Short Interest in Raymond James (NYSE:RJF) Drops By 5.8%

Raymond James (NYSE:RJF) saw a significant drop in short interest during the month of October. As of October 31st, there was short interest totalling 2,430,000 shares, a drop of 5.8% from the September 30th total of 2,580,000 shares. Based on an average daily volume of 934,400 shares, the short-interest ratio is presently 2.6 days. Approximately 2.0% of the shares of the company are short sold.

A number of research analysts have issued reports on RJF shares. Citigroup cut their price objective on Raymond James from $87.00 to $86.00 and set a “neutral” rating for the company in a report on Thursday, September 19th. ValuEngine cut Raymond James from a “sell” rating to a “strong sell” rating in a report on Tuesday, October 29th. Finally, Credit Suisse Group lifted their price target on Raymond James from $97.00 to $98.00 and gave the company a “neutral” rating in a report on Friday, October 25th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $92.00.

RJF stock traded down $0.08 during midday trading on Tuesday, reaching $89.36. The stock had a trading volume of 7,863 shares, compared to its average volume of 810,841. The business has a fifty day simple moving average of $83.83 and a two-hundred day simple moving average of $83.06. The company has a quick ratio of 1.08, a current ratio of 1.11 and a debt-to-equity ratio of 0.42. The firm has a market cap of $12.41 billion, a price-to-earnings ratio of 12.08 and a beta of 1.52. Raymond James has a twelve month low of $69.11 and a twelve month high of $92.00.

Raymond James (NYSE:RJF) last announced its quarterly earnings data on Wednesday, October 23rd. The financial services provider reported $2.00 EPS for the quarter, topping the Zacks’ consensus estimate of $1.99 by $0.01. Raymond James had a return on equity of 16.67% and a net margin of 12.89%. The firm had revenue of $2.02 billion during the quarter, compared to analyst estimates of $1.99 billion. During the same period last year, the company earned $1.68 earnings per share. The company’s revenue was up 6.5% on a year-over-year basis. On average, equities analysts predict that Raymond James will post 8.05 earnings per share for the current fiscal year.

In other news, CFO Jeffrey P. Julien sold 15,756 shares of the firm’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $78.59, for a total value of $1,238,264.04. Following the sale, the chief financial officer now owns 39,592 shares in the company, valued at $3,111,535.28. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Paul D. Allison sold 1,950 shares of the firm’s stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $84.50, for a total transaction of $164,775.00. Following the completion of the sale, the chief executive officer now owns 41,852 shares in the company, valued at approximately $3,536,494. The disclosure for this sale can be found here. In the last quarter, insiders have sold 51,523 shares of company stock worth $4,329,712. Corporate insiders own 10.74% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the stock. Bank of Montreal Can lifted its position in shares of Raymond James by 648.8% during the 2nd quarter. Bank of Montreal Can now owns 758,259 shares of the financial services provider’s stock worth $64,111,000 after buying an additional 656,997 shares during the last quarter. First Trust Advisors LP lifted its stake in shares of Raymond James by 519.8% in the 2nd quarter. First Trust Advisors LP now owns 772,906 shares of the financial services provider’s stock valued at $65,349,000 after acquiring an additional 648,198 shares during the last quarter. Nuveen Asset Management LLC lifted its stake in shares of Raymond James by 119.1% in the 2nd quarter. Nuveen Asset Management LLC now owns 1,146,700 shares of the financial services provider’s stock valued at $96,954,000 after acquiring an additional 623,322 shares during the last quarter. Marshall Wace LLP bought a new stake in shares of Raymond James in the 2nd quarter valued at about $38,700,000. Finally, Bank of New York Mellon Corp lifted its stake in shares of Raymond James by 10.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,787,923 shares of the financial services provider’s stock valued at $151,170,000 after acquiring an additional 175,088 shares during the last quarter. Institutional investors and hedge funds own 69.85% of the company’s stock.

Raymond James Company 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.

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