Cardinal Capital Management Raises Stock Holdings in Raymond James (NYSE:RJF)

Cardinal Capital Management raised its stake in Raymond James (NYSE:RJF) by 8.7% during the 1st quarter, Holdings Channel.com reports. The firm owned 30,777 shares of the financial services provider’s stock after buying an additional 2,458 shares during the quarter. Cardinal Capital Management’s holdings in Raymond James were worth $3,966,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in RJF. Norges Bank purchased a new stake in Raymond James in the fourth quarter valued at about $238,830,000. Dimensional Fund Advisors LP increased its holdings in shares of Raymond James by 16.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,832,458 shares of the financial services provider’s stock valued at $204,335,000 after acquiring an additional 263,687 shares in the last quarter. Wellington Management Group LLP raised its position in shares of Raymond James by 2.2% in the 3rd quarter. Wellington Management Group LLP now owns 11,570,058 shares of the financial services provider’s stock valued at $1,161,981,000 after purchasing an additional 246,349 shares during the last quarter. Sei Investments Co. lifted its stake in shares of Raymond James by 27.4% during the fourth quarter. Sei Investments Co. now owns 809,626 shares of the financial services provider’s stock worth $90,273,000 after buying an additional 174,286 shares during the period. Finally, AGF Management Ltd. lifted its position in Raymond James by 5.9% during the 4th quarter. AGF Management Ltd. now owns 2,147,825 shares of the financial services provider’s stock worth $239,482,000 after acquiring an additional 120,427 shares during the period. 83.83% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Raymond James

In other news, CEO Steven M. Raney sold 4,174 shares of Raymond James stock in a transaction that occurred on Friday, April 26th. The stock was sold at an average price of $121.01, for a total value of $505,095.74. Following the sale, the chief executive officer now directly owns 51,009 shares of the company’s stock, valued at $6,172,599.09. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider James E. Bunn sold 11,095 shares of the firm’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $124.44, for a total transaction of $1,380,661.80. Following the completion of the transaction, the insider now directly owns 46,977 shares in the company, valued at approximately $5,845,817.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Steven M. Raney sold 4,174 shares of the business’s stock in a transaction dated Friday, April 26th. The stock was sold at an average price of $121.01, for a total transaction of $505,095.74. Following the sale, the chief executive officer now owns 51,009 shares in the company, valued at $6,172,599.09. The disclosure for this sale can be found here. Insiders own 9.74% of the company’s stock.

Raymond James Price Performance

RJF traded up $0.07 during trading on Thursday, hitting $121.59. The company’s stock had a trading volume of 1,049,528 shares, compared to its average volume of 1,018,826. The company has a current ratio of 1.01, a quick ratio of 0.98 and a debt-to-equity ratio of 0.43. The firm has a market capitalization of $25.20 billion, a price-to-earnings ratio of 14.68, a P/E/G ratio of 0.83 and a beta of 1.01. The business’s fifty day simple moving average is $122.68 and its 200 day simple moving average is $119.01. Raymond James has a twelve month low of $91.67 and a twelve month high of $131.19.

Raymond James (NYSE:RJF) last issued its quarterly earnings results on Wednesday, April 24th. The financial services provider reported $2.31 EPS for the quarter, missing the consensus estimate of $2.32 by ($0.01). The company had revenue of $3.12 billion during the quarter, compared to analysts’ expectations of $3.15 billion. Raymond James had a return on equity of 17.94% and a net margin of 12.72%. Raymond James’s revenue was up 8.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.03 EPS. On average, equities research analysts forecast that Raymond James will post 9.55 EPS for the current fiscal year.

Raymond James Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Monday, July 1st will be issued a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 1.48%. The ex-dividend date of this dividend is Monday, July 1st. Raymond James’s payout ratio is 21.77%.

Analyst Upgrades and Downgrades

RJF has been the topic of several research reports. Bank of America cut their price target on shares of Raymond James from $145.00 to $141.00 and set a “buy” rating on the stock in a report on Thursday, April 25th. Morgan Stanley raised their target price on shares of Raymond James from $113.00 to $123.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 9th. JMP Securities reaffirmed a “market perform” rating on shares of Raymond James in a report on Tuesday, April 9th. TD Cowen reduced their price objective on Raymond James from $131.00 to $126.00 and set a “hold” rating for the company in a research note on Thursday, April 25th. Finally, Citigroup upped their target price on Raymond James from $112.00 to $132.00 and gave the stock a “neutral” rating in a research note on Thursday, April 11th. Nine research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $126.22.

About Raymond James

Raymond James Financial, Inc, a financial holding company, through its subsidiaries, engages in the underwriting, distribution, trading, and brokerage of equity and debt securities, and the sale of mutual funds and other investment products in the United States, Canada, Europe, and internationally. The company operates through Private Client Group, Capital Markets, Asset Management, RJ Bank, and Other segments.