Smith Graham & Co. Investment Advisors LP cut its position in Raymond James Financial Inc. (NYSE:RJF) by 0.6% during the second quarter, Holdings Channel reports. The fund owned 76,520 shares of the company’s stock after selling 460 shares during the period. Smith Graham & Co. Investment Advisors LP’s holdings in Raymond James Financial were worth $3,772,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. Creative Planning increased its stake in Raymond James Financial by 4.6% in the second quarter. Creative Planning now owns 3,378 shares of the company’s stock worth $167,000 after buying an additional 149 shares during the last quarter. Strs Ohio increased its stake in Raymond James Financial by 44.8% in the second quarter. Strs Ohio now owns 3,560 shares of the company’s stock worth $175,000 after buying an additional 1,101 shares during the last quarter. HL Financial Services LLC increased its stake in Raymond James Financial by 52.1% in the second quarter. HL Financial Services LLC now owns 7,300 shares of the company’s stock worth $360,000 after buying an additional 2,500 shares during the last quarter. SPC Financial Inc. increased its stake in Raymond James Financial by 4.7% in the second quarter. SPC Financial Inc. now owns 8,900 shares of the company’s stock worth $439,000 after buying an additional 400 shares during the last quarter. Finally, Seven Bridges Advisors LLC increased its stake in Raymond James Financial by 93.7% in the second quarter. Seven Bridges Advisors LLC now owns 9,985 shares of the company’s stock worth $492,000 after buying an additional 4,829 shares during the last quarter. 70.38% of the stock is currently owned by institutional investors and hedge funds.
Shares of Raymond James Financial Inc. (NYSE:RJF) traded up 2.75% during midday trading on Friday, hitting $58.21. The company’s stock had a trading volume of 660,499 shares. The firm has a 50-day moving average of $57.16 and a 200 day moving average of $52.78. The firm has a market cap of $8.22 billion, a price-to-earnings ratio of 17.38 and a beta of 1.50. Raymond James Financial Inc. has a 12-month low of $39.84 and a 12-month high of $59.81.
Raymond James Financial (NYSE:RJF) last issued its quarterly earnings results on Wednesday, July 20th. The company reported $0.93 earnings per share for the quarter, topping analysts’ consensus estimates of $0.90 by $0.03. Raymond James Financial had a return on equity of 10.20% and a net margin of 9.02%. The company had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.32 billion. During the same quarter in the prior year, the company posted $0.91 EPS. The business’s revenue for the quarter was up 2.8% compared to the same quarter last year. On average, equities research analysts predict that Raymond James Financial Inc. will post $3.51 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Monday, October 3rd will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.37%. The ex-dividend date of this dividend is Thursday, September 29th. Raymond James Financial’s dividend payout ratio is presently 23.88%.
Several equities analysts have recently weighed in on the company. Zacks Investment Research raised Raymond James Financial from a “sell” rating to a “hold” rating in a research report on Thursday, August 18th. Nomura reissued a “hold” rating on shares of Raymond James Financial in a research report on Monday, July 11th. Credit Suisse Group AG set a $56.00 target price on Raymond James Financial and gave the company a “buy” rating in a research report on Wednesday, July 20th. Finally, Wells Fargo & Co. reissued a “hold” rating on shares of Raymond James Financial in a research report on Thursday, September 22nd. Six investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Raymond James Financial presently has an average rating of “Buy” and an average target price of $60.22.
In other news, insider George Catanese sold 4,158 shares of the company’s stock in a transaction on Monday, July 25th. The stock was sold at an average price of $53.89, for a total transaction of $224,074.62. Following the completion of the sale, the insider now directly owns 8,739 shares in the company, valued at approximately $470,944.71. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Jeffrey P. Julien sold 18,600 shares of the company’s stock in a transaction on Thursday, September 1st. The stock was sold at an average price of $57.62, for a total value of $1,071,732.00. Following the sale, the chief financial officer now owns 46,407 shares of the company’s stock, valued at $2,673,971.34. The disclosure for this sale can be found here. Company insiders own 11.21% of the company’s stock.
About Raymond James Financial
Raymond James Financial, Inc, is a financial services company providing private client, capital markets, asset management, banking and other services to individuals, corporations and municipalities. The Company operates in five reportable segments: Private Client Group; Capital Markets; Asset Management; RJ Bank, and the Other Segment.
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