Pinnacle Associates Ltd. Has $21.33 Million Stock Holdings in Raymond James Financial, Inc. $RJF

Pinnacle Associates Ltd. lowered its position in shares of Raymond James Financial, Inc. (NYSE:RJF) by 7.6% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 123,575 shares of the financial services provider’s stock after selling 10,211 shares during the quarter. Pinnacle Associates Ltd. owned about 0.06% of Raymond James Financial worth $21,329,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Norges Bank acquired a new position in shares of Raymond James Financial in the second quarter valued at about $354,446,000. JPMorgan Chase & Co. raised its stake in Raymond James Financial by 41.6% in the 2nd quarter. JPMorgan Chase & Co. now owns 5,616,998 shares of the financial services provider’s stock worth $861,479,000 after purchasing an additional 1,651,380 shares in the last quarter. First Trust Advisors LP boosted its holdings in Raymond James Financial by 39.9% in the 2nd quarter. First Trust Advisors LP now owns 2,485,569 shares of the financial services provider’s stock valued at $381,212,000 after purchasing an additional 709,315 shares during the period. American Century Companies Inc. boosted its holdings in Raymond James Financial by 179.8% in the 2nd quarter. American Century Companies Inc. now owns 688,405 shares of the financial services provider’s stock valued at $105,581,000 after purchasing an additional 442,340 shares during the period. Finally, Munich Reinsurance Co Stock Corp in Munich acquired a new position in shares of Raymond James Financial during the 3rd quarter worth approximately $69,861,000. Institutional investors own 83.83% of the company’s stock.

Raymond James Financial Price Performance

Shares of NYSE:RJF opened at $152.11 on Monday. The firm has a 50 day moving average of $163.81 and a 200-day moving average of $163.95. Raymond James Financial, Inc. has a 12 month low of $117.57 and a 12 month high of $177.66. The company has a current ratio of 1.06, a quick ratio of 1.04 and a debt-to-equity ratio of 0.42. The stock has a market capitalization of $29.98 billion, a PE ratio of 14.88, a PEG ratio of 1.13 and a beta of 1.00.

Raymond James Financial (NYSE:RJF) last posted its quarterly earnings results on Wednesday, January 28th. The financial services provider reported $2.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.83 by $0.03. The business had revenue of $3.74 billion for the quarter, compared to analyst estimates of $3.83 billion. Raymond James Financial had a net margin of 13.07% and a return on equity of 17.65%. The firm’s revenue for the quarter was up 5.6% on a year-over-year basis. During the same quarter last year, the business posted $2.93 EPS. On average, equities research analysts predict that Raymond James Financial, Inc. will post 11.17 EPS for the current fiscal year.

Raymond James Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Wednesday, April 1st will be issued a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend is Wednesday, April 1st. Raymond James Financial’s dividend payout ratio (DPR) is currently 21.14%.

Insider Buying and Selling at Raymond James Financial

In other news, insider Paul C. Reilly sold 130,687 shares of Raymond James Financial stock in a transaction on Monday, December 15th. The stock was sold at an average price of $163.15, for a total value of $21,321,584.05. Following the transaction, the insider owned 260,546 shares in the company, valued at approximately $42,508,079.90. This trade represents a 33.40% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.58% of the company’s stock.

Wall Street Analysts Forecast Growth

RJF has been the topic of several recent research reports. Morgan Stanley reaffirmed a “positive” rating on shares of Raymond James Financial in a report on Monday, December 22nd. Weiss Ratings upgraded Raymond James Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, February 20th. Barclays assumed coverage on Raymond James Financial in a research report on Wednesday, January 28th. They set an “overweight” rating and a $191.00 price target on the stock. TD Cowen reaffirmed a “hold” rating on shares of Raymond James Financial in a report on Wednesday, January 14th. Finally, UBS Group set a $176.00 target price on Raymond James Financial and gave the company a “neutral” rating in a research report on Thursday, December 11th. Five investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $182.17.

Raymond James Financial 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.