Sumitomo Mitsui Trust Group Inc. Trims Stock Holdings in Raymond James Financial, Inc. $RJF

Sumitomo Mitsui Trust Group Inc. cut its holdings in shares of Raymond James Financial, Inc. (NYSE:RJF) by 4.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 430,588 shares of the financial services provider’s stock after selling 18,511 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.22% of Raymond James Financial worth $62,345,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the business. Great Valley Advisor Group Inc. increased its stake in Raymond James Financial by 1.5% in the second quarter. Great Valley Advisor Group Inc. now owns 4,076 shares of the financial services provider’s stock valued at $625,000 after purchasing an additional 61 shares during the period. Salomon & Ludwin LLC grew its holdings in shares of Raymond James Financial by 34.8% during the fourth quarter. Salomon & Ludwin LLC now owns 252 shares of the financial services provider’s stock worth $42,000 after buying an additional 65 shares during the last quarter. Legacy Wealth Asset Management LLC increased its position in Raymond James Financial by 2.5% in the 4th quarter. Legacy Wealth Asset Management LLC now owns 2,782 shares of the financial services provider’s stock valued at $447,000 after acquiring an additional 68 shares during the period. Bridgewater Advisors Inc. raised its stake in Raymond James Financial by 1.3% during the 4th quarter. Bridgewater Advisors Inc. now owns 5,261 shares of the financial services provider’s stock valued at $892,000 after acquiring an additional 68 shares during the last quarter. Finally, Parallel Advisors LLC lifted its position in Raymond James Financial by 4.3% during the 3rd quarter. Parallel Advisors LLC now owns 1,722 shares of the financial services provider’s stock worth $297,000 after acquiring an additional 71 shares during the period. 83.83% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on RJF shares. Weiss Ratings restated a “buy (b-)” rating on shares of Raymond James Financial in a research note on Wednesday, May 20th. Citigroup reaffirmed an “outperform” rating on shares of Raymond James Financial in a report on Thursday. Morgan Stanley increased their price target on shares of Raymond James Financial from $172.00 to $174.00 and gave the stock an “equal weight” rating in a report on Friday. BMO Capital Markets boosted their target price on Raymond James Financial from $152.00 to $165.00 and gave the stock a “market perform” rating in a research report on Thursday, April 23rd. Finally, TD Cowen decreased their price target on Raymond James Financial from $159.00 to $155.00 and set a “hold” rating on the stock in a research note on Thursday, May 28th. Four investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat, Raymond James Financial currently has an average rating of “Hold” and an average target price of $176.64.

Raymond James Financial Price Performance

Shares of RJF stock traded down $0.57 during midday trading on Friday, reaching $168.15. 1,000,423 shares of the company traded hands, compared to its average volume of 1,493,235. The firm’s 50 day simple moving average is $154.40 and its two-hundred day simple moving average is $156.32. Raymond James Financial, Inc. has a 1-year low of $138.82 and a 1-year high of $177.66. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.07 and a quick ratio of 1.05. The firm has a market cap of $32.77 billion, a PE ratio of 15.89, a price-to-earnings-growth ratio of 1.30 and a beta of 0.93.

Raymond James Financial (NYSE:RJF) last released its quarterly earnings results on Wednesday, April 22nd. The financial services provider reported $2.83 earnings per share for the quarter, topping analysts’ consensus estimates of $2.76 by $0.07. The business had revenue of $3.86 billion for the quarter, compared to analysts’ expectations of $3.92 billion. Raymond James Financial had a return on equity of 17.93% and a net margin of 13.04%.The company’s revenue was up 13.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.42 EPS. On average, equities research analysts expect that Raymond James Financial, Inc. will post 11.83 EPS for the current fiscal year.

Raymond James Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Wednesday, July 1st will be given a $0.54 dividend. The ex-dividend date is Wednesday, July 1st. This represents a $2.16 annualized dividend and a dividend yield of 1.3%. Raymond James Financial’s payout ratio is currently 20.42%.

Raymond James Financial News Summary

Here are the key news stories impacting Raymond James Financial this week:

• Positive Sentiment: Several analysts turned more constructive on Raymond James Financial after earnings, including Citizens JMP raising its price target to $200 and Barclays lifting its target to $192 with an overweight rating, signaling expectations for further upside. Raymond James Financial (NYSE:RJF) Given New $200.00 Price Target at Citizens Jmp
• Positive Sentiment: Morgan Stanley also raised its target to $174, and a separate article suggested RJF could be about 3% undervalued after posting strong quarterly results, reinforcing the case that recent fundamentals may be better than the market is pricing in. Raymond James Financial (RJF) Could Be 3% Undervalued After Strong Quarterly Results
• Neutral Sentiment: UBS kept a hold rating on Raymond James Financial, indicating some analysts still see limited near-term upside despite the recent positive momentum. UBS Sticks to Their Hold Rating for Raymond James Financial (RJF)

About Raymond James Financial

Raymond James Financial is a diversified financial services firm headquartered in St. Petersburg, Florida. Founded in 1962, the company provides a range of services to individual investors, businesses and institutions through a combination of wealth management, capital markets, investment banking, asset management, banking and trust services. Its business model centers on a network of financial advisors and broker-dealer operations that deliver personalized financial planning, investment advisory services and brokerage solutions.

The firm’s core offerings include private client wealth management delivered by independent and employee advisors, equity and fixed-income research, institutional sales and trading, and investment banking services such as mergers and acquisitions advisory and capital raising.