Palmer Knight Co Reduces Position in Raymond James (NYSE:RJF)

Palmer Knight Co trimmed its position in Raymond James (NYSE:RJF) by 0.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 64,457 shares of the financial services provider’s stock after selling 238 shares during the quarter. Raymond James accounts for approximately 3.5% of Palmer Knight Co’s holdings, making the stock its 14th biggest holding. Palmer Knight Co’s holdings in Raymond James were worth $7,893,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Heritage Wealth Advisors lifted its holdings in Raymond James by 3,480.7% in the 1st quarter. Heritage Wealth Advisors now owns 488,258 shares of the financial services provider’s stock worth $62,702,000 after buying an additional 474,622 shares during the period. Ceredex Value Advisors LLC lifted its stake in Raymond James by 191.3% in the third quarter. Ceredex Value Advisors LLC now owns 722,393 shares of the financial services provider’s stock worth $88,464,000 after acquiring an additional 474,443 shares during the period. AGF Management Ltd. boosted its holdings in Raymond James by 17.2% in the second quarter. AGF Management Ltd. now owns 2,580,467 shares of the financial services provider’s stock valued at $318,972,000 after acquiring an additional 378,033 shares in the last quarter. SG Americas Securities LLC increased its position in Raymond James by 820.2% during the 1st quarter. SG Americas Securities LLC now owns 197,695 shares of the financial services provider’s stock valued at $25,388,000 after purchasing an additional 176,210 shares during the period. Finally, Earnest Partners LLC raised its holdings in Raymond James by 5.9% in the 1st quarter. Earnest Partners LLC now owns 2,468,196 shares of the financial services provider’s stock worth $316,966,000 after purchasing an additional 138,075 shares in the last quarter. 83.83% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. JMP Securities lifted their target price on shares of Raymond James from $146.00 to $150.00 and gave the company a “market outperform” rating in a research note on Thursday, October 24th. JPMorgan Chase & Co. cut their price objective 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. Bank of America increased their target price on Raymond James from $136.00 to $152.00 and gave the stock a “buy” rating in a research report on Thursday, October 24th. The Goldman Sachs Group lifted their price target on Raymond James from $125.00 to $142.00 and gave the company a “neutral” rating in a research report on Thursday, October 24th. Finally, Morgan Stanley increased their price objective on Raymond James from $132.00 to $145.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. Nine equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $140.91.

Insiders Place Their Bets

In other news, CEO Tashtego S. Elwyn sold 31,277 shares of the company’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $109.64, for a total transaction of $3,429,210.28. Following the transaction, the chief executive officer now directly owns 35,380 shares of the company’s stock, valued at $3,879,063.20. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 9.74% of the company’s stock.

Raymond James Price Performance

RJF opened at $156.43 on Friday. The firm has a market cap of $32.22 billion, a PE ratio of 16.11, a P/E/G ratio of 0.73 and a beta of 0.99. The stock has a 50-day moving average price of $130.14 and a 200-day moving average price of $122.99. Raymond James has a 1 year low of $98.72 and a 1 year high of $161.76. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.02 and a quick ratio of 0.99.

Raymond James (NYSE:RJF) last issued its earnings results on Wednesday, October 23rd. The financial services provider reported $2.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.41 by $0.54. The business had revenue of $3.46 billion during the quarter, compared to analysts’ expectations of $3.32 billion. Raymond James had a net margin of 13.86% and a return on equity of 19.61%. The business’s revenue for the quarter was up 13.4% compared to the same quarter last year. During the same period in the previous year, the company earned $2.13 earnings per share. Sell-side analysts predict that Raymond James will post 10.73 earnings per share for the current fiscal year.

Raymond James Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st were issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.15%. The ex-dividend date was Tuesday, October 1st. Raymond James’s payout ratio is 18.54%.

Raymond James Profile

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.