Saudi Central Bank Acquires 5,493 Shares of Raymond James Financial, Inc. $RJF

Saudi Central Bank grew its holdings in Raymond James Financial, Inc. (NYSE:RJF) by 79.3% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 12,417 shares of the financial services provider’s stock after buying an additional 5,493 shares during the quarter. Saudi Central Bank’s holdings in Raymond James Financial were worth $1,888,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in RJF. BlackRock Inc. acquired a new position in Raymond James Financial during the 2nd quarter worth about $2,180,699,000. Primecap Management Co. CA acquired a new stake in Raymond James Financial in the 2nd quarter valued at about $1,405,145,000. Bank of America Corp DE bought a new position in shares of Raymond James Financial in the second quarter worth about $360,592,000. Norges Bank acquired a new position in shares of Raymond James Financial during the fourth quarter worth approximately $324,263,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of Raymond James Financial during the second quarter valued at approximately $182,254,000. 83.83% of the stock is owned by institutional investors.

Raymond James Financial Stock Up 0.2%

Shares of NYSE:RJF opened at $178.69 on Tuesday. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.06 and a quick ratio of 1.03. The stock has a market cap of $34.37 billion, a price-to-earnings ratio of 15.58, a P/E/G ratio of 1.09 and a beta of 0.91. The company has a 50 day moving average of $173.17 and a 200-day moving average of $158.81. Raymond James Financial, Inc. has a one year low of $138.82 and a one year high of $182.73.

Raymond James Financial (NYSE:RJF) last announced its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $3.14 earnings per share for the quarter, beating the consensus estimate of $2.91 by $0.23. Raymond James Financial had a net margin of 13.57% and a return on equity of 19.07%. The business had revenue of $3.93 billion for the quarter, compared to analyst estimates of $3.87 billion. During the same period in the prior year, the business posted $2.18 earnings per share. Raymond James Financial’s revenue was up 15.6% compared to the same quarter last year. On average, sell-side analysts forecast that Raymond James Financial, Inc. will post 12.08 earnings per share for the current year.

Raymond James Financial Announces Dividend

The firm also recently announced 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. The ex-dividend date is Thursday, October 1st. This represents a $2.16 annualized dividend and a dividend yield of 1.2%. Raymond James Financial’s payout ratio is presently 18.83%.

Analyst Ratings Changes

A number of analysts recently weighed in on RJF shares. Morgan Stanley raised their price target 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. BMO Capital Markets reiterated a “market perform” rating and issued a $175.00 price objective (up from $160.00) on shares of Raymond James Financial in a research report on Thursday, July 23rd. JPMorgan Chase & Co. lifted their target price on Raymond James Financial from $175.00 to $179.00 and gave the company a “neutral” rating in a research note on Thursday, July 23rd. Barclays boosted their target price 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. Finally, Citigroup reaffirmed a “market outperform” rating on shares of Raymond James Financial in a research note on Thursday, July 23rd. Five analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $181.46.

Insider Activity

In related news, insider Bella Allaire sold 7,500 shares of the company’s stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $177.60, for a total value of $1,332,000.00. Following the completion of the sale, the insider owned 46,086 shares in the company, valued at approximately $8,184,873.60. This represents a 14.00% 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 Steven M. Raney sold 5,770 shares of the stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $172.97, for a total value of $998,036.90. Following the completion of the transaction, the insider directly owned 43,046 shares in the company, valued at $7,445,666.62. The trade was a 11.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 23,270 shares of company stock valued at $4,090,637 in the last 90 days. 0.58% of the stock is owned by company insiders.

Raymond James Financial Company 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.