Pinnacle Associates Ltd. Sells 7,745 Shares of Raymond James Financial, Inc. $RJF

Pinnacle Associates Ltd. cut its holdings in Raymond James Financial, Inc. (NYSE:RJF) by 6.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 115,830 shares of the financial services provider’s stock after selling 7,745 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Raymond James Financial were worth $18,601,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of RJF. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Raymond James Financial in the fourth quarter worth about $32,000. Quent Capital LLC bought a new stake in shares of Raymond James Financial in the third quarter worth about $33,000. Anfield Capital Management LLC bought a new stake in shares of Raymond James Financial in the third quarter worth about $33,000. Harbor Investment Advisory LLC grew its stake in shares of Raymond James Financial by 452.6% in the fourth quarter. Harbor Investment Advisory LLC now owns 210 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 172 shares during the last quarter. Finally, Salomon & Ludwin LLC grew its stake in shares of Raymond James Financial by 34.8% in the fourth quarter. Salomon & Ludwin LLC now owns 252 shares of the financial services provider’s stock worth $42,000 after purchasing an additional 65 shares during the last quarter. 83.83% of the stock is owned by institutional investors.

Insider Activity

In other news, insider Bella Loykhter Allaire sold 29,551 shares of Raymond James Financial stock in a transaction that occurred on Thursday, March 19th. The shares were sold at an average price of $142.34, for a total transaction of $4,206,289.34. Following the completion of the transaction, the insider directly owned 53,586 shares in the company, valued at approximately $7,627,431.24. This trade represents a 35.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.58% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on RJF shares. Weiss Ratings raised Raymond James Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, February 20th. BMO Capital Markets raised their target price on Raymond James Financial from $152.00 to $165.00 and gave the stock a “market perform” rating in a research note on Thursday, April 23rd. Jefferies Financial Group cut their target price on Raymond James Financial from $165.00 to $145.00 and set a “hold” rating on the stock in a research note on Monday, April 6th. TD Cowen reissued a “hold” rating and issued a $159.00 target price (up from $156.00) on shares of Raymond James Financial in a research note on Thursday, April 23rd. Finally, UBS Group restated a “neutral” rating and issued a $166.00 price objective (up from $158.00) on shares of Raymond James Financial in a report on Thursday, April 23rd. Four research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $173.25.

Raymond James Financial Stock Performance

Shares of RJF opened at $154.00 on Thursday. The company has a 50-day simple moving average of $149.51 and a two-hundred day simple moving average of $157.91. Raymond James Financial, Inc. has a one year low of $138.82 and a one year high of $177.66. The firm has a market capitalization of $30.01 billion, a PE ratio of 14.56, a price-to-earnings-growth ratio of 1.18 and a beta of 0.99. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.07 and a quick ratio of 1.05.

Raymond James Financial (NYSE:RJF) last released its earnings results on Wednesday, April 22nd. The financial services provider reported $2.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.76 by $0.07. Raymond James Financial had a net margin of 13.04% and a return on equity of 17.93%. The firm had revenue of $3.86 billion during the quarter, compared to analyst estimates of $3.92 billion. During the same period last year, the business earned $2.42 earnings per share. The business’s revenue was up 13.4% on a year-over-year basis. On average, analysts anticipate that Raymond James Financial, Inc. will post 11.83 EPS for the current fiscal year.

Raymond James Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Wednesday, July 1st will be issued a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a dividend yield of 1.4%. The ex-dividend date is Wednesday, July 1st. Raymond James Financial’s dividend payout ratio (DPR) is presently 20.42%.

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.