Rakuten Investment Management Inc. Takes Position in Raymond James Financial, Inc. $RJF

Rakuten Investment Management Inc. acquired a new position in shares of Raymond James Financial, Inc. (NYSE:RJF) during the 2nd quarter, Holdings Channel.com reports. The firm acquired 28,595 shares of the financial services provider’s stock, valued at approximately $4,263,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Kingsview Wealth Management LLC grew its position in shares of 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 valued at $3,272,000 after buying an additional 17,407 shares during the last quarter. Algebris UK Ltd. bought a new position in Raymond James Financial in the fourth quarter worth about $10,179,000. Fisher Asset Management LLC lifted its holdings in Raymond James Financial by 6.9% in the fourth quarter. Fisher Asset Management LLC now owns 392,663 shares of the financial services provider’s stock worth $63,058,000 after acquiring an additional 25,410 shares during the last quarter. Swedbank AB boosted its stake in Raymond James Financial by 31.1% in the fourth quarter. Swedbank AB now owns 41,436 shares of the financial services provider’s stock valued at $6,654,000 after acquiring an additional 9,838 shares during the period. Finally, Mizuho Markets Cayman LP acquired a new position in Raymond James Financial in the fourth quarter valued at approximately $5,347,000. Institutional investors and hedge funds own 83.83% of the company’s stock.

Insiders Place Their Bets

In other news, insider Steven M. Raney sold 5,770 shares of the stock in a transaction on Monday, July 27th. The stock was sold at an average price of $172.97, for a total value of $998,036.90. Following the completion of the transaction, the insider owned 43,046 shares of the company’s stock, valued at approximately $7,445,666.62. This represents a 11.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Tashtego S. Elwyn sold 10,000 shares of the firm’s 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 in the company, valued at $7,942,770.84. This trade represents a 18.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 0.58% of the company’s stock.

Analyst Upgrades and Downgrades

RJF has been the topic of a number of research reports. Barclays increased their price target on Raymond James Financial from $192.00 to $196.00 and gave the stock an “overweight” rating in a research report on Thursday, July 23rd. Morgan Stanley upped their price objective on Raymond James Financial from $172.00 to $174.00 and gave the stock an “equal weight” rating in a research note on Friday, July 10th. JPMorgan Chase & Co. increased their target price on Raymond James Financial from $175.00 to $179.00 and gave the stock a “neutral” rating in a research report on Thursday, July 23rd. Weiss Ratings reiterated a “buy (b-)” rating on shares of Raymond James Financial in a research note on Monday, August 17th. Finally, Citigroup reissued a “market outperform” rating on shares of Raymond James Financial in a report on Thursday, July 23rd. Five equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Raymond James Financial currently has a consensus rating of “Hold” and an average target price of $181.00.

Raymond James Financial Stock Performance

RJF opened at $179.50 on Monday. The business’s 50 day moving average is $170.25 and its 200-day moving average is $157.99. The stock has a market cap of $34.53 billion, a PE ratio of 15.65, a price-to-earnings-growth ratio of 1.10 and a beta of 0.92. The company has a current ratio of 1.06, a quick ratio of 1.03 and a debt-to-equity ratio of 0.43. Raymond James Financial, Inc. has a twelve month low of $138.82 and a twelve month high of $182.73.

Raymond James Financial (NYSE:RJF) last issued its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $3.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.91 by $0.23. Raymond James Financial had a return on equity of 19.07% and a net margin of 13.57%.The business had revenue of $3.93 billion during the quarter, compared to the consensus estimate of $3.87 billion. During the same period in the previous year, the firm posted $2.18 earnings per share. The business’s revenue was up 15.6% on a year-over-year basis. On average, analysts predict that Raymond James Financial, Inc. will post 12.07 earnings per share for the current year.

Raymond James Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Thursday, October 1st will be given a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Thursday, October 1st. Raymond James Financial’s payout ratio is 18.83%.

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.