Raymond James Financial, Inc. $RJF Stock: Sumitomo Mitsui Trust Group Inc. Decreases Holdings

Sumitomo Mitsui Trust Group Inc. reduced its position in Raymond James Financial, Inc. (NYSE:RJF) by 4.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 392,662 shares of the financial services provider’s stock after selling 18,584 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.20% of Raymond James Financial worth $62,048,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Amundi increased its holdings in shares of Raymond James Financial by 19.3% in the 2nd quarter. Amundi now owns 478,939 shares of the financial services provider’s stock valued at $72,813,000 after acquiring an additional 77,638 shares during the last quarter. Bank of America Corp DE acquired a new stake in shares of Raymond James Financial during the 2nd quarter valued at approximately $360,592,000. Empowered Funds LLC bought a new position in Raymond James Financial during the second quarter worth $2,699,000. Western Wealth Management LLC bought a new position in Raymond James Financial during the second quarter worth $1,492,000. Finally, Nykredit A S bought a new position in Raymond James Financial during the second quarter worth $9,809,000. 83.83% of the stock is owned by institutional investors.

Raymond James Financial Stock Performance

RJF stock opened at $161.68 on Wednesday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.03 and a current ratio of 1.06. The stock has a market capitalization of $31.10 billion, a price-to-earnings ratio of 13.56, a PEG ratio of 0.87 and a beta of 0.94. Raymond James Financial, Inc. has a 1 year low of $138.82 and a 1 year high of $182.73. The stock’s fifty day moving average is $164.04 and its two-hundred day moving average is $160.20.

Raymond James Financial (NYSE:RJF) last announced its quarterly earnings results on Wednesday, October 28th. The financial services provider reported $3.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.26 by $0.33. The company had revenue of $4.27 billion during the quarter, compared to the consensus estimate of $4.20 billion. Raymond James Financial had a net margin of 13.50% and a return on equity of 19.52%. The company’s revenue for the quarter was up 14.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.11 earnings per share. On average, research analysts predict that Raymond James Financial, Inc. will post 14.17 EPS for the current year.

Raymond James Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Thursday, October 1st were given a $0.54 dividend. The ex-dividend date was Thursday, October 1st. This represents a $2.16 annualized dividend and a yield of 1.3%. Raymond James Financial’s dividend payout ratio is 18.12%.

Analysts Set New Price Targets

Several analysts have weighed in on RJF shares. Citizens Jmp boosted their target price on shares of Raymond James Financial from $200.00 to $205.00 and gave the company a “market outperform” rating in a research note on Thursday, July 23rd. Jefferies Financial Group restated a “hold” rating and issued a $168.00 price target (down from $177.00) on shares of Raymond James Financial in a research report on Thursday, October 29th. Truist Financial set a $165.00 price target on shares of Raymond James Financial and gave the stock a “hold” rating in a research report on Friday. Morgan Stanley decreased their price target on shares of Raymond James Financial from $174.00 to $171.00 and set an “equal weight” rating for the company in a report on Friday, October 9th. Finally, UBS Group set a $179.00 price objective on shares of Raymond James Financial and gave the company a “neutral” rating in a research report on Wednesday, October 7th. Six equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Raymond James Financial presently has a consensus rating of “Hold” and an average target price of $181.46.

Insider Buying and Selling

In other Raymond James Financial news, insider Bella Allaire sold 7,500 shares of the firm’s stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $177.60, for a total value of $1,332,000.00. Following the sale, the insider owned 46,086 shares in the company, valued at approximately $8,184,873.60. This trade represents a 14.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.58% of the company’s stock.

About Raymond James Financial

Raymond James Financial, Inc is a diversified financial services company serving individuals, corporations, municipalities and institutions. Through its subsidiaries and affiliated advisors, the company provides wealth management, investment advisory, financial planning, securities brokerage, banking and capital markets services.

The company’s Private Client Group offers investment management, retirement planning, estate planning and other financial planning services through a network of financial advisors.