Pinnacle Associates Ltd. Sells 10,211 Shares of Raymond James Financial, Inc. $RJF

Pinnacle Associates Ltd. decreased its holdings in shares of Raymond James Financial, Inc. (NYSE:RJF) by 7.6% in the 3rd quarter, Holdings Channel reports. The fund owned 123,575 shares of the financial services provider’s stock after selling 10,211 shares during the period. Pinnacle Associates Ltd.’s holdings in Raymond James Financial were worth $21,329,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. West Branch Capital LLC acquired a new stake in shares of Raymond James Financial in the 3rd quarter valued at approximately $26,000. Salomon & Ludwin LLC acquired a new position in Raymond James Financial during the 3rd quarter worth approximately $31,000. Quent Capital LLC bought a new position in Raymond James Financial in the 3rd quarter valued at approximately $33,000. Anfield Capital Management LLC bought a new position in Raymond James Financial in the 3rd quarter valued at approximately $33,000. Finally, Clearstead Trust LLC boosted its position in Raymond James Financial by 174.0% in the third quarter. Clearstead Trust LLC now owns 285 shares of the financial services provider’s stock valued at $49,000 after buying an additional 181 shares in the last quarter. Institutional investors own 83.83% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on RJF shares. TD Cowen reaffirmed a “hold” rating on shares of Raymond James Financial in a research note on Wednesday, January 14th. Bank of America increased their price target on Raymond James Financial from $194.00 to $196.00 and gave the company a “neutral” rating in a research note on Wednesday, December 10th. Morgan Stanley restated a “positive” rating on shares of Raymond James Financial in a research report on Monday, December 22nd. Barclays initiated coverage on Raymond James Financial in a report on Wednesday, January 28th. They issued an “overweight” rating and a $191.00 target price for the company. Finally, UBS Group set a $176.00 target price on Raymond James Financial and gave the company a “neutral” rating in a research report on Thursday, December 11th. Five research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $182.17.

Raymond James Financial Price Performance

Shares of RJF opened at $152.11 on Monday. Raymond James Financial, Inc. has a 1 year low of $117.57 and a 1 year high of $177.66. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.06 and a quick ratio of 1.04. The company has a market capitalization of $29.98 billion, a price-to-earnings ratio of 14.88, a price-to-earnings-growth ratio of 1.13 and a beta of 1.00. The business has a 50-day moving average of $163.81 and a 200-day moving average of $163.95.

Raymond James Financial (NYSE:RJF) last posted its quarterly earnings data on Wednesday, January 28th. The financial services provider reported $2.86 EPS for the quarter, topping analysts’ consensus estimates of $2.83 by $0.03. The company had revenue of $3.74 billion for the quarter, compared to analyst estimates of $3.83 billion. Raymond James Financial had a return on equity of 17.65% and a net margin of 13.07%.The firm’s quarterly revenue was up 5.6% on a year-over-year basis. During the same period in the previous year, the firm earned $2.93 earnings per share. As a group, equities research analysts anticipate that Raymond James Financial, Inc. will post 11.17 earnings per share for the current year.

Raymond James Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Wednesday, April 1st will be given a $0.54 dividend. The ex-dividend date is Wednesday, April 1st. This represents a $2.16 dividend on an annualized basis and a dividend yield of 1.4%. Raymond James Financial’s payout ratio is 21.14%.

Insider Activity at Raymond James Financial

In other news, insider Paul C. Reilly sold 130,687 shares of the company’s stock in a transaction on Monday, December 15th. The shares were sold at an average price of $163.15, for a total value of $21,321,584.05. Following the sale, the insider directly owned 260,546 shares of the company’s stock, valued at approximately $42,508,079.90. This represents a 33.40% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.58% of the company’s stock.

Raymond James Financial Company Profile

Raymond James Financial is a diversified financial services firm headquartered in St. Petersburg, Florida. Founded in 1962, the company provides a range of services to individual investors, businesses and institutions through a combination of wealth management, capital markets, investment banking, asset management, banking and trust services. Its business model centers on a network of financial advisors and broker-dealer operations that deliver personalized financial planning, investment advisory services and brokerage solutions.

The firm’s core offerings include private client wealth management delivered by independent and employee advisors, equity and fixed-income research, institutional sales and trading, and investment banking services such as mergers and acquisitions advisory and capital raising.