PDT Partners LLC Purchases Shares of 8,300 Raymond James Financial, Inc. $RJF

PDT Partners LLC purchased a new position in shares of Raymond James Financial, Inc. (NYSE:RJF) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 8,300 shares of the financial services provider’s stock, valued at approximately $1,262,000.

A number of other institutional investors have also modified their holdings of the stock. Palisade Capital Management LP purchased a new position in Raymond James Financial during the second quarter valued at approximately $26,823,000. Canada Pension Plan Investment Board acquired a new stake in shares of Raymond James Financial during the 2nd quarter worth approximately $89,361,000. Osterweis Capital Management Inc. acquired a new stake in shares of Raymond James Financial during the 2nd quarter worth approximately $68,000. Legal & General Group Plc purchased a new position in shares of Raymond James Financial during the 2nd quarter valued at approximately $181,811,000. Finally, The Manufacturers Life Insurance Company purchased a new position in shares of Raymond James Financial during the 2nd quarter valued at approximately $13,408,000. Hedge funds and other institutional investors own 83.83% of the company’s stock.

Raymond James Financial Stock Performance

NYSE:RJF opened at $176.85 on Thursday. The company’s 50-day moving average price is $169.39 and its 200-day moving average price is $157.93. The company has a current ratio of 1.06, a quick ratio of 1.03 and a debt-to-equity ratio of 0.43. The company has a market cap of $34.02 billion, a P/E ratio of 15.42, a P/E/G ratio of 1.07 and a beta of 0.92. Raymond James Financial, Inc. has a twelve month low of $138.82 and a twelve month high of $182.73.

Raymond James Financial (NYSE:RJF) last announced its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $3.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.91 by $0.23. The company had revenue of $3.93 billion during the quarter, compared to analysts’ expectations of $3.87 billion. Raymond James Financial had a net margin of 13.57% and a return on equity of 19.07%. Raymond James Financial’s revenue was up 15.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.18 EPS. On average, sell-side analysts forecast that Raymond James Financial, Inc. will post 12.07 earnings per share for the current fiscal year.

Raymond James Financial Announces Dividend

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

Insider Buying and Selling

In related news, insider Tashtego S. Elwyn sold 10,000 shares of Raymond James Financial stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $176.06, for a total transaction 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 filing with the SEC, which can be accessed through this link. 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 value 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 ownership of the stock. The SEC filing for this sale provides additional information. 0.58% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several analysts recently commented on RJF shares. Citigroup restated a “market outperform” rating on shares of Raymond James Financial in a research report on Thursday, July 23rd. BMO Capital Markets restated a “market perform” rating and set a $175.00 target price (up from $160.00) on shares of Raymond James Financial in a research report on Thursday, July 23rd. TD Cowen reduced their price target on Raymond James Financial from $162.00 to $161.00 and set a “hold” rating for the company in a report on Thursday, July 23rd. Barclays raised their price objective on Raymond James Financial from $192.00 to $196.00 and gave the company an “overweight” rating in a report on Thursday, July 23rd. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Raymond James Financial in a research note on Monday, August 17th. Five research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $181.00.

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.