Thornburg Investment Management Inc. Takes $5.05 Million Position in Raymond James Financial, Inc. $RJF

Thornburg Investment Management Inc. acquired a new position in Raymond James Financial, Inc. (NYSE:RJF) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 33,203 shares of the financial services provider’s stock, valued at approximately $5,048,000.

A number of other institutional investors have also recently made changes to their positions in RJF. Reflection Asset Management acquired a new position in shares of Raymond James Financial in the fourth quarter worth approximately $28,000. Hilton Head Capital Partners LLC bought a new position in Raymond James Financial during the 4th quarter worth approximately $35,000. Jones Financial Companies Lllp acquired a new position in shares of Raymond James Financial in the 2nd quarter worth approximately $36,000. Steigerwald Gordon & Koch Inc. boosted its stake 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 valued at $37,000 after purchasing an additional 228 shares during the last quarter. Finally, Clearstead Trust LLC acquired a new stake in shares of Raymond James Financial during the second quarter worth $40,000. Institutional investors own 83.83% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Citigroup restated a “market outperform” rating on shares of Raymond James Financial in a report on Thursday, July 23rd. BMO Capital Markets reiterated a “market perform” rating and set a $175.00 price objective (up from $160.00) on shares of Raymond James Financial in a report on Thursday, July 23rd. Morgan Stanley raised their target price on Raymond James Financial from $172.00 to $174.00 and gave the company an “equal weight” rating in a research note on Friday, July 10th. Argus increased their price target on Raymond James Financial from $178.00 to $196.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. Finally, Barclays increased their target price on Raymond James Financial from $192.00 to $196.00 and gave the stock an “overweight” rating in a report on Thursday, July 23rd. Five research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat.com, Raymond James Financial has a consensus rating of “Hold” and a consensus price target of $181.00.

Insider Activity

In other news, insider Steven M. Raney sold 5,770 shares of the stock in a transaction that occurred on Monday, July 27th. The shares were 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 of the company’s stock, valued at $7,445,666.62. This represents a 11.82% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Tashtego S. Elwyn sold 10,000 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the insider owned 45,114 shares in the company, valued at approximately $7,942,770.84. The trade was a 18.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.58% of the company’s stock.

Raymond James Financial Trading Up 1.9%

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

Raymond James Financial (NYSE:RJF) last released its earnings results on Wednesday, July 22nd. The financial services provider reported $3.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.91 by $0.23. Raymond James Financial had a return on equity of 19.07% and a net margin of 13.57%.The company had revenue of $3.93 billion during the quarter, compared to analyst estimates of $3.87 billion. During the same period in the prior year, the company posted $2.18 earnings per share. Raymond James Financial’s quarterly revenue was up 15.6% on a year-over-year basis. On average, equities analysts expect that Raymond James Financial, Inc. will post 12.07 earnings per share for the current fiscal year.

Raymond James Financial Announces Dividend

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

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.