Quest Partners LLC Takes Position in Raymond James (NYSE:RJF)

Quest Partners LLC purchased a new stake in Raymond James (NYSE:RJF) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 6,865 shares of the financial services provider’s stock, valued at approximately $849,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Earnest Partners LLC raised its position in shares of Raymond James by 5.9% in the first quarter. Earnest Partners LLC now owns 2,468,196 shares of the financial services provider’s stock valued at $316,966,000 after purchasing an additional 138,075 shares during the period. Norges Bank bought a new stake in shares of Raymond James in the fourth quarter valued at approximately $238,830,000. Dimensional Fund Advisors LP raised its position in shares of Raymond James by 16.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,832,458 shares of the financial services provider’s stock valued at $204,335,000 after purchasing an additional 263,687 shares during the period. Bank of New York Mellon Corp raised its position in shares of Raymond James by 0.7% in the second quarter. Bank of New York Mellon Corp now owns 1,320,253 shares of the financial services provider’s stock valued at $163,197,000 after purchasing an additional 9,485 shares during the period. Finally, Sei Investments Co. raised its position in shares of Raymond James by 5.0% in the first quarter. Sei Investments Co. now owns 849,914 shares of the financial services provider’s stock valued at $109,146,000 after purchasing an additional 40,288 shares during the period. Institutional investors own 83.83% of the company’s stock.

Raymond James Price Performance

Shares of Raymond James stock opened at $116.31 on Wednesday. The company has a fifty day moving average of $115.36 and a 200-day moving average of $120.35. Raymond James has a 52-week low of $91.67 and a 52-week high of $131.19. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.99 and a current ratio of 1.02. The stock has a market capitalization of $24.11 billion, a price-to-earnings ratio of 14.06, a price-to-earnings-growth ratio of 0.78 and a beta of 1.02.

Raymond James (NYSE:RJF) last posted its quarterly earnings results on Wednesday, July 24th. The financial services provider reported $2.39 EPS for the quarter, beating analysts’ consensus estimates of $2.31 by $0.08. Raymond James had a net margin of 13.16% and a return on equity of 18.44%. The company had revenue of $3.23 billion during the quarter, compared to analyst estimates of $3.24 billion. During the same period in the prior year, the business posted $1.85 EPS. The firm’s revenue was up 11.1% compared to the same quarter last year. Equities research analysts expect that Raymond James will post 9.58 EPS for the current year.

Raymond James Dividend Announcement

The company also recently declared 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 dividend on an annualized basis and a yield of 1.55%. Raymond James’s dividend payout ratio is currently 21.77%.

Insider Activity at Raymond James

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

Analyst Ratings Changes

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