Raymond James (NYSE:RJF) Shares Sold by State of Michigan Retirement System

State of Michigan Retirement System trimmed its stake in shares of Raymond James (NYSE:RJF) by 1.0% in the second quarter, Holdings Channel.com reports. The fund owned 51,044 shares of the financial services provider’s stock after selling 500 shares during the period. State of Michigan Retirement System’s holdings in Raymond James were worth $6,310,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Smithfield Trust Co increased its stake in shares of Raymond James by 105.0% during the 1st quarter. Smithfield Trust Co now owns 246 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 126 shares in the last quarter. Covestor Ltd increased its stake in shares of Raymond James by 77.0% during the 1st quarter. Covestor Ltd now owns 239 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 104 shares in the last quarter. OLD Point Trust & Financial Services N A purchased a new position in shares of Raymond James during the 4th quarter worth approximately $33,000. Future Financial Wealth Managment LLC purchased a new position in shares of Raymond James during the 1st quarter worth approximately $33,000. Finally, FinTrust Capital Advisors LLC increased its stake in shares of Raymond James by 46.9% during the 1st quarter. FinTrust Capital Advisors LLC now owns 429 shares of the financial services provider’s stock worth $55,000 after purchasing an additional 137 shares in the last quarter. 83.83% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Raymond James

In related news, EVP Bella Loykhter Allaire sold 17,363 shares of Raymond James stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $115.00, for a total transaction of $1,996,745.00. Following the transaction, the executive vice president now owns 75,586 shares in the company, valued at approximately $8,692,390. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, EVP Bella Loykhter Allaire sold 17,363 shares of Raymond James stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $115.00, for a total transaction of $1,996,745.00. Following the transaction, the executive vice president now owns 75,586 shares in the company, valued at approximately $8,692,390. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Tashtego S. Elwyn sold 31,277 shares of Raymond James stock in a transaction on Monday, August 12th. The shares were sold at an average price of $109.64, for a total transaction of $3,429,210.28. Following the transaction, the chief executive officer now owns 35,380 shares in the company, valued at approximately $3,879,063.20. The disclosure for this sale can be found here. Company insiders own 9.74% of the company’s stock.

Raymond James Stock Down 0.4 %

Shares of RJF opened at $117.95 on Tuesday. The firm has a market cap of $24.45 billion, a PE ratio of 14.32, a price-to-earnings-growth ratio of 0.79 and a beta of 1.02. The company’s fifty day moving average is $116.09 and its two-hundred day moving average is $120.29. Raymond James has a fifty-two week low of $91.67 and a fifty-two week high of $131.19. The company has a quick ratio of 0.99, a current ratio of 1.02 and a debt-to-equity ratio of 0.41.

Raymond James (NYSE:RJF) last announced its quarterly earnings results on Wednesday, July 24th. The financial services provider reported $2.39 earnings per share for the quarter, beating analysts’ consensus estimates of $2.31 by $0.08. The company had revenue of $3.23 billion for the quarter, compared to analyst estimates of $3.24 billion. Raymond James had a net margin of 13.16% and a return on equity of 18.44%. Raymond James’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter last year, the business earned $1.85 EPS. Analysts forecast that Raymond James will post 9.57 earnings per share for the current year.

Raymond James Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st will be issued a dividend of $0.45 per share. The ex-dividend date is Tuesday, October 1st. This represents a $1.80 annualized dividend and a dividend yield of 1.53%. Raymond James’s payout ratio is 21.77%.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on RJF. Jefferies Financial Group raised their price objective on shares of Raymond James from $122.00 to $123.00 and gave the stock a “hold” rating in a research note on Monday, July 8th. TD Cowen lifted their target price on shares of Raymond James from $130.00 to $133.00 and gave the stock a “hold” rating in a research note on Monday, July 8th. Wolfe Research reaffirmed a “peer perform” rating on shares of Raymond James in a research note on Monday, July 8th. JPMorgan Chase & Co. lowered their target price on shares of Raymond James from $137.00 to $135.00 and set an “overweight” rating for the company in a research note on Thursday, July 25th. Finally, UBS Group lowered their target price on shares of Raymond James from $138.00 to $135.00 and set a “neutral” rating for the company in a research note on Tuesday, July 9th. Ten analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $129.89.

Raymond James 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.