Palisade Capital Management LP Invests $26.82 Million in Raymond James Financial, Inc. $RJF

Palisade Capital Management LP acquired a new position in shares of Raymond James Financial, Inc. (NYSE:RJF) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 176,430 shares of the financial services provider’s stock, valued at approximately $26,823,000. Raymond James Financial makes up approximately 1.2% of Palisade Capital Management LP’s holdings, making the stock its 16th biggest position. Palisade Capital Management LP owned 0.09% of Raymond James Financial as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Canada Pension Plan Investment Board bought a new stake in Raymond James Financial in the 2nd quarter valued at approximately $89,361,000. Osterweis Capital Management Inc. bought a new position in shares of Raymond James Financial during the 2nd quarter worth approximately $68,000. Legal & General Group Plc acquired a new stake in shares of Raymond James Financial in the second quarter valued at approximately $181,811,000. The Manufacturers Life Insurance Company acquired a new stake in shares of Raymond James Financial in the second quarter valued at approximately $13,408,000. Finally, Jones Financial Companies Lllp bought a new stake in shares of Raymond James Financial in the second quarter worth $36,000. Institutional investors and hedge funds own 83.83% of the company’s stock.

Raymond James Financial Price Performance

Shares of RJF opened at $174.92 on Wednesday. The company has a market cap of $33.65 billion, a price-to-earnings ratio of 15.25, a PEG ratio of 1.08 and a beta of 0.92. Raymond James Financial, Inc. has a 1-year low of $138.82 and a 1-year high of $182.73. The company’s fifty day simple moving average is $169.03 and its 200 day simple moving average is $157.87. 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 announced its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $3.14 EPS for the quarter, beating analysts’ consensus estimates of $2.91 by $0.23. Raymond James Financial had a net margin of 13.57% and a return on equity of 19.07%. The firm had revenue of $3.93 billion during the quarter, compared to analysts’ expectations of $3.87 billion. During the same quarter last year, the company posted $2.18 earnings per share. The company’s revenue for the quarter was up 15.6% compared to the same quarter last year. On average, research analysts forecast that Raymond James Financial, Inc. will post 12.07 earnings per share for the current fiscal year.

Insider Transactions at Raymond James Financial

In related news, insider Steven M. Raney sold 5,770 shares of the firm’s stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $172.97, for a total value of $998,036.90. Following the completion of the sale, the insider directly owned 43,046 shares in the company, valued at approximately $7,445,666.62. This trade represents a 11.82% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Tashtego S. Elwyn sold 10,000 shares of Raymond James Financial stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $176.06, for a total value of $1,760,600.00. Following the transaction, the insider owned 45,114 shares of the company’s stock, valued at $7,942,770.84. The trade was a 18.14% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.58% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Morgan Stanley increased their target price on shares of Raymond James Financial from $172.00 to $174.00 and gave the stock an “equal weight” rating in a report on Friday, July 10th. Barclays boosted their price target on shares of Raymond James Financial from $192.00 to $196.00 and gave the stock an “overweight” rating in a research report on Thursday, July 23rd. TD Cowen reduced their price objective on shares of Raymond James Financial from $162.00 to $161.00 and set a “hold” rating for the company in a research note on Thursday, July 23rd. Argus raised their price objective on Raymond James Financial from $178.00 to $196.00 and gave the company a “buy” rating in a report on Thursday, July 30th. Finally, Citigroup reaffirmed a “market outperform” rating on shares of Raymond James Financial in a research report on Thursday, July 23rd. Five investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $181.00.

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.