Hennion & Walsh Asset Management Inc. Lowers Holdings in Raymond James (NYSE:RJF)

Hennion & Walsh Asset Management Inc. cut its holdings in shares of Raymond James (NYSE:RJF) by 1.4% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 28,224 shares of the financial services provider’s stock after selling 406 shares during the quarter. Hennion & Walsh Asset Management Inc.’s holdings in Raymond James were worth $3,625,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Turtle Creek Wealth Advisors LLC acquired a new stake in shares of Raymond James in the fourth quarter valued at $30,000. OLD Point Trust & Financial Services N A purchased a new stake in shares of Raymond James during the 4th quarter worth $33,000. Future Financial Wealth Managment LLC acquired a new position in shares of Raymond James during the first quarter worth $33,000. CVA Family Office LLC purchased a new position in Raymond James in the fourth quarter valued at $50,000. Finally, Massmutual Trust Co. FSB ADV raised its stake 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 valued at $62,000 after buying an additional 192 shares in the last quarter. Hedge funds and other institutional investors own 83.83% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Citigroup upped their price objective on Raymond James from $112.00 to $132.00 and gave the stock a “neutral” rating in a research report on Thursday, April 11th. Bank of America reduced their price objective on shares of Raymond James from $145.00 to $141.00 and set a “buy” rating for the company in a research report on Thursday, April 25th. TD Cowen dropped their target price on shares of Raymond James from $131.00 to $126.00 and set a “hold” rating on the stock in a research report on Thursday, April 25th. Morgan Stanley boosted their price target on shares of Raymond James from $113.00 to $123.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 9th. Finally, Keefe, Bruyette & Woods dropped their price objective on Raymond James from $132.00 to $131.00 and set a “market perform” rating on the stock in a report on Thursday, April 25th. Nine research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $126.22.

Insider Buying and Selling at Raymond James

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

Raymond James Stock Performance

Shares of RJF opened at $123.61 on Friday. The company has a market capitalization of $25.62 billion, a PE ratio of 14.95, a P/E/G ratio of 0.84 and a beta of 1.01. Raymond James has a 52-week low of $91.67 and a 52-week high of $131.19. The company has a 50-day simple moving average of $122.67 and a 200-day simple moving average of $119.20. The company has a quick ratio of 0.98, a current ratio of 1.01 and a debt-to-equity ratio of 0.43.

Raymond James (NYSE:RJF) last posted its earnings results on Wednesday, April 24th. The financial services provider reported $2.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.32 by ($0.01). The company had revenue of $3.12 billion during the quarter, compared to analysts’ expectations of $3.15 billion. Raymond James had a net margin of 12.72% and a return on equity of 17.94%. Raymond James’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same period in the previous year, the company posted $2.03 EPS. Equities research analysts predict that Raymond James will post 9.55 earnings per share for the current fiscal year.

Raymond James Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Monday, July 1st will be given a dividend of $0.45 per share. The ex-dividend date is Monday, July 1st. This represents a $1.80 annualized dividend and a yield of 1.46%. Raymond James’s dividend payout ratio (DPR) is presently 21.77%.

About Raymond James

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.