Patton Fund Management Inc. Buys New Shares in Raymond James Financial, Inc. $RJF

Patton Fund Management Inc. bought a new stake in Raymond James Financial, Inc. (NYSE:RJF) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 1,602 shares of the financial services provider’s stock, valued at approximately $246,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Victory Capital Management Inc. grew its holdings in Raymond James Financial by 1,502.0% during the first quarter. Victory Capital Management Inc. now owns 1,883,139 shares of the financial services provider’s stock worth $261,587,000 after purchasing an additional 1,765,588 shares during the period. Nuveen LLC bought a new stake in shares of Raymond James Financial during the first quarter worth approximately $111,368,000. GAMMA Investing LLC raised its position in shares of Raymond James Financial by 25,259.8% in the first quarter. GAMMA Investing LLC now owns 674,825 shares of the financial services provider’s stock valued at $93,740,000 after buying an additional 672,164 shares in the last quarter. Goldman Sachs Group Inc. raised its position in Raymond James Financial by 44.4% during the first quarter. Goldman Sachs Group Inc. now owns 1,708,333 shares of the financial services provider’s stock valued at $237,305,000 after purchasing an additional 525,134 shares in the last quarter. Finally, Invesco Ltd. raised its position in Raymond James Financial by 19.1% during the first quarter. Invesco Ltd. now owns 2,901,435 shares of the financial services provider’s stock valued at $403,038,000 after purchasing an additional 466,129 shares in the last quarter. Institutional investors and hedge funds own 83.83% of the company’s stock.

Raymond James Financial Price Performance

Shares of NYSE RJF opened at $175.77 on Friday. Raymond James Financial, Inc. has a 1 year low of $117.57 and a 1 year high of $177.66. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.04 and a quick ratio of 1.02. The company’s 50-day moving average is $167.40 and its 200 day moving average is $152.83. The stock has a market capitalization of $35.05 billion, a P/E ratio of 17.23, a P/E/G ratio of 1.44 and a beta of 1.04.

Raymond James Financial (NYSE:RJF) last announced its quarterly earnings data on Wednesday, July 23rd. The financial services provider reported $2.18 earnings per share for the quarter, missing analysts’ consensus estimates of $2.36 by ($0.18). The business had revenue of $3.40 billion during the quarter, compared to analysts’ expectations of $3.38 billion. Raymond James Financial had a return on equity of 18.38% and a net margin of 13.56%.Raymond James Financial’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same quarter last year, the company posted $2.39 EPS. On average, sell-side analysts expect that Raymond James Financial, Inc. will post 11.17 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 Wednesday, October 15th. Shareholders of record on Wednesday, October 1st will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend is Wednesday, October 1st. Raymond James Financial’s dividend payout ratio is currently 19.61%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on RJF. Morgan Stanley boosted their price objective on shares of Raymond James Financial from $136.00 to $180.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 15th. JPMorgan Chase & Co. upped their price target on shares of Raymond James Financial from $151.00 to $172.00 and gave the company a “neutral” rating in a research report on Thursday, July 24th. Keefe, Bruyette & Woods increased their price objective on shares of Raymond James Financial from $167.00 to $170.00 and gave the stock a “market perform” rating in a research report on Thursday, July 24th. Wells Fargo & Company increased their price objective on shares of Raymond James Financial from $155.00 to $163.00 and gave the stock an “equal weight” rating in a research report on Friday, July 11th. Finally, Citigroup restated a “neutral” rating and issued a $180.00 target price (up previously from $170.00) on shares of Raymond James Financial in a report on Monday, September 22nd. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $165.30.

Raymond James Financial 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.