Cibc World Market Inc. Invests $2.05 Million in Raymond James Financial, Inc. $RJF

Cibc World Market Inc. acquired a new stake in Raymond James Financial, Inc. (NYSE:RJF) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 13,483 shares of the financial services provider’s stock, valued at approximately $2,050,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in shares of Raymond James Financial during the second quarter worth about $2,180,699,000. First Trust Advisors LP boosted its holdings in Raymond James Financial by 18.3% in the fourth quarter. First Trust Advisors LP now owns 3,071,996 shares of the financial services provider’s stock valued at $493,332,000 after acquiring an additional 474,477 shares during the last quarter. Victory Capital Management Inc. lifted its stake in shares of Raymond James Financial by 0.8% in the 4th quarter. Victory Capital Management Inc. now owns 2,785,857 shares of the financial services provider’s stock valued at $447,381,000 after purchasing an additional 21,856 shares in the last quarter. Bank of America Corp DE raised its holdings in Raymond James Financial by 9.9% in the first quarter. Bank of America Corp DE now owns 2,449,760 shares of the financial services provider’s stock valued at $354,701,000 after buying an additional 220,227 shares during the period. Finally, Dimensional Fund Advisors LP lifted its position in Raymond James Financial by 1.8% during the first quarter. Dimensional Fund Advisors LP now owns 2,399,638 shares of the financial services provider’s stock valued at $347,390,000 after buying an additional 41,413 shares in the last quarter. 83.83% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. UBS Group set a $184.00 price target on shares of Raymond James Financial and gave the stock a “neutral” rating in a research report on Monday, July 27th. Morgan Stanley upped their target price on Raymond James Financial from $172.00 to $174.00 and gave the stock an “equal weight” rating in a research report on Friday, July 10th. JPMorgan Chase & Co. raised their target price on Raymond James Financial from $175.00 to $179.00 and gave the company a “neutral” rating in a report on Thursday, July 23rd. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Raymond James Financial in a research report on Monday, August 17th. Finally, BMO Capital Markets reissued a “market perform” rating and set a $175.00 target price (up from $160.00) on shares of Raymond James Financial in a research report on Thursday, July 23rd. Five research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $181.00.

Insider Activity at Raymond James Financial

In related news, 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 transaction of $998,036.90. Following 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Tashtego S. Elwyn sold 10,000 shares of Raymond James Financial stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $176.06, for a total value of $1,760,600.00. Following the transaction, the insider owned 45,114 shares in the company, valued at approximately $7,942,770.84. This trade represents a 18.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.58% of the stock is owned by company insiders.

Raymond James Financial Stock Performance

Shares of Raymond James Financial stock opened at $176.85 on Thursday. The firm has a market cap of $34.02 billion, a PE ratio of 15.42, a price-to-earnings-growth ratio of 1.07 and a beta of 0.92. Raymond James Financial, Inc. has a 1 year low of $138.82 and a 1 year high of $182.73. The firm’s 50-day simple moving average is $169.39 and its 200-day simple moving average is $157.93. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.03 and a current ratio of 1.06.

Raymond James Financial (NYSE:RJF) last released its 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. Raymond James Financial had a return on equity of 19.07% and a net margin of 13.57%.The company had revenue of $3.93 billion for the quarter, compared to the consensus estimate of $3.87 billion. During the same quarter last year, the business posted $2.18 EPS. Raymond James Financial’s quarterly revenue was up 15.6% compared to the same quarter last year. Equities analysts forecast that Raymond James Financial, Inc. will post 12.07 earnings per share for the current fiscal year.

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.