Palmer Knight Co Purchases New Shares in Raymond James Financial, Inc. $RJF

Palmer Knight Co acquired a new stake in shares of Raymond James Financial, Inc. (NYSE:RJF) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 42,771 shares of the financial services provider’s stock, valued at approximately $6,502,000. Raymond James Financial comprises 2.5% of Palmer Knight Co’s investment portfolio, making the stock its 23rd biggest holding.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Great Lakes Advisors LLC purchased a new stake in shares of Raymond James Financial during the 2nd quarter valued at about $340,000. BOK Financial Private Wealth Inc. purchased a new position in Raymond James Financial in the second quarter worth about $142,000. Danske Bank A S purchased a new position in Raymond James Financial in the second quarter worth about $21,519,000. Diversify Advisory Services LLC bought a new stake in Raymond James Financial during the second quarter worth approximately $388,000. Finally, Wealthfront Advisers LLC bought a new stake in Raymond James Financial during the second quarter worth approximately $3,867,000. 83.83% of the stock is owned by hedge funds and other institutional investors.

Raymond James Financial Stock Down 0.2%

NYSE:RJF opened at $179.19 on Wednesday. The company has a market cap of $34.47 billion, a price-to-earnings ratio of 15.62, a price-to-earnings-growth ratio of 1.11 and a beta of 0.92. Raymond James Financial, Inc. has a twelve month low of $138.82 and a twelve month high of $182.73. The company has a current ratio of 1.06, a quick ratio of 1.03 and a debt-to-equity ratio of 0.43. The stock has a fifty day simple moving average of $166.85 and a 200-day simple moving average of $157.58.

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

Analysts Set New Price Targets

A number of brokerages have issued reports on RJF. Weiss Ratings restated a “buy (b-)” rating on shares of Raymond James Financial in a research report on Monday. TD Cowen dropped their target price on Raymond James Financial from $162.00 to $161.00 and set a “hold” rating for the company in a report on Thursday, July 23rd. UBS Group set a $184.00 target price on Raymond James Financial and gave the company a “neutral” rating in a research report on Monday, July 27th. JPMorgan Chase & Co. increased their price target on Raymond James Financial from $175.00 to $179.00 and gave the company a “neutral” rating in a report on Thursday, July 23rd. Finally, Argus raised their price target on Raymond James Financial from $178.00 to $196.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. Five research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. According to MarketBeat, Raymond James Financial has an average rating of “Hold” and a consensus target price of $181.00.

Insider Transactions at Raymond James Financial

In other news, insider Tashtego S. Elwyn sold 10,000 shares of Raymond James Financial stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $176.06, for a total transaction of $1,760,600.00. Following the completion of the sale, the insider owned 45,114 shares of the company’s stock, valued at approximately $7,942,770.84. The trade was a 18.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible 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 shares were sold at an average price of $172.97, for a total value of $998,036.90. Following the completion of the sale, the insider owned 43,046 shares of the company’s stock, valued at $7,445,666.62. The trade was a 11.82% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.58% of the stock is owned by corporate insiders.

Raymond James Financial 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.