Van ECK Associates Corp Raises Stock Position in Raymond James Financial, Inc. $RJF

Van ECK Associates Corp lifted its stake in Raymond James Financial, Inc. (NYSE:RJF) by 141.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 48,307 shares of the financial services provider’s stock after buying an additional 28,280 shares during the period. Van ECK Associates Corp’s holdings in Raymond James Financial were worth $7,344,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Empowered Funds LLC lifted its position in Raymond James Financial by 8.2% in the first quarter. Empowered Funds LLC now owns 4,142 shares of the financial services provider’s stock valued at $573,000 after acquiring an additional 314 shares during the last quarter. Woodline Partners LP grew its holdings in shares of Raymond James Financial by 41.8% during the first quarter. Woodline Partners LP now owns 15,580 shares of the financial services provider’s stock worth $2,164,000 after purchasing an additional 4,592 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of Raymond James Financial by 137.3% during the second quarter. EverSource Wealth Advisors LLC now owns 1,184 shares of the financial services provider’s stock worth $182,000 after purchasing an additional 685 shares during the last quarter. Brown Advisory Inc. increased its position in shares of Raymond James Financial by 15.1% during the second quarter. Brown Advisory Inc. now owns 2,268 shares of the financial services provider’s stock worth $348,000 after purchasing an additional 298 shares in the last quarter. Finally, Cresset Asset Management LLC purchased a new stake in shares of Raymond James Financial in the 2nd quarter valued at about $363,000. 83.83% of the stock is currently owned by institutional investors and hedge funds.

Raymond James Financial Stock Down 3.1%

Raymond James Financial stock opened at $172.65 on Wednesday. The stock’s 50 day moving average price is $170.99 and its 200 day moving average price is $158.23. Raymond James Financial, Inc. has a 1-year low of $138.82 and a 1-year high of $182.73. The company has a market cap of $33.21 billion, a PE ratio of 15.05, a price-to-earnings-growth ratio of 1.09 and a beta of 0.91. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.06 and a quick ratio of 1.03.

Raymond James Financial (NYSE:RJF) last released its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $3.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.91 by $0.23. Raymond James Financial had a return on equity of 19.07% and a net margin of 13.57%.The firm had revenue of $3.93 billion during the quarter, compared to analysts’ expectations of $3.87 billion. During the same quarter in the prior year, the business posted $2.18 earnings per share. Raymond James Financial’s revenue was up 15.6% compared to the same quarter last year. On average, sell-side analysts predict that Raymond James Financial, Inc. will post 12.07 EPS for the current fiscal year.

Raymond James Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Thursday, October 1st will be issued a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date is Thursday, October 1st. Raymond James Financial’s dividend payout ratio (DPR) is currently 18.83%.

Insider Activity

In other Raymond James Financial news, insider Bella Loykhter Allaire sold 7,500 shares of the company’s stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $177.60, for a total transaction of $1,332,000.00. Following the transaction, the insider directly owned 46,086 shares in the company, valued at approximately $8,184,873.60. This represents a 14.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Steven M. Raney sold 5,770 shares of the business’s stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $172.97, for a total value of $998,036.90. Following the sale, the insider directly owned 43,046 shares in the company, valued at $7,445,666.62. This trade represents a 11.82% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 23,270 shares of company stock worth $4,090,637 in the last 90 days. 0.58% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

RJF has been the subject of a number of research analyst reports. TD Cowen decreased their target price on Raymond James Financial from $161.00 to $160.00 and set a “hold” rating for the company in a research report on Tuesday. Morgan Stanley boosted their price objective on Raymond James Financial from $172.00 to $174.00 and gave the company an “equal weight” rating in a research note on Friday, July 10th. Citigroup reissued a “market outperform” rating on shares of Raymond James Financial in a report on Thursday, July 23rd. Citizens Jmp raised their target price on shares of Raymond James Financial from $200.00 to $205.00 and gave the stock a “market outperform” rating in a research report on Thursday, July 23rd. Finally, JPMorgan Chase & Co. lifted their target price on shares of Raymond James Financial from $175.00 to $179.00 and gave the company a “neutral” rating in a report on Thursday, July 23rd. Five equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $181.46.

Raymond James Financial Company Profile

Raymond James Financial is a diversified financial services firm headquartered in St. Petersburg, Florida. Founded in 1962, the company provides a range of services to individual investors, businesses and institutions through a combination of wealth management, capital markets, investment banking, asset management, banking and trust services. Its business model centers on a network of financial advisors and broker-dealer operations that deliver personalized financial planning, investment advisory services and brokerage solutions.

The firm’s core offerings include private client wealth management delivered by independent and employee advisors, equity and fixed-income research, institutional sales and trading, and investment banking services such as mergers and acquisitions advisory and capital raising.