Raymond James Financial, Inc. (NYSE:RJF) Position Lessened by Harfst & Associates Inc.

Harfst & Associates Inc. lessened its stake in Raymond James Financial, Inc. (NYSE:RJF) by 7.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,040,956 shares of the financial services provider’s stock after selling 85,252 shares during the period. Raymond James Financial accounts for approximately 33.4% of Harfst & Associates Inc.’s investment portfolio, making the stock its largest holding. Harfst & Associates Inc. owned about 0.51% of Raymond James Financial worth $144,599,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of RJF. Vanguard Group Inc. grew its stake in Raymond James Financial by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 22,244,204 shares of the financial services provider’s stock worth $3,089,942,000 after buying an additional 347,916 shares during the last quarter. Invesco Ltd. increased its holdings in shares of Raymond James Financial by 19.1% during the first quarter. Invesco Ltd. now owns 2,901,435 shares of the financial services provider’s stock valued at $403,038,000 after acquiring an additional 466,129 shares in the last quarter. Earnest Partners LLC boosted its stake in Raymond James Financial by 1.0% in the 4th quarter. Earnest Partners LLC now owns 2,533,666 shares of the financial services provider’s stock worth $393,554,000 after purchasing an additional 24,195 shares in the last quarter. Massachusetts Financial Services Co. MA raised its holdings in shares of Raymond James Financial by 8.3% in the first quarter. Massachusetts Financial Services Co. MA now owns 2,335,254 shares of the financial services provider’s stock worth $324,390,000 after buying an additional 178,262 shares during the last quarter. Finally, Northern Trust Corp increased its position in shares of Raymond James Financial by 18.4% in the 4th quarter. Northern Trust Corp now owns 2,107,218 shares of the financial services provider’s stock valued at $327,314,000 after acquiring an additional 327,739 shares during the period. 83.83% of the stock is owned by hedge funds and other institutional investors.

Raymond James Financial Stock Down 2.7%

Shares of NYSE:RJF opened at $163.74 on Thursday. Raymond James Financial, Inc. has a fifty-two week low of $111.95 and a fifty-two week high of $174.32. The firm’s 50 day moving average price is $157.46 and its 200 day moving average price is $150.32. The company has a quick ratio of 1.02, a current ratio of 1.04 and a debt-to-equity ratio of 0.33. The stock has a market cap of $32.65 billion, a price-to-earnings ratio of 16.05, a price-to-earnings-growth ratio of 1.38 and a beta of 1.05.

Raymond James Financial (NYSE:RJF) last issued its earnings results on Wednesday, July 23rd. The financial services provider reported $2.18 earnings per share for the quarter, missing the consensus estimate of $2.36 by ($0.18). The business had revenue of $3.40 billion for the quarter, compared to analyst estimates of $3.38 billion. Raymond James Financial had a return on equity of 18.38% and a net margin of 13.56%. Raymond James Financial’s revenue was up 5.3% on a year-over-year basis. During the same period last year, the business posted $2.39 EPS. As a group, equities research analysts predict that Raymond James Financial, Inc. will post 11.17 earnings per share for the current fiscal year.

Raymond James Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Tuesday, July 1st were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Tuesday, July 1st. This represents a $2.00 annualized dividend and a yield of 1.2%. Raymond James Financial’s payout ratio is 19.61%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Citigroup reiterated an “outperform” rating on shares of Raymond James Financial in a research report on Monday, July 14th. Cowen reiterated a “hold” rating on shares of Raymond James Financial in a research note on Thursday, April 24th. Keefe, Bruyette & Woods boosted their target price on shares of Raymond James Financial from $167.00 to $170.00 and gave the company a “market perform” rating in a research report on Thursday, July 24th. Morgan Stanley increased their price target on Raymond James Financial from $136.00 to $180.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 15th. Finally, JPMorgan Chase & Co. lifted their price objective on Raymond James Financial from $151.00 to $172.00 and gave the company a “neutral” rating in a research note on Thursday, July 24th. Nine research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $163.80.

Insider Buying and Selling

In other news, insider Bella Loykhter Allaire sold 6,570 shares of the stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $146.61, for a total value of $963,227.70. Following the completion of the sale, the insider directly owned 74,586 shares of the company’s stock, valued at approximately $10,935,053.46. This represents a 8.10% 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 this hyperlink. 0.54% of the stock is currently owned by company insiders.

About Raymond James Financial

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.