Thornburg Investment Management Inc. Acquires New Shares in Raymond James Financial, Inc. $RJF

Thornburg Investment Management Inc. bought a new position in shares of Raymond James Financial, Inc. (NYSE:RJF) during the 2nd quarter, HoldingsChannel reports. The firm bought 33,203 shares of the financial services provider’s stock, valued at approximately $5,048,000.

Several other hedge funds also recently made changes to their positions in RJF. BlackRock Inc. purchased a new stake in Raymond James Financial during the 2nd quarter worth about $2,180,699,000. Primecap Management Co. CA purchased a new stake in shares of Raymond James Financial in the second quarter worth about $1,405,145,000. First Trust Advisors LP lifted its stake in Raymond James Financial by 18.3% in 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 holdings in Raymond James Financial by 0.8% in the 4th quarter. Victory Capital Management Inc. now owns 2,785,857 shares of the financial services provider’s stock valued at $447,381,000 after purchasing an additional 21,856 shares during the period. Finally, Bank of America Corp DE grew its position in shares of Raymond James Financial by 9.9% during 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 purchasing an additional 220,227 shares in the last quarter. 83.83% of the stock is currently owned by hedge funds and other institutional investors.

Raymond James Financial Stock Up 1.9%

Shares of NYSE:RJF opened at $179.50 on Friday. The stock’s 50-day moving average price is $170.25 and its 200-day moving average price is $158.11. Raymond James Financial, Inc. has a 12-month low of $138.82 and a 12-month high of $182.73. The stock has a market capitalization of $34.53 billion, a P/E ratio of 15.65, a price-to-earnings-growth ratio of 1.10 and a beta of 0.92. The company has a current ratio of 1.06, a quick ratio of 1.03 and a debt-to-equity ratio of 0.43.

Raymond James Financial (NYSE:RJF) last released its earnings results on Wednesday, July 22nd. The financial services provider reported $3.14 earnings per share for the quarter, beating analysts’ consensus estimates of $2.91 by $0.23. The company had revenue of $3.93 billion during the quarter, compared to analyst estimates of $3.87 billion. Raymond James Financial had a return on equity of 19.07% and a net margin of 13.57%.Raymond James Financial’s revenue for the quarter was up 15.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.18 EPS. On average, equities analysts anticipate that Raymond James Financial, Inc. will post 12.07 earnings per share for the current year.

Raymond James Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Thursday, October 1st will be given a $0.54 dividend. The ex-dividend date is Thursday, October 1st. This represents a $2.16 annualized dividend and a yield of 1.2%. Raymond James Financial’s payout ratio is presently 18.83%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. JPMorgan Chase & Co. boosted their target price on Raymond James Financial from $175.00 to $179.00 and gave the stock a “neutral” rating in a research report on Thursday, July 23rd. UBS Group set a $184.00 price objective on shares of Raymond James Financial and gave the stock a “neutral” rating in a report on Monday, July 27th. Argus increased their target price on Raymond James Financial from $178.00 to $196.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. Citigroup reiterated a “market outperform” rating on shares of Raymond James Financial in a report on Thursday, July 23rd. Finally, BMO Capital Markets reaffirmed a “market perform” rating and issued a $175.00 target price (up from $160.00) on shares of Raymond James Financial in a research note on Thursday, July 23rd. Five analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $181.00.

Insider Buying and Selling

In other news, insider Tashtego S. Elwyn sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $176.06, for a total value of $1,760,600.00. Following the transaction, the insider owned 45,114 shares in the company, valued at approximately $7,942,770.84. This trade represents a 18.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Steven M. Raney sold 5,770 shares of the company’s stock in a transaction on Monday, July 27th. The shares were sold at an average price of $172.97, for a total transaction of $998,036.90. Following the sale, the insider owned 43,046 shares of the company’s stock, valued at $7,445,666.62. This represents a 11.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.58% of the company’s stock.

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.