Man Group plc Acquires New Stake in Raymond James Financial, Inc. $RJF

Man Group plc bought a new position in shares of Raymond James Financial, Inc. (NYSE:RJF) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 45,645 shares of the financial services provider’s stock, valued at approximately $6,939,000.

A number of other institutional investors have also recently made changes to their positions in the stock. Empowered Funds LLC boosted its holdings in Raymond James Financial by 8.2% in the first quarter. Empowered Funds LLC now owns 4,142 shares of the financial services provider’s stock valued at $573,000 after acquiring an additional 314 shares during the last quarter. Woodline Partners LP lifted its position in shares of Raymond James Financial by 41.8% in the 1st quarter. Woodline Partners LP now owns 15,580 shares of the financial services provider’s stock worth $2,164,000 after purchasing an additional 4,592 shares during the period. EverSource Wealth Advisors LLC lifted its position in shares of Raymond James Financial by 137.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,184 shares of the financial services provider’s stock worth $182,000 after purchasing an additional 685 shares during the period. Brown Advisory Inc. boosted its stake in shares of Raymond James Financial by 15.1% in the 2nd quarter. Brown Advisory Inc. now owns 2,268 shares of the financial services provider’s stock valued at $348,000 after purchasing an additional 298 shares during the last quarter. Finally, Cresset Asset Management LLC acquired a new stake in shares of Raymond James Financial during the second quarter worth $363,000. Institutional investors own 83.83% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on RJF. TD Cowen dropped their target price on shares of Raymond James Financial from $162.00 to $161.00 and set a “hold” rating on the stock in a report on Thursday, July 23rd. Morgan Stanley increased their price target on Raymond James Financial from $172.00 to $174.00 and gave the stock an “equal weight” rating in a report on Friday, July 10th. Citigroup reissued a “market outperform” rating on shares of Raymond James Financial in a research report on Thursday, July 23rd. BMO Capital Markets restated a “market perform” rating and set a $175.00 target price (up from $160.00) on shares of Raymond James Financial in a research report on Thursday, July 23rd. Finally, Barclays raised their target price on Raymond James Financial from $192.00 to $196.00 and gave the stock an “overweight” rating in a research note on Thursday, July 23rd. Five research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $181.00.

Raymond James Financial Stock Up 1.9%

Shares of NYSE:RJF opened at $179.50 on Friday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.03 and a current ratio of 1.06. Raymond James Financial, Inc. has a 52-week low of $138.82 and a 52-week high of $182.73. The business’s 50 day simple moving average is $170.25 and its two-hundred day simple moving average is $158.11. The firm has a market cap of $34.53 billion, a P/E ratio of 15.65, a PEG ratio of 1.10 and a beta of 0.92.

Raymond James Financial (NYSE:RJF) last released its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $3.14 EPS for the quarter, beating 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 the consensus estimate of $3.87 billion. During the same quarter in the previous year, the company posted $2.18 earnings per share. The company’s quarterly revenue was up 15.6% on a year-over-year basis. As a group, research analysts forecast that Raymond James Financial, Inc. will post 12.07 EPS for the current fiscal year.

Raymond James Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Thursday, October 1st will be issued a dividend of $0.54 per share. The ex-dividend date is Thursday, October 1st. This represents a $2.16 annualized dividend and a yield of 1.2%. Raymond James Financial’s dividend payout ratio is presently 18.83%.

Insiders Place Their Bets

In other Raymond James Financial news, insider Tashtego S. Elwyn sold 10,000 shares of the firm’s stock in a transaction 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 transaction, the insider directly owned 45,114 shares of the company’s stock, valued at approximately $7,942,770.84. This trade represents a 18.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 transaction of $998,036.90. Following the completion of the transaction, the insider directly owned 43,046 shares in the company, valued at approximately $7,445,666.62. The trade was a 11.82% decrease in their position. The SEC filing for this sale provides additional information. 0.58% of the stock is currently owned by company insiders.

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.