Novare Capital Management LLC Sells 350 Shares of Raymond James (NYSE:RJF)

Novare Capital Management LLC decreased its holdings in Raymond James (NYSE:RJF) by 14.4% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 2,080 shares of the financial services provider’s stock after selling 350 shares during the quarter. Novare Capital Management LLC’s holdings in Raymond James were worth $257,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of RJF. Smithfield Trust Co raised its stake in Raymond James by 105.0% in the first quarter. Smithfield Trust Co now owns 246 shares of the financial services provider’s stock valued at $31,000 after buying an additional 126 shares during the period. Covestor Ltd grew its position in shares of Raymond James by 77.0% in the first quarter. Covestor Ltd now owns 239 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 104 shares during the last quarter. OLD Point Trust & Financial Services N A acquired a new position in shares of Raymond James in the fourth quarter valued at approximately $33,000. Future Financial Wealth Managment LLC acquired a new position in shares of Raymond James in the first quarter valued at approximately $33,000. Finally, FinTrust Capital Advisors LLC grew its position in shares of Raymond James by 46.9% in the first quarter. FinTrust Capital Advisors LLC now owns 429 shares of the financial services provider’s stock valued at $55,000 after purchasing an additional 137 shares during the last quarter. Institutional investors own 83.83% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on RJF. TD Cowen increased their price target on Raymond James from $130.00 to $133.00 and gave the stock a “hold” rating in a research report on Monday, July 8th. Jefferies Financial Group increased their price target on Raymond James from $122.00 to $123.00 and gave the stock a “hold” rating in a research report on Monday, July 8th. UBS Group reduced their price target on Raymond James from $138.00 to $135.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 9th. Wolfe Research reissued a “peer perform” rating on shares of Raymond James in a research report on Monday, July 8th. Finally, JPMorgan Chase & Co. reduced their price target on Raymond James from $137.00 to $135.00 and set an “overweight” rating on the stock in a research report on Thursday, July 25th. Ten investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, Raymond James presently has a consensus rating of “Hold” and an average price target of $129.89.

Raymond James Trading Down 0.2 %

Shares of RJF stock opened at $119.28 on Wednesday. The stock’s fifty day moving average price is $115.90 and its two-hundred day moving average price is $120.37. The company has a market cap of $24.56 billion, a PE ratio of 14.42, a P/E/G ratio of 0.81 and a beta of 1.02. Raymond James has a fifty-two week low of $91.67 and a fifty-two week high of $131.19. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.99 and a current ratio of 1.02.

Raymond James (NYSE:RJF) last issued its earnings results on Wednesday, July 24th. The financial services provider reported $2.39 earnings per share for the quarter, beating analysts’ consensus estimates of $2.31 by $0.08. The firm had revenue of $3.23 billion for the quarter, compared to the consensus estimate of $3.24 billion. Raymond James had a return on equity of 18.44% and a net margin of 13.16%. The company’s revenue was up 11.1% compared to the same quarter last year. During the same quarter last year, the business posted $1.85 EPS. Equities analysts predict that Raymond James will post 9.57 EPS for the current fiscal year.

Raymond James Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 1st will be paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.51%. The ex-dividend date of this dividend is Tuesday, October 1st. Raymond James’s payout ratio is 21.77%.

Insider Activity

In other news, EVP Bella Loykhter Allaire sold 17,363 shares of the stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $115.00, for a total value of $1,996,745.00. Following the completion of the transaction, the executive vice president now directly owns 75,586 shares in the company, valued at approximately $8,692,390. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, EVP Bella Loykhter Allaire sold 17,363 shares of the stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $115.00, for a total value of $1,996,745.00. Following the completion of the transaction, the executive vice president now directly owns 75,586 shares in the company, valued at approximately $8,692,390. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Tashtego S. Elwyn sold 31,277 shares of the stock in a transaction on Monday, August 12th. The shares were sold at an average price of $109.64, for a total value of $3,429,210.28. Following the completion of the transaction, the chief executive officer now owns 35,380 shares of the company’s stock, valued at $3,879,063.20. The disclosure for this sale can be found here. 9.74% of the stock is owned by corporate insiders.

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.