Net Worth Advisory Group Has $603,000 Stock Position in Raymond James (NYSE:RJF)

Net Worth Advisory Group reduced its stake in Raymond James (NYSE:RJF) by 2.3% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,339 shares of the financial services provider’s stock after selling 104 shares during the period. Net Worth Advisory Group’s holdings in Raymond James were worth $603,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in RJF. TCTC Holdings LLC lifted its stake in Raymond James by 176.7% in the fourth quarter. TCTC Holdings LLC now owns 166 shares of the financial services provider’s stock valued at $26,000 after buying an additional 106 shares during the period. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Raymond James in the 1st quarter valued at about $25,000. Plato Investment Management Ltd raised its position in shares of Raymond James by 1,142.1% in the 4th quarter. Plato Investment Management Ltd now owns 236 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 217 shares during the period. Covestor Ltd boosted its stake in Raymond James by 56.7% during the 4th quarter. Covestor Ltd now owns 337 shares of the financial services provider’s stock worth $52,000 after acquiring an additional 122 shares during the last quarter. Finally, Mizuho Bank Ltd. bought a new position in Raymond James during the 4th quarter worth approximately $53,000. 83.83% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have commented on RJF. Citigroup lowered their target price on shares of Raymond James from $180.00 to $150.00 and set a “neutral” rating for the company in a research note on Wednesday, April 2nd. JMP Securities reissued a “market outperform” rating and issued a $175.00 price target on shares of Raymond James in a report on Thursday, April 24th. JPMorgan Chase & Co. lowered their price objective on shares of Raymond James from $149.00 to $143.00 and set a “neutral” rating for the company in a research report on Thursday, April 24th. Morgan Stanley lifted their target price on Raymond James from $149.00 to $161.00 and gave the stock an “equal weight” rating in a report on Tuesday, March 4th. Finally, Cowen reissued a “hold” rating on shares of Raymond James in a research note on Thursday, April 24th. Eleven analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $153.82.

Insiders Place Their Bets

In related news, insider James E. Bunn sold 3,650 shares of Raymond James stock in a transaction dated Monday, April 28th. The stock was sold at an average price of $136.49, for a total value of $498,188.50. Following the sale, the insider now owns 78,227 shares of the company’s stock, valued at approximately $10,677,203.23. The trade was a 4.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Bella Loykhter Allaire sold 6,570 shares of the company’s stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $146.61, for a total value of $963,227.70. Following the sale, the insider now owns 74,586 shares in the company, valued at $10,935,053.46. The trade was a 8.10% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.54% of the company’s stock.

Raymond James Price Performance

Shares of NYSE RJF opened at $147.79 on Thursday. The firm has a market cap of $29.82 billion, a PE ratio of 14.42, a PEG ratio of 0.90 and a beta of 1.03. The company has a current ratio of 1.03, a quick ratio of 1.01 and a debt-to-equity ratio of 0.35. Raymond James has a 1-year low of $104.24 and a 1-year high of $174.32. The company has a fifty day moving average price of $141.67 and a 200 day moving average price of $151.18.

Raymond James (NYSE:RJF) last issued its quarterly earnings results on Wednesday, April 23rd. The financial services provider reported $2.42 EPS for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.02). The firm had revenue of $3.40 billion during the quarter, compared to the consensus estimate of $3.46 billion. Raymond James had a net margin of 14.06% and a return on equity of 19.71%. The business’s revenue for the quarter was up 9.0% on a year-over-year basis. During the same quarter last year, the firm earned $2.31 earnings per share. Research analysts predict that Raymond James will post 11.17 earnings per share for the current fiscal year.

Raymond James Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Tuesday, July 1st will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 1.35%. The ex-dividend date of this dividend is Tuesday, July 1st. Raymond James’s payout ratio is 19.25%.

About Raymond James

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.