FDx Advisors Inc. Trims Stake in Raymond James (RJF)
FDx Advisors Inc. trimmed its stake in shares of Raymond James (NYSE:RJF) by 42.4% in the third quarter, HoldingsChannel.com reports. The fund owned 3,571 shares of the financial services provider’s stock after selling 2,633 shares during the period. FDx Advisors Inc.’s holdings in Raymond James were worth $329,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of the company. BlackRock Inc. lifted its position in shares of Raymond James by 0.3% during the 3rd quarter. BlackRock Inc. now owns 8,551,001 shares of the financial services provider’s stock valued at $787,118,000 after acquiring an additional 22,853 shares during the period. JPMorgan Chase & Co. lifted its position in shares of Raymond James by 0.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,642,714 shares of the financial services provider’s stock valued at $243,262,000 after acquiring an additional 11,510 shares during the period. Bank of New York Mellon Corp lifted its position in shares of Raymond James by 51.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,877,559 shares of the financial services provider’s stock valued at $167,759,000 after acquiring an additional 634,378 shares during the period. Frontier Capital Management Co. LLC lifted its position in shares of Raymond James by 6.6% during the 3rd quarter. Frontier Capital Management Co. LLC now owns 1,572,016 shares of the financial services provider’s stock valued at $144,704,000 after acquiring an additional 97,369 shares during the period. Finally, FMR LLC lifted its position in shares of Raymond James by 30.0% during the 2nd quarter. FMR LLC now owns 959,737 shares of the financial services provider’s stock valued at $85,753,000 after acquiring an additional 221,379 shares during the period. Institutional investors own 72.74% of the company’s stock.
Several research analysts recently issued reports on the company. Buckingham Research cut their price objective on Raymond James from $117.00 to $111.00 and set a “buy” rating for the company in a research report on Friday, October 26th. Zacks Investment Research upgraded Raymond James from a “sell” rating to a “hold” rating in a research report on Tuesday, November 20th. Wells Fargo & Co cut their price objective on Raymond James from $111.00 to $96.00 and set an “outperform” rating for the company in a research report on Friday, October 26th. Goldman Sachs Group assumed coverage on Raymond James in a research report on Tuesday, November 27th. They set a “neutral” rating and a $85.00 price objective for the company. Finally, Wolfe Research assumed coverage on Raymond James in a research report on Tuesday, September 25th. They set an “outperform” rating for the company. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $100.63.
Raymond James (NYSE:RJF) last issued its quarterly earnings data on Wednesday, October 24th. The financial services provider reported $1.68 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.81 by ($0.13). Raymond James had a return on equity of 15.72% and a net margin of 11.46%. The company had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.91 billion. On average, analysts forecast that Raymond James will post 7.48 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 17th. Investors of record on Thursday, January 3rd will be given a dividend of $0.34 per share. This is an increase from Raymond James’s previous quarterly dividend of $0.30. This represents a $1.36 annualized dividend and a dividend yield of 1.76%. The ex-dividend date of this dividend is Wednesday, January 2nd. Raymond James’s payout ratio is currently 18.55%.
In other news, insider Tashtego S. Elwyn bought 1,500 shares of the stock in a transaction on Monday, October 29th. The stock was purchased at an average cost of $73.75 per share, with a total value of $110,625.00. Following the purchase, the insider now owns 12,055 shares of the company’s stock, valued at $889,056.25. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP George Catanese sold 6,611 shares of Raymond James stock in a transaction that occurred on Tuesday, December 4th. The stock was sold at an average price of $78.71, for a total transaction of $520,351.81. Following the completion of the sale, the senior vice president now directly owns 6,180 shares of the company’s stock, valued at $486,427.80. The disclosure for this sale can be found here. Insiders own 10.46% of the company’s stock.
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Raymond James Profile
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.
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