Basswood Capital Management L.L.C. Takes Position in Raymond James Financial, Inc. $RJF

Basswood Capital Management L.L.C. bought a new stake in shares of Raymond James Financial, Inc. (NYSE:RJF) during the second quarter, Holdings Channel reports. The institutional investor bought 108,544 shares of the financial services provider’s stock, valued at approximately $16,502,000.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. BlackRock Inc. acquired a new stake in Raymond James Financial in the second quarter worth $2,180,699,000. Primecap Management Co. CA acquired a new position in shares of Raymond James Financial during the second quarter valued at about $1,405,145,000. First Trust Advisors LP boosted its position in shares of Raymond James Financial by 18.3% during the 4th quarter. First Trust Advisors LP now owns 3,071,996 shares of the financial services provider’s stock worth $493,332,000 after purchasing an additional 474,477 shares in the last quarter. Victory Capital Management Inc. boosted its position in shares of Raymond James Financial by 0.8% during the 4th quarter. Victory Capital Management Inc. now owns 2,785,857 shares of the financial services provider’s stock worth $447,381,000 after purchasing an additional 21,856 shares in the last quarter. Finally, Bank of America Corp DE grew its stake in shares of Raymond James Financial by 9.9% in the 1st quarter. Bank of America Corp DE now owns 2,449,760 shares of the financial services provider’s stock valued at $354,701,000 after buying an additional 220,227 shares during the period. 83.83% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Raymond James Financial news, insider Tashtego S. Elwyn sold 10,000 shares of Raymond James Financial stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $176.06, for a total transaction of $1,760,600.00. Following the transaction, the insider directly owned 45,114 shares of the company’s stock, valued at $7,942,770.84. The trade was a 18.14% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Steven M. Raney sold 5,770 shares of the company’s stock in a transaction on Monday, July 27th. The stock was sold at an average price of $172.97, for a total transaction of $998,036.90. Following the completion of the sale, the insider owned 43,046 shares of the company’s stock, valued at approximately $7,445,666.62. The trade was a 11.82% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.58% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on RJF shares. JPMorgan Chase & Co. boosted their target price on Raymond James Financial from $175.00 to $179.00 and gave the company a “neutral” rating in a research report on Thursday, July 23rd. BMO Capital Markets reiterated a “market perform” rating and issued a $175.00 price target (up from $160.00) on shares of Raymond James Financial in a report on Thursday, July 23rd. Citizens Jmp raised their price objective on Raymond James Financial from $200.00 to $205.00 and gave the company a “market outperform” rating in a research note on Thursday, July 23rd. UBS Group set a $184.00 price objective on Raymond James Financial and gave the company a “neutral” rating in a report on Monday, July 27th. Finally, TD Cowen lowered their target price on Raymond James Financial from $162.00 to $161.00 and set a “hold” rating on the stock in a research report on Thursday, July 23rd. Five analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $181.00.

Raymond James Financial Trading Up 1.2%

NYSE:RJF opened at $176.85 on Thursday. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.06 and a quick ratio of 1.03. The firm has a 50-day moving average of $169.39 and a 200-day moving average of $157.93. The company has a market cap of $34.02 billion, a PE ratio of 15.42, a PEG ratio of 1.07 and a beta of 0.92. Raymond James Financial, Inc. has a one year low of $138.82 and a one year high of $182.73.

Raymond James Financial (NYSE:RJF) last posted its earnings results on Wednesday, July 22nd. The financial services provider reported $3.14 earnings per share for the quarter, topping analysts’ consensus estimates of $2.91 by $0.23. Raymond James Financial had a net margin of 13.57% and a return on equity of 19.07%. The company had revenue of $3.93 billion for the quarter, compared to analyst estimates of $3.87 billion. During the same quarter in the prior year, the business posted $2.18 EPS. The firm’s revenue was up 15.6% compared to the same quarter last year. As a group, equities research analysts expect that Raymond James Financial, Inc. will post 12.07 EPS for the current fiscal year.

About Raymond James Financial

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.