Raymond James Financial, Inc. $RJF Shares Sold by Palmer Knight Co

Palmer Knight Co reduced its holdings in Raymond James Financial, Inc. (NYSE:RJF) by 17.9% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 44,342 shares of the financial services provider’s stock after selling 9,671 shares during the period. Raymond James Financial comprises approximately 3.7% of Palmer Knight Co’s portfolio, making the stock its 16th largest holding. Palmer Knight Co’s holdings in Raymond James Financial were worth $7,121,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of RJF. JPMorgan Chase & Co. boosted its stake in Raymond James Financial by 4.1% in the third 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. First Trust Advisors LP raised its position in shares of Raymond James Financial by 4.5% during the 3rd quarter. First Trust Advisors LP now owns 2,597,519 shares of the financial services provider’s stock worth $448,332,000 after purchasing an additional 111,950 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Raymond James Financial by 10.7% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,357,328 shares of the financial services provider’s stock worth $406,941,000 after purchasing an additional 227,337 shares during the period. Sei Investments Co. lifted its holdings in shares of Raymond James Financial by 2.8% in the 3rd quarter. Sei Investments Co. now owns 932,602 shares of the financial services provider’s stock worth $160,968,000 after purchasing an additional 25,018 shares during the last quarter. Finally, UBS Group AG boosted its position in Raymond James Financial by 37.1% during the 4th quarter. UBS Group AG now owns 841,859 shares of the financial services provider’s stock valued at $135,194,000 after purchasing an additional 227,781 shares during the period. 83.83% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

RJF has been the topic of several analyst reports. BMO Capital Markets increased their target price on Raymond James Financial from $152.00 to $165.00 and gave the stock a “market perform” rating in a research report on Thursday, April 23rd. Morgan Stanley boosted their price target on shares of Raymond James Financial from $171.00 to $172.00 and gave the company an “equal weight” rating in a report on Tuesday, April 28th. UBS Group restated a “neutral” rating and set a $166.00 price target (up from $158.00) on shares of Raymond James Financial in a research report on Thursday, April 23rd. TD Cowen reiterated a “hold” rating and issued a $159.00 price objective (up from $156.00) on shares of Raymond James Financial in a research report on Thursday, April 23rd. Finally, Jefferies Financial Group cut their price objective on shares of Raymond James Financial from $165.00 to $145.00 and set a “hold” rating on the stock in a research report on Monday, April 6th. Four investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $173.25.

Insider Activity

In other news, insider Bella Loykhter Allaire sold 29,551 shares of the business’s stock in a transaction on Thursday, March 19th. The stock was sold at an average price of $142.34, for a total value of $4,206,289.34. Following the sale, the insider 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 filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.58% of the company’s stock.

Raymond James Financial Trading Up 1.3%

Shares of NYSE:RJF opened at $158.91 on Wednesday. The company has a 50 day moving average of $149.67 and a 200-day moving average of $158.32. The company has a current ratio of 1.06, a quick ratio of 1.04 and a debt-to-equity ratio of 0.42. The firm has a market cap of $31.32 billion, a P/E ratio of 15.02, a P/E/G ratio of 1.20 and a beta of 0.99. Raymond James Financial, Inc. has a twelve month low of $138.82 and a twelve month high of $177.66.

Raymond James Financial (NYSE:RJF) last posted its quarterly earnings data on Wednesday, April 22nd. The financial services provider reported $2.83 EPS for the quarter, beating analysts’ consensus estimates of $2.76 by $0.07. Raymond James Financial had a net margin of 13.04% and a return on equity of 18.01%. The business had revenue of $3.86 billion for the quarter, compared to analyst estimates of $3.92 billion. During the same quarter last year, the business earned $2.42 earnings per share. The business’s revenue for the quarter was up 13.4% on a year-over-year basis. As a group, analysts anticipate that Raymond James Financial, Inc. will post 11.83 earnings per share for the current fiscal year.

Raymond James Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Wednesday, April 1st were given a dividend of $0.54 per share. The ex-dividend date was Wednesday, April 1st. This represents a $2.16 annualized dividend and a dividend yield of 1.4%. Raymond James Financial’s dividend payout ratio (DPR) is 20.42%.

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.