9,242,552 Shares in Raymond James Financial, Inc. $RJF Bought by Primecap Management Co. CA

Primecap Management Co. CA acquired a new position in Raymond James Financial, Inc. (NYSE:RJF) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 9,242,552 shares of the financial services provider’s stock, valued at approximately $1,405,145,000. Raymond James Financial comprises about 0.8% of Primecap Management Co. CA’s investment portfolio, making the stock its 28th largest position. Primecap Management Co. CA owned about 4.80% of Raymond James Financial as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in RJF. BlackRock Inc. bought a new stake in shares of Raymond James Financial during the 2nd quarter worth $2,180,699,000. First Trust Advisors LP grew its position in Raymond James Financial by 18.3% during the fourth quarter. First Trust Advisors LP now owns 3,071,996 shares of the financial services provider’s stock valued at $493,332,000 after buying an additional 474,477 shares during the period. Victory Capital Management Inc. grew its position in Raymond James Financial by 0.8% during the fourth quarter. Victory Capital Management Inc. now owns 2,785,857 shares of the financial services provider’s stock valued at $447,381,000 after buying an additional 21,856 shares during the period. Bank of America Corp DE increased its holdings in Raymond James Financial by 9.9% during the first quarter. Bank of America Corp DE now owns 2,449,760 shares of the financial services provider’s stock worth $354,701,000 after buying an additional 220,227 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in Raymond James Financial by 1.8% during the first quarter. Dimensional Fund Advisors LP now owns 2,399,638 shares of the financial services provider’s stock worth $347,390,000 after buying an additional 41,413 shares during the last quarter. 83.83% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on RJF. Citizens Jmp boosted their target price on shares of 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. Morgan Stanley raised their price target on shares of Raymond James Financial from $172.00 to $174.00 and gave the stock an “equal weight” rating in a research note on Friday, July 10th. Barclays lifted their price target on shares of Raymond James Financial from $192.00 to $196.00 and gave the stock an “overweight” rating in a report on Thursday, July 23rd. Citigroup reiterated a “market outperform” rating on shares of Raymond James Financial in a research note on Thursday, July 23rd. Finally, JPMorgan Chase & Co. increased their price objective on Raymond James Financial from $175.00 to $179.00 and gave the company a “neutral” rating in a 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. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $181.00.

Raymond James Financial Price Performance

NYSE RJF opened at $174.92 on Wednesday. The company has a market cap of $33.65 billion, a PE ratio of 15.25, a price-to-earnings-growth ratio of 1.08 and a beta of 0.92. Raymond James Financial, Inc. has a 52 week low of $138.82 and a 52 week high of $182.73. The company has a quick ratio of 1.03, a current ratio of 1.06 and a debt-to-equity ratio of 0.43. The firm’s 50-day simple moving average is $169.03 and its two-hundred day simple moving average is $157.87.

Raymond James Financial (NYSE:RJF) last issued 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 firm had revenue of $3.93 billion during the quarter, compared to analyst estimates of $3.87 billion. During the same quarter last year, the business earned $2.18 earnings per share. The company’s quarterly revenue was up 15.6% on a year-over-year basis. Research analysts predict that Raymond James Financial, Inc. will post 12.07 earnings per share for the current year.

Insider Activity at Raymond James Financial

In other Raymond James Financial news, insider Steven M. Raney sold 5,770 shares of the business’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. The trade was a 11.82% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Tashtego S. Elwyn sold 10,000 shares of the stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $176.06, for a total value of $1,760,600.00. Following the sale, the insider owned 45,114 shares in the company, valued at approximately $7,942,770.84. This represents a 18.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.58% of the stock is currently owned by company insiders.

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.