The Manufacturers Life Insurance Company Cuts Stake in Raymond James Financial, Inc. $RJF

The Manufacturers Life Insurance Company cut its holdings in shares of Raymond James Financial, Inc. (NYSE:RJF) by 11.9% during the first quarter, Holdings Channel.com reports. The institutional investor owned 93,602 shares of the financial services provider’s stock after selling 12,666 shares during the period. The Manufacturers Life Insurance Company’s holdings in Raymond James Financial were worth $13,553,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in RJF. Kingsview Wealth Management LLC increased its holdings in Raymond James Financial by 586.7% during the 4th quarter. Kingsview Wealth Management LLC now owns 20,374 shares of the financial services provider’s stock worth $3,272,000 after purchasing an additional 17,407 shares during the period. Algebris UK Ltd. purchased a new position in shares of Raymond James Financial in the 4th quarter valued at about $10,179,000. Fisher Asset Management LLC grew its position in shares of Raymond James Financial by 6.9% during the fourth quarter. Fisher Asset Management LLC now owns 392,663 shares of the financial services provider’s stock worth $63,058,000 after buying an additional 25,410 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH grew its position in shares of Raymond James Financial by 7.2% during the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 107,794 shares of the financial services provider’s stock worth $17,343,000 after buying an additional 7,202 shares in the last quarter. Finally, Swedbank AB increased its stake in shares of Raymond James Financial by 31.1% during the fourth quarter. Swedbank AB now owns 41,436 shares of the financial services provider’s stock worth $6,654,000 after buying an additional 9,838 shares during the period. Hedge funds and other institutional investors own 83.83% of the company’s stock.

Raymond James Financial Price Performance

Shares of NYSE RJF opened at $176.12 on Monday. The stock’s 50-day simple moving average is $159.33 and its 200-day simple moving average is $156.79. The firm has a market capitalization of $34.32 billion, a PE ratio of 15.36, a price-to-earnings-growth ratio of 1.08 and a beta of 0.93. Raymond James Financial, Inc. has a fifty-two week low of $138.82 and a fifty-two week high of $178.28. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.05 and a current ratio of 1.07.

Raymond James Financial (NYSE:RJF) last announced its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $3.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.91 by $0.23. The firm had revenue of $3.93 billion during the quarter, compared to the consensus estimate of $3.87 billion. Raymond James Financial had a return on equity of 19.17% and a net margin of 13.57%.The firm’s quarterly revenue was up 15.6% compared to the same quarter last year. During the same period in the prior year, the company posted $2.18 earnings per share. As a group, equities research analysts forecast that Raymond James Financial, Inc. will post 12.07 EPS for the current fiscal year.

Raymond James Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Wednesday, July 1st were issued a $0.54 dividend. The ex-dividend date was Wednesday, July 1st. This represents a $2.16 annualized dividend and a dividend yield of 1.2%. Raymond James Financial’s dividend payout ratio is presently 18.83%.

Insider Buying and Selling at Raymond James Financial

In related news, insider Tashtego S. Elwyn sold 10,000 shares of the stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $176.06, for a total value of $1,760,600.00. Following the transaction, the insider directly owned 45,114 shares of the company’s stock, valued at $7,942,770.84. This trade represents a 18.14% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Steven M. Raney sold 5,770 shares of Raymond James Financial stock in a transaction on Monday, July 27th. The stock was sold at an average price of $172.97, for a total transaction of $998,036.90. Following the sale, the insider owned 43,046 shares in the company, valued at $7,445,666.62. This represents a 11.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.58% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on RJF. TD Cowen reduced their target price on shares of Raymond James Financial from $162.00 to $161.00 and set a “hold” rating on the stock in a report on Thursday, July 23rd. Argus boosted their price target on shares of Raymond James Financial from $178.00 to $196.00 and gave the stock a “buy” rating in a report on Thursday. Citizens Jmp increased their price objective on shares of Raymond James Financial from $200.00 to $205.00 and gave the company a “market outperform” rating in a research report on Thursday, July 23rd. Morgan Stanley raised their price objective on shares of Raymond James Financial from $172.00 to $174.00 and gave the company an “equal weight” rating in a report on Friday, July 10th. Finally, BMO Capital Markets reaffirmed a “market perform” rating and set a $175.00 price objective (up from $160.00) on shares of Raymond James Financial in a research report on Thursday, July 23rd. Five 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 a consensus rating of “Hold” and an average price target of $181.00.

Raymond James Financial Profile

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.