Steven Raney Sells 5,770 Shares of Raymond James Financial (NYSE:RJF) Stock

Raymond James Financial, Inc. (NYSE:RJF) insider Steven Raney sold 5,770 shares of the business’s stock in a transaction on Monday, July 27th. The stock was sold at an average price of $172.97, for a total transaction of $998,036.90. Following the completion of the transaction, the insider directly owned 43,046 shares in the company, valued at $7,445,666.62. This trade represents a 11.82% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link.

Raymond James Financial Stock Performance

RJF opened at $174.14 on Thursday. The stock has a market capitalization of $33.94 billion, a price-to-earnings ratio of 15.18, a PEG ratio of 1.09 and a beta of 0.93. The company has a fifty day moving average of $158.34 and a 200 day moving average of $156.70. Raymond James Financial, Inc. has a fifty-two week low of $138.82 and a fifty-two week high of $178.28. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.05 and a current ratio of 1.07.

Raymond James Financial (NYSE:RJF) last announced its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $3.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.91 by $0.23. The company had revenue of $3.93 billion for the quarter, compared to the consensus estimate of $3.87 billion. Raymond James Financial had a net margin of 13.57% and a return on equity of 19.17%. Raymond James Financial’s revenue for the quarter was up 15.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.18 EPS. As a group, sell-side analysts forecast that Raymond James Financial, Inc. will post 12.04 earnings per share for the current fiscal year.

Raymond James Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Wednesday, July 1st were issued a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend was Wednesday, July 1st. Raymond James Financial’s payout ratio is 18.83%.

Institutional Investors Weigh In On Raymond James Financial

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RJF. Empowered Funds LLC increased its position in shares of Raymond James Financial by 8.2% during the 1st quarter. Empowered Funds LLC now owns 4,142 shares of the financial services provider’s stock valued at $573,000 after purchasing an additional 314 shares during the last quarter. Woodline Partners LP boosted its stake in Raymond James Financial by 41.8% during the first quarter. Woodline Partners LP now owns 15,580 shares of the financial services provider’s stock worth $2,164,000 after buying an additional 4,592 shares during the period. EverSource Wealth Advisors LLC increased its position in Raymond James Financial by 137.3% during the second quarter. EverSource Wealth Advisors LLC now owns 1,184 shares of the financial services provider’s stock valued at $182,000 after acquiring an additional 685 shares during the last quarter. Brown Advisory Inc. increased its position in Raymond James Financial by 15.1% during the second quarter. Brown Advisory Inc. now owns 2,268 shares of the financial services provider’s stock valued at $348,000 after acquiring an additional 298 shares during the last quarter. Finally, Cresset Asset Management LLC purchased a new stake in shares of Raymond James Financial in the second quarter valued at $363,000. 83.83% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Weiss Ratings restated a “buy (b-)” rating on shares of Raymond James Financial in a report on Wednesday, May 20th. Morgan Stanley upped their price objective on Raymond James Financial from $172.00 to $174.00 and gave the stock an “equal weight” rating in a report on Friday, July 10th. TD Cowen lowered their target price on Raymond James Financial from $162.00 to $161.00 and set a “hold” rating for the company in a research report on Thursday, July 23rd. Jefferies Financial Group cut their target price on shares of Raymond James Financial from $165.00 to $145.00 and set a “hold” rating for the company in a report on Monday, April 6th. Finally, Citizens Jmp boosted their price target on shares of Raymond James Financial from $200.00 to $205.00 and gave the stock a “market outperform” rating in a research report on Thursday, July 23rd. Four research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $179.64.

About Raymond James Financial

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.