Fifth Third Bancorp Sells 7,284 Shares of Raymond James (NYSE:RJF)

Fifth Third Bancorp lessened its stake in shares of Raymond James (NYSE:RJF) by 16.9% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 35,792 shares of the financial services provider’s stock after selling 7,284 shares during the quarter. Fifth Third Bancorp’s holdings in Raymond James were worth $5,560,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Wolff Wiese Magana LLC increased its holdings in Raymond James by 3,960.0% during the 3rd quarter. Wolff Wiese Magana LLC now owns 203 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 198 shares during the period. Quarry LP bought a new position in Raymond James in the 2nd quarter valued at $29,000. Future Financial Wealth Managment LLC purchased a new position in shares of Raymond James during the 3rd quarter valued at $32,000. Gladius Capital Management LP bought a new position in shares of Raymond James in the third quarter worth $34,000. Finally, Peterson Financial Group Inc. purchased a new stake in shares of Raymond James in the third quarter worth $37,000. 83.83% of the stock is currently owned by institutional investors.

Raymond James Trading Up 0.7 %

NYSE RJF opened at $172.67 on Monday. The company has a current ratio of 1.02, a quick ratio of 1.00 and a debt-to-equity ratio of 0.37. The stock has a 50-day moving average of $161.67 and a 200-day moving average of $138.47. The firm has a market cap of $35.29 billion, a PE ratio of 17.78, a price-to-earnings-growth ratio of 1.04 and a beta of 1.02. Raymond James has a 1-year low of $104.24 and a 1-year high of $173.15.

Raymond James Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Investors of record on Thursday, January 2nd were issued a dividend of $0.50 per share. This is a positive change from Raymond James’s previous quarterly dividend of $0.45. This represents a $2.00 dividend on an annualized basis and a yield of 1.16%. The ex-dividend date of this dividend was Thursday, January 2nd. Raymond James’s dividend payout ratio is currently 20.60%.

Wall Street Analysts Forecast Growth

RJF has been the topic of a number of research analyst reports. UBS Group upgraded Raymond James from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 6th. Keefe, Bruyette & Woods raised their target price on shares of Raymond James from $143.00 to $170.00 and gave the company a “market perform” rating in a research note on Friday, December 20th. Bank of America increased their price target on shares of Raymond James from $136.00 to $152.00 and gave the stock a “buy” rating in a report on Thursday, October 24th. Morgan Stanley lifted their price objective on shares of Raymond James from $132.00 to $145.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and issued a $166.00 target price (up previously from $151.00) on shares of Raymond James in a research note on Tuesday, January 7th. Nine analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $156.09.

Insider Activity

In other news, CEO Paul C. Reilly sold 50,000 shares of Raymond James stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $167.30, for a total value of $8,365,000.00. Following the sale, the chief executive officer now directly owns 283,110 shares in the company, valued at approximately $47,364,303. This trade represents a 15.01 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Bella Loykhter Allaire sold 3,451 shares of the company’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $165.62, for a total value of $571,554.62. Following the transaction, the insider now owns 80,421 shares of the company’s stock, valued at approximately $13,319,326.02. This represents a 4.11 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 64,621 shares of company stock valued at $10,729,488. Insiders own 0.54% of the company’s stock.

Raymond James Company 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.