Raymond James (NYSE:RJF) Shares Sold by Bank of America Corp DE

Bank of America Corp DE lowered its position in Raymond James (NYSE:RJF) by 5.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,441,301 shares of the financial services provider’s stock after selling 142,872 shares during the quarter. Bank of America Corp DE owned about 1.19% of Raymond James worth $379,207,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the business. Barclays PLC boosted its position in Raymond James by 33.5% during the 3rd quarter. Barclays PLC now owns 847,108 shares of the financial services provider’s stock worth $103,738,000 after acquiring an additional 212,697 shares during the period. Franklin Resources Inc. raised its stake in shares of Raymond James by 1.6% during the third quarter. Franklin Resources Inc. now owns 568,070 shares of the financial services provider’s stock valued at $73,940,000 after purchasing an additional 9,217 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in Raymond James by 7.5% in the third quarter. Principal Financial Group Inc. now owns 626,866 shares of the financial services provider’s stock worth $76,770,000 after purchasing an additional 43,601 shares during the period. JPMorgan Chase & Co. grew its position in Raymond James by 12.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 4,544,610 shares of the financial services provider’s stock valued at $556,533,000 after buying an additional 488,245 shares in the last quarter. Finally, Nordea Investment Management AB increased its stake in Raymond James by 2.4% during the 4th quarter. Nordea Investment Management AB now owns 16,667 shares of the financial services provider’s stock valued at $2,598,000 after buying an additional 389 shares during the period. Institutional investors own 83.83% of the company’s stock.

Insider Activity at Raymond James

In other news, insider James E. Bunn sold 3,650 shares of the company’s stock in a transaction dated Monday, April 28th. The stock was sold at an average price of $136.49, for a total value of $498,188.50. Following the transaction, the insider now owns 78,227 shares in the company, valued at $10,677,203.23. This represents a 4.46 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.54% of the stock is owned by insiders.

Raymond James Price Performance

RJF stock opened at $141.12 on Wednesday. The firm has a 50-day moving average of $138.51 and a two-hundred day moving average of $152.13. The firm has a market capitalization of $28.92 billion, a PE ratio of 13.77, a P/E/G ratio of 0.90 and a beta of 1.02. The company has a current ratio of 1.03, a quick ratio of 1.01 and a debt-to-equity ratio of 0.35. Raymond James has a one year low of $104.24 and a one year high of $174.32.

Raymond James (NYSE:RJF) last posted its quarterly earnings data on Wednesday, April 23rd. The financial services provider reported $2.42 EPS for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.02). Raymond James had a return on equity of 19.71% and a net margin of 14.06%. The firm had revenue of $3.40 billion during the quarter, compared to analyst estimates of $3.46 billion. During the same period in the prior year, the business posted $2.31 EPS. The company’s revenue for the quarter was up 9.0% on a year-over-year basis. On average, analysts forecast that Raymond James will post 11.17 earnings per share for the current year.

Raymond James Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 1st were issued a dividend of $0.50 per share. The ex-dividend date was Tuesday, April 1st. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.42%. Raymond James’s dividend payout ratio is 19.25%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on RJF. Keefe, Bruyette & Woods upped their price target on shares of Raymond James from $170.00 to $177.00 and gave the stock a “market perform” rating in a research note on Thursday, January 30th. Citigroup decreased their price target on Raymond James from $180.00 to $150.00 and set a “neutral” rating for the company in a research note on Wednesday, April 2nd. Cowen reissued a “hold” rating on shares of Raymond James in a research note on Thursday, April 24th. Wells Fargo & Company decreased their target price on Raymond James from $176.00 to $143.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 8th. Finally, Bank of America cut shares of Raymond James from a “buy” rating to a “neutral” rating and set a $159.00 price target on the stock. in a research report on Wednesday, April 30th. Eleven research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $153.82.

About Raymond James

Raymond James Financial, Inc, a financial holding company, through its subsidiaries, engages in the underwriting, distribution, trading, and brokerage of equity and debt securities, and the sale of mutual funds and other investment products in the United States, Canada, Europe, and internationally. The company operates through Private Client Group, Capital Markets, Asset Management, RJ Bank, and Other segments.