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

Connor Clark & Lunn Investment Management Ltd. bought a new stake in Raymond James Financial, Inc. (NYSE:RJF) in the second quarter, HoldingsChannel.com reports. The firm bought 226,811 shares of the financial services provider’s stock, valued at approximately $34,482,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Reflection Asset Management acquired a new stake in Raymond James Financial in the 4th quarter valued at about $28,000. Hilton Head Capital Partners LLC acquired a new position in shares of Raymond James Financial during the fourth quarter worth about $35,000. Steigerwald Gordon & Koch Inc. grew its position in shares of Raymond James Financial by 760.0% during the first quarter. Steigerwald Gordon & Koch Inc. now owns 258 shares of the financial services provider’s stock worth $37,000 after buying an additional 228 shares in the last quarter. Clearstead Trust LLC purchased a new stake in shares of Raymond James Financial during the second quarter worth approximately $40,000. Finally, DV Equities LLC purchased a new stake in shares of Raymond James Financial during the fourth quarter worth approximately $40,000. 83.83% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on RJF. Barclays lifted their price target on shares of Raymond James Financial from $192.00 to $196.00 and gave the stock an “overweight” rating in a research note on Thursday, July 23rd. Citigroup reissued a “market outperform” rating on shares of Raymond James Financial in a research report on Thursday, July 23rd. JPMorgan Chase & Co. raised their price objective on shares of 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 reiterated a “buy (b-)” rating on shares of Raymond James Financial in a research note on Monday, August 17th. Finally, Argus increased their target price on Raymond James Financial from $178.00 to $196.00 and gave the company a “buy” rating in a report on Thursday, July 30th. Five equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $181.00.

Raymond James Financial Stock Performance

Shares of RJF opened at $176.66 on Tuesday. The stock has a 50 day moving average price of $168.69 and a 200 day moving average price of $157.83. The company has a quick ratio of 1.03, a current ratio of 1.06 and a debt-to-equity ratio of 0.43. The company has a market capitalization of $33.98 billion, a price-to-earnings ratio of 15.40, a price-to-earnings-growth ratio of 1.07 and a beta of 0.92. Raymond James Financial, Inc. has a 52-week low of $138.82 and a 52-week high of $182.73.

Raymond James Financial (NYSE:RJF) last released its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $3.14 earnings per share for the quarter, topping analysts’ consensus estimates of $2.91 by $0.23. The company 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 firm’s revenue for the quarter was up 15.6% on a year-over-year basis. During the same quarter last year, the company earned $2.18 earnings per share. Research analysts predict that Raymond James Financial, Inc. will post 12.07 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Steven M. Raney sold 5,770 shares of Raymond James Financial stock in a transaction on Monday, July 27th. The shares were sold at an average price of $172.97, for a total transaction of $998,036.90. Following the sale, the insider directly owned 43,046 shares in the company, valued at $7,445,666.62. This trade represents a 11.82% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Tashtego S. Elwyn sold 10,000 shares of the business’s stock in a transaction 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 directly owned 45,114 shares of the company’s stock, 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. Company insiders own 0.58% of the company’s stock.

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.