Deroy & Devereaux Private Investment Counsel Inc. Trims Stake in Raymond James Financial, Inc. $RJF

Deroy & Devereaux Private Investment Counsel Inc. cut its stake in shares of Raymond James Financial, Inc. (NYSE:RJF) by 2.3% in the fourth quarter, Holdings Channel reports. The firm owned 258,413 shares of the financial services provider’s stock after selling 5,955 shares during the quarter. Raymond James Financial accounts for approximately 2.0% of Deroy & Devereaux Private Investment Counsel Inc.’s holdings, making the stock its 7th biggest holding. Deroy & Devereaux Private Investment Counsel Inc.’s holdings in Raymond James Financial were worth $41,499,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Munich Reinsurance Co Stock Corp in Munich bought a new position in Raymond James Financial during the third quarter worth about $69,861,000. Balyasny Asset Management L.P. increased its stake in shares of Raymond James Financial by 7,823.8% in the 3rd quarter. Balyasny Asset Management L.P. now owns 288,583 shares of the financial services provider’s stock valued at $49,809,000 after acquiring an additional 284,941 shares during the last quarter. AQR Capital Management LLC increased its stake in shares of Raymond James Financial by 44.9% in the 3rd quarter. AQR Capital Management LLC now owns 783,144 shares of the financial services provider’s stock valued at $135,171,000 after acquiring an additional 242,552 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Raymond James Financial by 4.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,847,869 shares of the financial services provider’s stock valued at $1,009,342,000 after acquiring an additional 230,871 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in shares of Raymond James Financial by 10.7% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,357,328 shares of the financial services provider’s stock valued at $406,941,000 after acquiring an additional 227,337 shares during the period. Institutional investors and hedge funds own 83.83% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Barclays decreased their price objective on shares of Raymond James Financial from $196.00 to $174.00 and set an “overweight” rating for the company in a report on Wednesday, April 8th. UBS Group cut their target price on shares of Raymond James Financial from $176.00 to $158.00 and set a “neutral” rating on the stock in a report on Wednesday, April 8th. Jefferies Financial Group decreased their price target on shares of Raymond James Financial from $165.00 to $145.00 and set a “hold” rating for the company in a report on Monday, April 6th. Weiss Ratings upgraded shares of Raymond James Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, February 20th. Finally, TD Cowen reaffirmed a “hold” rating on shares of Raymond James Financial in a research note on Wednesday, January 14th. Four analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $175.58.

Insider Buying and Selling

In related news, insider Bella Loykhter Allaire sold 29,551 shares of the business’s stock in a transaction on Thursday, March 19th. The shares were sold at an average price of $142.34, for a total value of $4,206,289.34. Following the sale, the insider directly owned 53,586 shares of the company’s stock, valued at approximately $7,627,431.24. The trade was a 35.54% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.58% of the company’s stock.

Raymond James Financial Price Performance

Shares of RJF opened at $151.83 on Friday. The stock has a 50 day simple moving average of $150.66 and a 200 day simple moving average of $159.00. Raymond James Financial, Inc. has a 52-week low of $129.47 and a 52-week high of $177.66. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.04 and a current ratio of 1.06. The firm has a market capitalization of $29.92 billion, a PE ratio of 14.86, a P/E/G ratio of 1.15 and a beta of 1.00.

Raymond James Financial (NYSE:RJF) last announced its earnings results on Wednesday, January 28th. The financial services provider reported $2.86 EPS for the quarter, topping the consensus estimate of $2.83 by $0.03. Raymond James Financial had a net margin of 13.07% and a return on equity of 17.65%. The firm had revenue of $3.74 billion for the quarter, compared to the consensus estimate of $3.83 billion. During the same period last year, the company posted $2.93 EPS. The business’s quarterly revenue was up 5.6% on a year-over-year basis. Sell-side analysts predict that Raymond James Financial, Inc. will post 11.17 EPS for the current fiscal year.

Raymond James Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Wednesday, April 1st were issued a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date was Wednesday, April 1st. Raymond James Financial’s dividend payout ratio (DPR) is presently 21.14%.

Raymond James Financial Company 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.