Commerce Bank Purchases New Position in Raymond James Financial, Inc. $RJF

Commerce Bank purchased a new position in Raymond James Financial, Inc. (NYSE:RJF) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 8,383 shares of the financial services provider’s stock, valued at approximately $1,274,000.

Several other large investors have also bought and sold shares of the company. BlackRock Inc. purchased a new position in shares of Raymond James Financial in the 2nd quarter valued at approximately $2,180,699,000. First Trust Advisors LP raised its holdings 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 in 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 buying an additional 21,856 shares during the period. Bank of America Corp DE lifted its position in Raymond James Financial by 9.9% during the first quarter. Bank of America Corp DE now owns 2,449,760 shares of the financial services provider’s stock valued at $354,701,000 after buying an additional 220,227 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Raymond James Financial by 1.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,399,638 shares of the financial services provider’s stock valued at $347,390,000 after buying an additional 41,413 shares in the last quarter. 83.83% of the stock is owned by institutional investors.

Insider Activity at Raymond James Financial

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

Raymond James Financial Stock Performance

Shares of RJF opened at $174.92 on Wednesday. The business’s fifty day simple moving average is $169.03 and its two-hundred 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, Inc. has a 12 month low of $138.82 and a 12 month high of $182.73. The company has a market cap of $33.65 billion, a price-to-earnings ratio of 15.25, a P/E/G ratio of 1.08 and a beta of 0.92.

Raymond James Financial (NYSE:RJF) last posted its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $3.14 earnings per share for the quarter, topping the consensus estimate of $2.91 by $0.23. Raymond James Financial had a return on equity of 19.07% and a net margin of 13.57%.The firm had revenue of $3.93 billion during the quarter, compared to analysts’ expectations of $3.87 billion. During the same quarter in the previous year, the business earned $2.18 earnings per share. The company’s revenue was up 15.6% on a year-over-year basis. Research analysts anticipate that Raymond James Financial, Inc. will post 12.07 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Barclays lifted their price target on shares of Raymond James Financial from $192.00 to $196.00 and gave the company an “overweight” rating in a research report on Thursday, July 23rd. TD Cowen lowered their target price on shares of Raymond James Financial from $162.00 to $161.00 and set a “hold” rating for the company in a report on Thursday, July 23rd. Weiss Ratings reissued a “buy (b-)” rating on shares of Raymond James Financial in a research report on Monday, August 17th. Argus upped their price target on Raymond James Financial from $178.00 to $196.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. Finally, JPMorgan Chase & Co. raised their price objective on Raymond James Financial from $175.00 to $179.00 and gave the company a “neutral” rating in a research report on Thursday, July 23rd. Five analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $181.00.

About Raymond James Financial

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.