54% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.58% of the stock is currently owned by company insiders.

Raymond James Financial Trading Up 0.7%

Shares of RJF opened at $151.29 on Wednesday. Raymond James Financial, Inc. has a 52-week low of $138.82 and a 52-week high of $177.66. The business’s fifty day moving average is $150.52 and its 200-day moving average is $156.57. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.05 and a current ratio of 1.07. The firm has a market cap of $29.48 billion, a price-to-earnings ratio of 14.30, a PEG ratio of 1.15 and a beta of 0.94.

Raymond James Financial (NYSE:RJF) last released its quarterly earnings data on Wednesday, April 22nd. The financial services provider reported $2.83 earnings per share for the quarter, beating the consensus estimate of $2.76 by $0.07. The company had revenue of $3.86 billion for the quarter, compared to the consensus estimate of $3.92 billion. Raymond James Financial had a return on equity of 17.93% and a net margin of 13.04%.Raymond James Financial’s revenue for the quarter was up 13.4% on a year-over-year basis. During the same quarter last year, the business posted $2.42 EPS. Equities analysts anticipate that Raymond James Financial, Inc. will post 11.82 EPS for the current fiscal year.

Raymond James Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Wednesday, July 1st will be paid a $0.54 dividend. The ex-dividend date of this dividend is Wednesday, July 1st. This represents a $2.16 annualized dividend and a dividend yield of 1.4%. Raymond James Financial’s dividend payout ratio is currently 20.42%.

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.