Cardinal Capital Management Acquires 224 Shares of Raymond James Financial, Inc. $RJF

Cardinal Capital Management lifted its stake in Raymond James Financial, Inc. (NYSE:RJF) by 0.7% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 32,443 shares of the financial services provider’s stock after purchasing an additional 224 shares during the quarter. Cardinal Capital Management’s holdings in Raymond James Financial were worth $4,976,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the stock. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Raymond James Financial during the 1st quarter valued at about $25,000. Alpine Bank Wealth Management bought a new position in shares of Raymond James Financial in the first quarter worth approximately $27,000. Golden State Wealth Management LLC lifted 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 worth $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 worth approximately $33,000. Finally, TCTC Holdings LLC lifted 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 worth $40,000 after buying an additional 121 shares in the last quarter. 83.83% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have commented on RJF. Morgan Stanley increased their target price on Raymond James Financial from $136.00 to $180.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 15th. Citigroup reaffirmed a “neutral” rating and set a $180.00 price target (up from $170.00) on shares of Raymond James Financial in a report on Monday. Keefe, Bruyette & Woods upped 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 note on Thursday, July 24th. JPMorgan Chase & Co. upped their target price on shares of Raymond James Financial from $151.00 to $172.00 and gave the company a “neutral” rating in a research note on Thursday, July 24th. Finally, Wells Fargo & Company upped their target price on shares of Raymond James Financial from $155.00 to $163.00 and gave the company an “equal weight” rating in a research note on Friday, July 11th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and nine have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $165.30.

Raymond James Financial Trading Up 0.8%

Raymond James Financial stock opened at $175.44 on Tuesday. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.04 and a quick ratio of 1.02. The stock has a market cap of $34.98 billion, a P/E ratio of 17.20, a PEG ratio of 1.43 and a beta of 1.04. The firm’s 50 day moving average price is $166.14 and its 200-day moving average price is $151.96. Raymond James Financial, Inc. has a 1 year low of $117.57 and a 1 year high of $176.65.

Raymond James Financial (NYSE:RJF) last released its quarterly earnings data 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). Raymond James Financial had a return on equity of 18.38% and a net margin of 13.56%.The firm had revenue of $3.40 billion during the quarter, compared to the consensus estimate of $3.38 billion. During the same period in the previous year, the firm earned $2.39 EPS. The business’s revenue was up 5.3% compared to the same quarter last year. On average, equities analysts predict that Raymond James Financial, Inc. will post 11.17 earnings per share for the current fiscal 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 issued a $0.50 dividend. The ex-dividend date is Wednesday, October 1st. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.1%. Raymond James Financial’s payout ratio is 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.