Principal Financial Group Inc. Sells 24,655 Shares of Raymond James Financial, Inc. $RJF

Principal Financial Group Inc. reduced its position in shares of Raymond James Financial, Inc. (NYSE:RJF) by 4.3% in the first quarter, according to its most recent filing with the SEC. The fund owned 548,144 shares of the financial services provider’s stock after selling 24,655 shares during the quarter. Principal Financial Group Inc.’s holdings in Raymond James Financial were worth $79,366,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. First Trust Advisors LP increased its position in Raymond James Financial by 18.3% in the fourth quarter. First Trust Advisors LP now owns 3,071,996 shares of the financial services provider’s stock worth $493,332,000 after purchasing an additional 474,477 shares during the last quarter. Victory Capital Management Inc. lifted its position in Raymond James Financial by 0.8% during the fourth quarter. Victory Capital Management Inc. now owns 2,785,857 shares of the financial services provider’s stock valued at $447,381,000 after purchasing an additional 21,856 shares during the last quarter. Invesco Ltd. lifted its position in Raymond James Financial by 12.2% during the fourth quarter. Invesco Ltd. now owns 2,338,521 shares of the financial services provider’s stock valued at $375,543,000 after purchasing an additional 254,773 shares during the last quarter. Norges Bank purchased a new position in shares of Raymond James Financial in the 4th quarter worth $324,263,000. Finally, Bank of New York Mellon Corp increased its holdings in shares of Raymond James Financial by 22.0% in the 4th quarter. Bank of New York Mellon Corp now owns 1,201,739 shares of the financial services provider’s stock worth $192,987,000 after buying an additional 216,907 shares during the last quarter. 83.83% of the stock is owned by hedge funds and other institutional investors.

Raymond James Financial Trading Down 0.4%

Shares of RJF opened at $169.56 on Friday. The company’s fifty day simple moving average is $155.28 and its 200-day simple moving average is $156.33. The company has a market cap of $33.04 billion, a P/E ratio of 16.03, a P/E/G ratio of 1.09 and a beta of 0.93. The company has a current ratio of 1.07, a quick ratio of 1.05 and a debt-to-equity ratio of 0.44. Raymond James Financial, Inc. has a twelve month low of $138.82 and a twelve month high of $177.66.

Raymond James Financial (NYSE:RJF) last released its quarterly earnings results on Wednesday, April 22nd. The financial services provider reported $2.83 EPS for the quarter, topping analysts’ consensus estimates of $2.76 by $0.07. The firm had revenue of $3.86 billion during the quarter, compared to analysts’ expectations of $3.92 billion. Raymond James Financial had a net margin of 13.04% and a return on equity of 17.93%. The firm’s revenue for the quarter was up 13.4% compared to the same quarter last year. During the same period in the previous year, the company earned $2.42 EPS. As a group, analysts expect that Raymond James Financial, Inc. will post 11.84 EPS for the current year.

Raymond James Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Wednesday, July 1st were given a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a dividend yield of 1.3%. The ex-dividend date was Wednesday, July 1st. Raymond James Financial’s payout ratio is 20.42%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Citizens Jmp upped their target price on shares of Raymond James Financial from $190.00 to $200.00 and gave the company a “market outperform” rating in a research report on Thursday, July 9th. Weiss Ratings reissued a “buy (b-)” rating on shares of Raymond James Financial in a research note on Wednesday, May 20th. UBS Group reissued a “neutral” rating and set a $175.00 price objective (up from $166.00) on shares of Raymond James Financial in a research note on Wednesday, July 8th. Citigroup restated an “outperform” rating on shares of Raymond James Financial in a research report on Thursday, July 9th. Finally, Jefferies Financial Group dropped their target price on Raymond James Financial from $165.00 to $145.00 and set a “hold” rating for the company in a report on Monday, April 6th. Four research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat.com, Raymond James Financial currently has an average rating of “Hold” and an average price target of $176.64.

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.