Jupiter Topco LLC Acquires New Position in Raymond James Financial, Inc. $RJF

Jupiter Topco LLC bought a new position in shares of Raymond James Financial, Inc. (NYSE:RJF) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 22,422 shares of the financial services provider’s stock, valued at approximately $3,406,000.

Several other large investors have also added to or reduced their stakes in RJF. Empowered Funds LLC increased its stake in shares of Raymond James Financial by 8.2% in the first quarter. Empowered Funds LLC now owns 4,142 shares of the financial services provider’s stock worth $573,000 after purchasing an additional 314 shares in the last quarter. Woodline Partners LP lifted its stake in shares of Raymond James Financial by 41.8% during the 1st quarter. Woodline Partners LP now owns 15,580 shares of the financial services provider’s stock valued at $2,164,000 after buying an additional 4,592 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in shares of Raymond James Financial by 137.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,184 shares of the financial services provider’s stock valued at $182,000 after buying an additional 685 shares in the last quarter. Brown Advisory Inc. boosted its holdings in Raymond James Financial by 15.1% in the 2nd quarter. Brown Advisory Inc. now owns 2,268 shares of the financial services provider’s stock worth $348,000 after buying an additional 298 shares during the period. Finally, Cresset Asset Management LLC purchased a new stake in Raymond James Financial in the 2nd quarter worth $363,000. Hedge funds and other institutional investors own 83.83% of the company’s stock.

Insider Buying and Selling

In related news, insider Steven M. Raney sold 5,770 shares of the business’s stock in a transaction on Monday, July 27th. The shares were sold at an average price of $172.97, for a total value of $998,036.90. Following the sale, the insider owned 43,046 shares in the company, valued at approximately $7,445,666.62. The trade was a 11.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Bella Loykhter Allaire sold 7,500 shares of the company’s stock in a transaction on Friday, August 28th. The shares were sold at an average price of $177.60, for a total transaction of $1,332,000.00. Following the sale, the insider directly owned 46,086 shares in the company, valued at approximately $8,184,873.60. The trade was a 14.00% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 23,270 shares of company stock worth $4,090,637. Insiders own 0.58% of the company’s stock.

Raymond James Financial Price Performance

NYSE:RJF opened at $172.65 on Wednesday. The business’s 50-day moving average is $170.99 and its 200 day moving average is $158.23. Raymond James Financial, Inc. has a 12 month low of $138.82 and a 12 month high of $182.73. The company has a market capitalization of $33.21 billion, a P/E ratio of 15.05, a P/E/G ratio of 1.09 and a beta of 0.91. 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 (NYSE:RJF) last released its quarterly earnings results 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 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 analysts’ expectations of $3.87 billion. During the same quarter last year, the business posted $2.18 EPS. The firm’s revenue for the quarter was up 15.6% compared to the same quarter last year. On average, equities research analysts forecast that Raymond James Financial, Inc. will post 12.07 earnings per share for the current fiscal year.

Raymond James Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Thursday, October 1st will be issued a $0.54 dividend. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $2.16 dividend on an annualized basis and a dividend yield of 1.3%. Raymond James Financial’s dividend payout ratio (DPR) is 18.83%.

Analysts Set New Price Targets

Several brokerages have recently commented on RJF. Citigroup restated a “market outperform” rating on shares of Raymond James Financial in a research report on Thursday, July 23rd. Morgan Stanley boosted their price target on Raymond James Financial from $172.00 to $174.00 and gave the stock an “equal weight” rating in a report on Friday, July 10th. TD Cowen dropped their price target on Raymond James Financial from $161.00 to $160.00 and set a “hold” rating for the company in a research note on Tuesday. Argus increased their price objective on shares of Raymond James Financial from $178.00 to $196.00 and gave the company a “buy” rating in a report on Thursday, July 30th. Finally, BMO Capital Markets reissued a “market perform” rating and issued a $175.00 target price (up from $160.00) on shares of Raymond James Financial in a report on Thursday, July 23rd. Five investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat, Raymond James Financial currently has an average rating of “Hold” and a consensus target price of $181.46.

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.