Bank of New York Mellon Corp Trims Stock Holdings in Raymond James Financial, Inc. $RJF

Bank of New York Mellon Corp lowered its position in shares of Raymond James Financial, Inc. (NYSE:RJF) by 19.4% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 996,857 shares of the financial services provider’s stock after selling 239,647 shares during the period. Bank of New York Mellon Corp’s holdings in Raymond James Financial were worth $152,888,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the business. Victory Capital Management Inc. grew its position in shares of Raymond James Financial by 1,502.0% in the 1st quarter. Victory Capital Management Inc. now owns 1,883,139 shares of the financial services provider’s stock worth $261,587,000 after buying an additional 1,765,588 shares during the period. Nuveen LLC purchased a new position in Raymond James Financial during the 1st quarter valued at about $111,368,000. Goldman Sachs Group Inc. boosted its stake in Raymond James Financial by 44.4% during the first quarter. Goldman Sachs Group Inc. now owns 1,708,333 shares of the financial services provider’s stock worth $237,305,000 after acquiring an additional 525,134 shares in the last quarter. Invesco Ltd. grew its holdings in Raymond James Financial by 19.1% in the first quarter. Invesco Ltd. now owns 2,901,435 shares of the financial services provider’s stock worth $403,038,000 after purchasing an additional 466,129 shares during the period. Finally, Ameriprise Financial Inc. increased its stake in shares of Raymond James Financial by 165.9% during the first quarter. Ameriprise Financial Inc. now owns 686,647 shares of the financial services provider’s stock valued at $95,381,000 after purchasing an additional 428,396 shares in the last quarter. Institutional investors own 83.83% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on RJF. Cowen reissued a “hold” rating on shares of Raymond James Financial in a research report on Thursday, October 23rd. Morgan Stanley lifted their price objective on Raymond James Financial from $176.00 to $184.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 1st. Wells Fargo & Company boosted their target price on Raymond James Financial from $155.00 to $163.00 and gave the stock an “equal weight” rating in a report on Friday, July 11th. JMP Securities raised their price target on Raymond James Financial from $185.00 to $190.00 and gave the company a “market outperform” rating in a report on Thursday, October 23rd. Finally, Keefe, Bruyette & Woods lifted their price target on Raymond James Financial from $174.00 to $181.00 and gave the stock a “market perform” rating in a research report on Thursday, October 23rd. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $177.20.

Raymond James Financial Stock Performance

Shares of RJF opened at $160.93 on Friday. The company has a market cap of $32.09 billion, a price-to-earnings ratio of 15.64, a P/E/G ratio of 1.19 and a beta of 1.05. The business’s fifty day simple moving average is $166.24 and its two-hundred day simple moving average is $158.12. 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.

Raymond James Financial (NYSE:RJF) last announced its quarterly earnings results on Wednesday, October 22nd. The financial services provider reported $3.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $3.64 billion. During the same period in the prior year, the company posted $2.95 earnings per share. The company’s quarterly revenue was up 7.7% on a year-over-year basis. Research analysts anticipate that Raymond James Financial, Inc. will post 11.17 earnings per share for the current fiscal year.

Raymond James Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Wednesday, October 1st were issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend was Wednesday, October 1st. Raymond James Financial’s dividend payout ratio (DPR) is presently 19.44%.

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.