Gateway Investment Advisers LLC Reduces Stock Position in Raymond James (NYSE:RJF)

Gateway Investment Advisers LLC trimmed its position in Raymond James (NYSE:RJF) by 1.2% in the third quarter, Holdings Channel reports. The firm owned 7,839 shares of the financial services provider’s stock after selling 99 shares during the quarter. Gateway Investment Advisers LLC’s holdings in Raymond James were worth $960,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Quarry LP bought a new position in Raymond James in the 2nd quarter worth about $29,000. Covestor Ltd boosted its stake in Raymond James by 77.0% in 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 during the period. Smithfield Trust Co grew its holdings in shares of Raymond James by 105.0% during the first quarter. Smithfield Trust Co now owns 246 shares of the financial services provider’s stock valued at $31,000 after buying an additional 126 shares in the last quarter. Future Financial Wealth Managment LLC acquired a new position in shares of Raymond James in the 1st quarter valued at about $33,000. Finally, FinTrust Capital Advisors LLC boosted its position in Raymond James by 46.9% during the first quarter. FinTrust Capital Advisors LLC now owns 429 shares of the financial services provider’s stock valued at $55,000 after purchasing an additional 137 shares during the last quarter. 83.83% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. UBS Group cut their target price on 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 lifted their target price on Raymond James from $123.00 to $126.00 and gave the stock a “hold” rating in a research report on Friday, October 4th. TD Cowen lifted their target price on shares of Raymond James from $130.00 to $133.00 and gave the company a “hold” rating in a research report on Monday, July 8th. Wells Fargo & Company lifted their target price on shares of Raymond James from $138.00 to $140.00 and gave the company an “overweight” rating in a research note on Wednesday, October 9th. Finally, JPMorgan Chase & Co. decreased their price objective 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. Nine equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $133.36.

Insiders Place Their Bets

In related news, EVP Bella Loykhter Allaire sold 17,363 shares of the firm’s stock in a transaction that occurred 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. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, EVP Bella Loykhter Allaire sold 17,363 shares of the stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $115.00, for a total value of $1,996,745.00. Following the completion of the sale, the executive vice president now directly owns 75,586 shares of the company’s stock, valued at approximately $8,692,390. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Tashtego S. Elwyn sold 31,277 shares of the stock in a transaction on Monday, August 12th. The stock was sold at an average price of $109.64, for a total value of $3,429,210.28. Following the completion of the sale, the chief executive officer now owns 35,380 shares of the company’s stock, valued at $3,879,063.20. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 9.74% of the company’s stock.

Raymond James Stock Performance

NYSE RJF opened at $129.95 on Monday. The company has a 50-day simple moving average of $118.82 and a 200 day simple moving average of $120.61. Raymond James has a 52-week low of $91.67 and a 52-week high of $131.19. The company has a market capitalization of $26.76 billion, a PE ratio of 14.65, a price-to-earnings-growth ratio of 0.88 and a beta of 1.02. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.99 and a current ratio of 1.02.

Raymond James (NYSE:RJF) last released its quarterly earnings data on Wednesday, July 24th. The financial services provider reported $2.39 EPS for the quarter, topping the consensus estimate of $2.31 by $0.08. The company had revenue of $3.23 billion during the quarter, compared to the consensus estimate 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 period last year, the firm earned $1.85 EPS. On average, research analysts predict that Raymond James will post 9.57 EPS for the current year.

Raymond James Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st will be given a dividend of $0.45 per share. The ex-dividend date is Tuesday, October 1st. This represents a $1.80 annualized dividend and a yield of 1.39%. Raymond James’s payout ratio is currently 20.29%.

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.