Park Avenue Securities LLC Grows Stake in Raymond James (NYSE:RJF)

Park Avenue Securities LLC increased its stake in Raymond James (NYSE:RJF) by 6.1% in the 1st quarter, HoldingsChannel reports. The fund owned 12,733 shares of the financial services provider’s stock after acquiring an additional 736 shares during the period. Park Avenue Securities LLC’s holdings in Raymond James were worth $1,635,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Turtle Creek Wealth Advisors LLC purchased a new position in Raymond James in the fourth quarter worth about $30,000. OLD Point Trust & Financial Services N A purchased a new position in Raymond James in the fourth quarter worth about $33,000. CVA Family Office LLC purchased a new position in Raymond James in the fourth quarter worth about $50,000. Massmutual Trust Co. FSB ADV grew its position in Raymond James by 52.5% in the fourth quarter. Massmutual Trust Co. FSB ADV now owns 558 shares of the financial services provider’s stock worth $62,000 after acquiring an additional 192 shares in the last quarter. Finally, Addison Advisors LLC grew its position in Raymond James by 32.7% in the fourth quarter. Addison Advisors LLC now owns 552 shares of the financial services provider’s stock worth $62,000 after acquiring an additional 136 shares in the last quarter. Hedge funds and other institutional investors own 83.83% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on RJF shares. Morgan Stanley raised their price objective on shares of Raymond James from $113.00 to $123.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 9th. Keefe, Bruyette & Woods decreased their price objective on shares of Raymond James from $132.00 to $131.00 and set a “market perform” rating for the company in a research note on Thursday, April 25th. JMP Securities reissued a “market perform” rating on shares of Raymond James in a research note on Tuesday, April 9th. TD Cowen decreased their price objective on shares of Raymond James from $131.00 to $126.00 and set a “hold” rating for the company in a research note on Thursday, April 25th. Finally, Citigroup raised their price objective on shares of Raymond James from $112.00 to $132.00 and gave the stock a “neutral” rating in a research note on Thursday, April 11th. Nine equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $126.22.

Raymond James Stock Performance

Raymond James stock opened at $120.69 on Monday. The company has a 50 day moving average price of $122.69 and a 200-day moving average price of $118.77. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.98 and a current ratio of 1.01. Raymond James has a fifty-two week low of $91.67 and a fifty-two week high of $131.19. The company has a market capitalization of $25.02 billion, a PE ratio of 14.59, a P/E/G ratio of 0.81 and a beta of 1.01.

Raymond James (NYSE:RJF) last posted its quarterly earnings results on Wednesday, April 24th. The financial services provider reported $2.31 earnings per share for the quarter, missing the consensus estimate of $2.32 by ($0.01). Raymond James had a net margin of 12.72% and a return on equity of 17.94%. The company had revenue of $3.12 billion for the quarter, compared to the consensus estimate of $3.15 billion. During the same period in the prior year, the firm posted $2.03 EPS. The business’s revenue was up 8.6% on a year-over-year basis. As a group, equities analysts forecast that Raymond James will post 9.55 earnings per share for the current year.

Raymond James Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Monday, July 1st will be issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 1.49%. The ex-dividend date is Monday, July 1st. Raymond James’s payout ratio is 21.77%.

Insider Activity at Raymond James

In related news, CEO Steven M. Raney sold 4,174 shares of Raymond James stock in a transaction that occurred on Friday, April 26th. The shares were sold at an average price of $121.01, for a total transaction of $505,095.74. Following the transaction, the chief executive officer now directly owns 51,009 shares of the company’s stock, valued at $6,172,599.09. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, CEO Steven M. Raney sold 4,174 shares of Raymond James stock in a transaction that occurred on Friday, April 26th. The shares were sold at an average price of $121.01, for a total transaction of $505,095.74. Following the transaction, the chief executive officer now directly owns 51,009 shares of the company’s stock, valued at $6,172,599.09. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider James E. Bunn sold 11,095 shares of Raymond James stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $124.44, for a total transaction of $1,380,661.80. Following the completion of the transaction, the insider now directly owns 46,977 shares in the company, valued at $5,845,817.88. The disclosure for this sale can be found here. 9.74% of the stock is currently owned by corporate insiders.

Raymond James Company Profile

Raymond James Financial, Inc, a financial holding company, through its subsidiaries, engages in the underwriting, distribution, trading, and brokerage of equity and debt securities, and the sale of mutual funds and other investment products in the United States, Canada, Europe, and internationally. The company operates through Private Client Group, Capital Markets, Asset Management, RJ Bank, and Other segments.