Connor Clark & Lunn Investment Management Ltd. Makes New Investment in Raymond James Financial, Inc. $RJF

Connor Clark & Lunn Investment Management Ltd. acquired a new position in Raymond James Financial, Inc. (NYSE:RJF) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 24,618 shares of the financial services provider’s stock, valued at approximately $3,776,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Raymond James Financial by 4.4% in the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 355,159 shares of the financial services provider’s stock worth $54,471,000 after acquiring an additional 15,007 shares during the last quarter. Parkside Financial Bank & Trust lifted its stake in Raymond James Financial by 16.9% in the second quarter. Parkside Financial Bank & Trust now owns 698 shares of the financial services provider’s stock worth $107,000 after purchasing an additional 101 shares during the last quarter. Penserra Capital Management LLC boosted its position in Raymond James Financial by 11.7% during the second quarter. Penserra Capital Management LLC now owns 1,020 shares of the financial services provider’s stock valued at $155,000 after buying an additional 107 shares during the period. Vestmark Advisory Solutions Inc. bought a new position in shares of Raymond James Financial during the second quarter valued at about $253,000. Finally, Sterling Capital Management LLC increased its holdings in shares of Raymond James Financial by 39.2% in the second quarter. Sterling Capital Management LLC now owns 410,270 shares of the financial services provider’s stock worth $62,923,000 after buying an additional 115,609 shares during the period. Hedge funds and other institutional investors own 83.83% of the company’s stock.

Raymond James Financial Stock Performance

Shares of RJF opened at $158.67 on Friday. The company has a 50-day simple moving average of $165.51 and a two-hundred day simple moving average of $159.24. 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 firm has a market capitalization of $31.64 billion, a PE ratio of 15.42, a price-to-earnings-growth ratio of 1.19 and a beta of 1.05. Raymond James Financial, Inc. has a one year low of $117.57 and a one year high of $177.66.

Raymond James Financial (NYSE:RJF) last announced its earnings results on Wednesday, October 22nd. The financial services provider reported $3.11 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $3.64 billion. During the same quarter in the prior year, the company earned $2.95 EPS. The business’s revenue was up 7.7% compared to the same quarter last year. On average, analysts anticipate that Raymond James Financial, Inc. will post 11.17 EPS for the current fiscal year.

Raymond James Financial Announces Dividend

The firm also recently announced 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 1.3%. The ex-dividend date was Wednesday, October 1st. Raymond James Financial’s payout ratio is 19.44%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. TD Cowen raised their price target on Raymond James Financial from $175.00 to $180.00 and gave the stock a “hold” rating in a research report on Thursday, October 23rd. BMO Capital Markets increased their price objective on Raymond James Financial from $180.00 to $182.00 and gave the company a “market perform” rating in a research note on Thursday, October 23rd. Citigroup reaffirmed an “outperform” rating on shares of Raymond James Financial in a research note on Thursday, October 9th. Morgan Stanley increased their price target on shares of Raymond James Financial from $176.00 to $184.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 1st. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Raymond James Financial from $178.00 to $180.00 and gave the company a “neutral” rating in a research report on Thursday, October 23rd. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $177.20.

Raymond James Financial 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.