Park Avenue Securities LLC Cuts Holdings in Raymond James (NYSE:RJF)

Park Avenue Securities LLC lessened its holdings in Raymond James (NYSE:RJF) by 24.9% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 10,165 shares of the financial services provider’s stock after selling 3,370 shares during the period. Park Avenue Securities LLC’s holdings in Raymond James were worth $1,245,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Quarry LP bought a new position in shares of Raymond James during the second quarter valued at approximately $29,000. Smithfield Trust Co raised its position in Raymond James by 105.0% during the 1st quarter. Smithfield Trust Co now owns 246 shares of the financial services provider’s stock worth $31,000 after buying an additional 126 shares during the last quarter. Covestor Ltd lifted its holdings in shares of Raymond James by 77.0% in the 1st quarter. Covestor Ltd now owns 239 shares of the financial services provider’s stock valued at $31,000 after buying an additional 104 shares during the period. Future Financial Wealth Managment LLC acquired a new position in Raymond James in the first quarter valued at approximately $33,000. Finally, FinTrust Capital Advisors LLC increased its holdings in Raymond James by 46.9% in the first quarter. FinTrust Capital Advisors LLC now owns 429 shares of the financial services provider’s stock valued at $55,000 after buying an additional 137 shares in the last quarter. 83.83% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. The Goldman Sachs Group reduced their price objective on shares of Raymond James from $127.00 to $125.00 and set a “neutral” rating for the company in a research report on Thursday, September 26th. Jefferies Financial Group upped their price objective on shares of Raymond James from $123.00 to $126.00 and gave the company a “hold” rating in a report on Friday, October 4th. TD Cowen increased their price target on Raymond James from $130.00 to $133.00 and gave the stock a “hold” rating in a report on Monday, July 8th. Wells Fargo & Company began coverage on Raymond James in a research note on Thursday, September 12th. They set an “overweight” rating and a $138.00 price target on the stock. Finally, JPMorgan Chase & Co. reduced their target price on shares of Raymond James from $137.00 to $135.00 and set an “overweight” rating on the stock in a report on Thursday, July 25th. Ten analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, Raymond James currently has an average rating of “Hold” and a consensus price target of $131.90.

Insider Transactions at Raymond James

In related news, EVP Bella Loykhter Allaire sold 17,363 shares of the business’s stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $115.00, for a total value of $1,996,745.00. Following the completion of the sale, the executive vice president now directly owns 75,586 shares of the company’s stock, valued at $8,692,390. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Tashtego S. Elwyn sold 31,277 shares of the business’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $109.64, for a total transaction of $3,429,210.28. Following the completion of the sale, the chief executive officer now owns 35,380 shares of the company’s stock, valued at $3,879,063.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Bella Loykhter Allaire sold 17,363 shares of Raymond James stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $115.00, for a total value of $1,996,745.00. Following the completion of the transaction, the executive vice president now owns 75,586 shares of the company’s stock, valued at approximately $8,692,390. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 9.74% of the company’s stock.

Raymond James Price Performance

RJF stock opened at $124.92 on Wednesday. The stock has a 50-day simple moving average of $117.86 and a 200-day simple moving average of $120.57. Raymond James has a 1 year low of $91.67 and a 1 year high of $131.19. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.99 and a current ratio of 1.02. The firm has a market cap of $25.89 billion, a P/E ratio of 15.11, a price-to-earnings-growth ratio of 0.79 and a beta of 1.02.

Raymond James (NYSE:RJF) last released its earnings results on Wednesday, July 24th. The financial services provider reported $2.39 EPS for the quarter, beating the consensus estimate of $2.31 by $0.08. The company had revenue of $3.23 billion during the quarter, compared to analysts’ expectations of $3.24 billion. Raymond James had a return on equity of 18.44% and a net margin of 13.16%. The business’s revenue was up 11.1% on a year-over-year basis. During the same period in the prior year, the business posted $1.85 EPS. On average, equities analysts predict that Raymond James will post 9.58 earnings per share for the current fiscal year.

Raymond James Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 1st will be paid a $0.45 dividend. The ex-dividend date is Tuesday, October 1st. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.44%. Raymond James’s dividend payout ratio (DPR) is presently 21.77%.

Raymond James Profile

Raymond James Financial, Inc, a financial holding company, through its subsidiaries, engages in the underwriting, distribution, trading, and brokerage of equity and debt securities, and the sale of mutual funds and other investment products in the United States, Canada, Europe, and internationally. The company operates through Private Client Group, Capital Markets, Asset Management, RJ Bank, and Other segments.