Cresset Asset Management LLC Sells 12,743 Shares of Raymond James (NYSE:RJF)

Cresset Asset Management LLC lessened its stake in Raymond James (NYSE:RJF) by 82.8% in the fourth quarter, HoldingsChannel reports. The firm owned 2,642 shares of the financial services provider’s stock after selling 12,743 shares during the period. Cresset Asset Management LLC’s holdings in Raymond James were worth $410,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently modified their holdings of the business. CX Institutional grew its position in shares of Raymond James by 2.9% during the 4th quarter. CX Institutional now owns 2,323 shares of the financial services provider’s stock valued at $361,000 after acquiring an additional 66 shares during the period. Crestwood Advisors Group LLC grew its position in shares of Raymond James by 3.5% during the 4th quarter. Crestwood Advisors Group LLC now owns 1,982 shares of the financial services provider’s stock valued at $308,000 after acquiring an additional 67 shares during the period. Stablepoint Partners LLC grew its position in shares of Raymond James by 0.5% during the 4th quarter. Stablepoint Partners LLC now owns 14,651 shares of the financial services provider’s stock valued at $2,276,000 after acquiring an additional 73 shares during the period. Keybank National Association OH grew its position in shares of Raymond James by 0.7% during the 4th quarter. Keybank National Association OH now owns 11,248 shares of the financial services provider’s stock valued at $1,747,000 after acquiring an additional 76 shares during the period. Finally, Private Trust Co. NA grew its position in shares of Raymond James by 23.9% during the 4th quarter. Private Trust Co. NA now owns 487 shares of the financial services provider’s stock valued at $76,000 after acquiring an additional 94 shares during the period. Institutional investors own 83.83% of the company’s stock.

Raymond James Stock Up 0.4%

Shares of RJF stock opened at $152.85 on Friday. The stock has a market cap of $30.84 billion, a P/E ratio of 14.91, a PEG ratio of 0.90 and a beta of 1.02. Raymond James has a 52 week low of $104.24 and a 52 week high of $174.32. The company has a quick ratio of 1.01, a current ratio of 1.03 and a debt-to-equity ratio of 0.35. The company’s fifty day simple moving average is $139.00 and its two-hundred day simple moving average is $152.41.

Raymond James (NYSE:RJF) last announced its quarterly earnings results on Wednesday, April 23rd. The financial services provider reported $2.42 EPS for the quarter, missing the consensus estimate of $2.44 by ($0.02). The company had revenue of $3.40 billion during the quarter, compared to analysts’ expectations of $3.46 billion. Raymond James had a return on equity of 19.71% and a net margin of 14.06%. The firm’s revenue for the quarter was up 9.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.31 EPS. Analysts predict that Raymond James will post 11.17 EPS for the current fiscal year.

Raymond James Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 1st were paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 1.31%. The ex-dividend date was Tuesday, April 1st. Raymond James’s payout ratio is currently 19.25%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on RJF. Cowen reissued a “hold” rating on shares of Raymond James in a research report on Thursday, April 24th. StockNews.com downgraded shares of Raymond James from a “buy” rating to a “hold” rating in a research report on Monday, February 10th. Wells Fargo & Company dropped their target price on shares of Raymond James from $176.00 to $143.00 and set an “equal weight” rating for the company in a report on Tuesday, April 8th. JMP Securities reaffirmed a “market outperform” rating and issued a $175.00 target price on shares of Raymond James in a report on Thursday, April 24th. Finally, Citigroup dropped their target price on shares of Raymond James from $180.00 to $150.00 and set a “neutral” rating for the company in a report on Wednesday, April 2nd. Eleven investment analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $153.82.

Insiders Place Their Bets

In other news, insider James E. Bunn sold 3,650 shares of the company’s stock in a transaction dated Monday, April 28th. The shares were sold at an average price of $136.49, for a total transaction of $498,188.50. Following the sale, the insider now directly owns 78,227 shares in the company, valued at approximately $10,677,203.23. This represents a 4.46% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.54% of the company’s stock.

Raymond James Profile

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.