Sovereign Financial Group Inc. Buys New Shares in Raymond James Financial, Inc. $RJF

Sovereign Financial Group Inc. bought a new stake in Raymond James Financial, Inc. (NYSE:RJF) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 1,351 shares of the financial services provider’s stock, valued at approximately $207,000.

Several other hedge funds and other institutional investors have also made changes to their positions in RJF. Alpine Bank Wealth Management bought a new position in shares of Raymond James Financial in the first quarter valued at $27,000. Golden State Wealth Management LLC grew its stake in shares of Raymond James Financial by 164.0% in the first quarter. Golden State Wealth Management LLC now owns 198 shares of the financial services provider’s stock valued at $28,000 after buying an additional 123 shares in the last quarter. Olde Wealth Management LLC bought a new position in shares of Raymond James Financial in the first quarter valued at $33,000. TCTC Holdings LLC grew its stake in shares of Raymond James Financial by 72.9% in the first quarter. TCTC Holdings LLC now owns 287 shares of the financial services provider’s stock valued at $40,000 after buying an additional 121 shares in the last quarter. Finally, Larson Financial Group LLC grew its stake in shares of Raymond James Financial by 364.3% in the first quarter. Larson Financial Group LLC now owns 325 shares of the financial services provider’s stock valued at $45,000 after buying an additional 255 shares in the last quarter. 83.83% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have commented on RJF. BMO Capital Markets began coverage on shares of Raymond James Financial in a research report on Friday, October 3rd. They set a “market perform” rating and a $180.00 price objective for the company. Citigroup reaffirmed an “outperform” rating on shares of Raymond James Financial in a research report on Thursday. JMP Securities lifted their price objective on shares of Raymond James Financial from $180.00 to $185.00 and gave the stock a “market outperform” rating in a research report on Thursday. JPMorgan Chase & Co. lifted their price objective on shares of Raymond James Financial from $172.00 to $178.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 7th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Raymond James Financial from $167.00 to $170.00 and gave the stock a “market perform” rating in a research report on Thursday, July 24th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and nine have given a Hold rating to the company’s stock. Based on data from MarketBeat, Raymond James Financial presently has a consensus rating of “Hold” and an average price target of $172.20.

Raymond James Financial Trading Down 2.3%

Shares of Raymond James Financial stock opened at $160.36 on Monday. The firm has a 50-day moving average of $167.78 and a 200-day moving average of $154.55. The stock has a market cap of $31.97 billion, a PE ratio of 15.72, a PEG ratio of 1.22 and a beta of 1.03. Raymond James Financial, Inc. has a 52-week low of $117.57 and a 52-week high of $177.66. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.02 and a current ratio of 1.04.

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

Raymond James Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Wednesday, October 1st will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend is Wednesday, October 1st. Raymond James Financial’s payout ratio is presently 19.61%.

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.