State of Michigan Retirement System Grows Stake in Raymond James Financial, Inc. $RJF

State of Michigan Retirement System boosted its stake in shares of Raymond James Financial, Inc. (NYSE:RJF) by 4.0% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 52,044 shares of the financial services provider’s stock after purchasing an additional 2,000 shares during the period. State of Michigan Retirement System’s holdings in Raymond James Financial were worth $7,982,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Princeton Global Asset Management LLC lifted its position in Raymond James Financial by 69.0% during the second quarter. Princeton Global Asset Management LLC now owns 245 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 100 shares in the last quarter. TCTC Holdings LLC lifted its position in Raymond James Financial by 72.9% during the first quarter. TCTC Holdings LLC now owns 287 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 121 shares in the last quarter. Larson Financial Group LLC lifted its position in Raymond James Financial by 364.3% during the first quarter. Larson Financial Group LLC now owns 325 shares of the financial services provider’s stock valued at $45,000 after purchasing an additional 255 shares in the last quarter. TD Private Client Wealth LLC lifted its position in Raymond James Financial by 47.2% during the second quarter. TD Private Client Wealth LLC now owns 337 shares of the financial services provider’s stock valued at $52,000 after purchasing an additional 108 shares in the last quarter. Finally, Zions Bancorporation National Association UT purchased a new position in Raymond James Financial during the first quarter valued at $60,000. 83.83% of the stock is currently owned by hedge funds and other institutional investors.

Raymond James Financial Trading Up 0.0%

Shares of RJF stock opened at $158.70 on Tuesday. Raymond James Financial, Inc. has a 12-month low of $117.57 and a 12-month high of $177.66. The company has a current ratio of 1.04, a quick ratio of 1.02 and a debt-to-equity ratio of 0.33. The stock’s 50-day moving average price is $166.77 and its 200-day moving average price is $157.92. The stock has a market capitalization of $31.64 billion, a price-to-earnings ratio of 15.42, a price-to-earnings-growth ratio of 1.19 and a beta of 1.03.

Raymond James Financial (NYSE:RJF) last issued its earnings results on Wednesday, October 22nd. The financial services provider reported $3.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.83 by $0.28. Raymond James Financial had a return on equity of 18.33% and a net margin of 13.42%.The firm had revenue of $3.73 billion for the quarter, compared to analysts’ expectations of $3.64 billion. During the same period in the previous year, the firm posted $2.95 earnings per share. The business’s revenue was up 7.7% compared to the same quarter last year. Equities research analysts predict that Raymond James Financial, Inc. will post 11.17 EPS for the current fiscal year.

Raymond James Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Wednesday, October 1st were issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 1.3%. The ex-dividend date of this dividend was Wednesday, October 1st. Raymond James Financial’s payout ratio is 19.44%.

Analyst Ratings Changes

Several equities analysts recently weighed in on RJF shares. Weiss Ratings reiterated a “hold (c+)” rating on shares of Raymond James Financial in a research report on Wednesday, October 8th. TD Cowen boosted their price objective on Raymond James Financial from $175.00 to $180.00 and gave the company a “hold” rating in a research report on Thursday, October 23rd. Keefe, Bruyette & Woods boosted their price objective on Raymond James Financial from $174.00 to $181.00 and gave the company a “market perform” rating in a research report on Thursday, October 23rd. BMO Capital Markets boosted their price objective on Raymond James Financial from $180.00 to $182.00 and gave the company a “market perform” rating in a research report on Thursday, October 23rd. Finally, Cowen restated a “hold” rating on shares of Raymond James Financial in a research report on Thursday, October 23rd. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat.com, Raymond James Financial presently has a consensus rating of “Hold” and an average price target of $177.20.

Raymond James Financial 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.