Man Group plc Makes New $6.94 Million Investment in Raymond James Financial, Inc. $RJF

Man Group plc bought a new position in shares of Raymond James Financial, Inc. (NYSE:RJF) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 45,645 shares of the financial services provider’s stock, valued at approximately $6,939,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Reflection Asset Management purchased a new position in Raymond James Financial in the fourth quarter worth $28,000. Hilton Head Capital Partners LLC bought a new stake in shares of Raymond James Financial during the 4th quarter worth $35,000. Jones Financial Companies Lllp bought a new stake in shares of Raymond James Financial during the 2nd quarter worth $36,000. Steigerwald Gordon & Koch Inc. boosted its holdings in shares of Raymond James Financial by 760.0% in the 1st quarter. Steigerwald Gordon & Koch Inc. now owns 258 shares of the financial services provider’s stock worth $37,000 after buying an additional 228 shares during the last quarter. Finally, Clearstead Trust LLC bought a new position in Raymond James Financial during the second quarter valued at about $40,000. Hedge funds and other institutional investors own 83.83% of the company’s stock.

Raymond James Financial Stock Up 1.9%

Shares of NYSE RJF opened at $179.50 on Friday. The company has a quick ratio of 1.03, a current ratio of 1.06 and a debt-to-equity ratio of 0.43. The company has a market cap of $34.53 billion, a P/E ratio of 15.65, a P/E/G ratio of 1.10 and a beta of 0.92. Raymond James Financial, Inc. has a 52 week low of $138.82 and a 52 week high of $182.73. The business has a 50-day simple moving average of $170.25 and a two-hundred day simple moving average of $158.11.

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, topping analysts’ consensus estimates of $2.91 by $0.23. The firm 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 19.07%. The company’s revenue for the quarter was up 15.6% on a year-over-year basis. During the same period in the prior year, the firm posted $2.18 earnings per share. Research analysts anticipate that Raymond James Financial, Inc. will post 12.07 earnings per share for the current fiscal year.

Raymond James Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Thursday, October 1st will be issued a dividend of $0.54 per share. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $2.16 annualized dividend and a dividend yield of 1.2%. Raymond James Financial’s payout ratio is presently 18.83%.

Insider Activity at Raymond James Financial

In other news, insider Tashtego S. Elwyn sold 10,000 shares of the stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $176.06, for a total value of $1,760,600.00. Following the transaction, the insider owned 45,114 shares of the company’s stock, valued at $7,942,770.84. This represents a 18.14% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Steven M. Raney sold 5,770 shares of Raymond James Financial 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 sale, the insider directly owned 43,046 shares of the company’s stock, valued at $7,445,666.62. This represents a 11.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.58% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have recently issued reports on RJF. Weiss Ratings restated a “buy (b-)” rating on shares of Raymond James Financial in a research note on Monday, August 17th. Citizens Jmp boosted their target price on Raymond James Financial from $200.00 to $205.00 and gave the company a “market outperform” rating in a research note on Thursday, July 23rd. Argus increased their price target on Raymond James Financial from $178.00 to $196.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. UBS Group set a $184.00 price objective on Raymond James Financial and gave the company a “neutral” rating in a research note on Monday, July 27th. Finally, TD Cowen dropped their price objective on shares of Raymond James Financial from $162.00 to $161.00 and set a “hold” rating on the stock in a report on Thursday, July 23rd. Five analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat, Raymond James Financial currently has a consensus rating of “Hold” and a consensus price target of $181.00.

Raymond James Financial 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.