Mirae Asset Global Investments Co. Ltd. Makes New Investment in Raymond James Financial, Inc. $RJF

Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Raymond James Financial, Inc. (NYSE:RJF) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 46,690 shares of the financial services provider’s stock, valued at approximately $7,378,000.

Several other hedge funds have also recently bought and sold shares of RJF. BlackRock Inc. acquired a new stake in Raymond James Financial during the 2nd quarter worth about $2,180,699,000. Primecap Management Co. CA purchased a new position in Raymond James Financial during the 2nd quarter valued at about $1,405,145,000. State Street Corp increased its holdings in shares of Raymond James Financial by 0.4% in the 2nd quarter. State Street Corp now owns 7,889,824 shares of the financial services provider’s stock valued at $1,199,424,000 after purchasing an additional 35,294 shares during the period. Bank of America Corp DE acquired a new position in shares of Raymond James Financial in the 2nd quarter valued at about $360,592,000. Finally, Dimensional Fund Advisors LP lifted its position in shares of Raymond James Financial by 1.8% in the first quarter. Dimensional Fund Advisors LP now owns 2,399,638 shares of the financial services provider’s stock worth $347,390,000 after purchasing an additional 41,413 shares in the last quarter. 83.83% of the stock is owned by hedge funds and other institutional investors.

Raymond James Financial Stock Up 4.4%

RJF opened at $168.83 on Thursday. The company has a market capitalization of $32.48 billion, a PE ratio of 14.16, a price-to-earnings-growth ratio of 0.87 and a beta of 0.94. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.06 and a quick ratio of 1.03. Raymond James Financial, Inc. has a fifty-two week low of $138.82 and a fifty-two week high of $182.73. The business has a 50-day moving average of $163.91 and a 200-day moving average of $160.18.

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

Raymond James Financial Dividend Announcement

The firm 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. This represents a $2.16 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend was Thursday, October 1st. Raymond James Financial’s payout ratio is currently 18.12%.

Insider Buying and Selling

In other news, insider Bella Allaire sold 7,500 shares of the stock in a transaction on Friday, August 28th. The shares were sold at an average price of $177.60, for a total transaction of $1,332,000.00. Following the transaction, the insider owned 46,086 shares in the company, valued at $8,184,873.60. This represents a 14.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.58% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Truist Financial set a $165.00 price target on shares of Raymond James Financial and gave the stock a “hold” rating in a report on Friday, October 30th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Raymond James Financial in a research note on Monday, August 17th. Argus increased their target price on shares of Raymond James Financial from $178.00 to $196.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. The Goldman Sachs Group lifted their target price on shares of Raymond James Financial from $199.00 to $209.00 and gave the company a “buy” rating in a research note on Friday, October 2nd. Finally, Citizens Jmp boosted their price target on shares of Raymond James Financial from $200.00 to $205.00 and gave the company a “market outperform” rating in a report on Thursday, July 23rd. Six analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat, Raymond James Financial presently has a consensus rating of “Hold” and a consensus price target of $181.46.

Raymond James Financial Company Profile

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.