Raymond James (NYSE:RJF) Shares Sold by New York State Common Retirement Fund

New York State Common Retirement Fund cut its stake in shares of Raymond James (NYSE:RJF) by 31.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 361,738 shares of the financial services provider’s stock after selling 169,570 shares during the quarter. New York State Common Retirement Fund’s holdings in Raymond James were worth $44,298,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Deroy & Devereaux Private Investment Counsel Inc. lifted its holdings in shares of Raymond James by 1.1% during the third quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 284,168 shares of the financial services provider’s stock worth $34,799,000 after purchasing an additional 3,219 shares during the period. US Bancorp DE lifted its holdings in shares of Raymond James by 1.9% during the third quarter. US Bancorp DE now owns 72,947 shares of the financial services provider’s stock worth $8,933,000 after purchasing an additional 1,393 shares during the period. Congress Asset Management Co. lifted its holdings in shares of Raymond James by 8.7% during the third quarter. Congress Asset Management Co. now owns 975,601 shares of the financial services provider’s stock worth $119,472,000 after purchasing an additional 78,202 shares during the period. Pinnacle Associates Ltd. lifted its holdings in shares of Raymond James by 2.1% during the third quarter. Pinnacle Associates Ltd. now owns 226,342 shares of the financial services provider’s stock worth $25,237,000 after purchasing an additional 4,752 shares during the period. Finally, First Trust Direct Indexing L.P. lifted its holdings in shares of Raymond James by 32.7% during the third quarter. First Trust Direct Indexing L.P. now owns 6,033 shares of the financial services provider’s stock worth $739,000 after purchasing an additional 1,486 shares during the period. 83.83% of the stock is owned by institutional investors and hedge funds.

Raymond James Trading Down 2.7 %

Shares of RJF stock opened at $144.29 on Friday. Raymond James has a fifty-two week low of $97.05 and a fifty-two week high of $151.59. The stock has a market cap of $29.72 billion, a P/E ratio of 14.86, a P/E/G ratio of 0.75 and a beta of 0.98. The business has a fifty day simple moving average of $127.40 and a 200-day simple moving average of $122.16. The company has a quick ratio of 0.99, a current ratio of 1.02 and a debt-to-equity ratio of 0.41.

Raymond James (NYSE:RJF) last announced its quarterly earnings results on Wednesday, October 23rd. The financial services provider reported $2.95 earnings per share for the quarter, beating analysts’ consensus estimates of $2.41 by $0.54. Raymond James had a return on equity of 19.61% and a net margin of 13.86%. The business had revenue of $3.46 billion during the quarter, compared to analysts’ expectations of $3.32 billion. During the same quarter last year, the business posted $2.13 earnings per share. The business’s revenue for the quarter was up 13.4% on a year-over-year basis. On average, analysts forecast that Raymond James will post 10.73 earnings per share for the current fiscal year.

Raymond James Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st were paid a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.25%. The ex-dividend date of this dividend was Tuesday, October 1st. Raymond James’s payout ratio is currently 18.54%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on RJF. UBS Group decreased their price target on Raymond James from $138.00 to $135.00 and set a “neutral” rating for the company in a report on Tuesday, July 9th. JMP Securities increased their price objective on Raymond James from $146.00 to $150.00 and gave the stock a “market outperform” rating in a research report on Thursday, October 24th. Jefferies Financial Group increased their price objective on Raymond James from $123.00 to $126.00 and gave the stock a “hold” rating in a research report on Friday, October 4th. JPMorgan Chase & Co. cut their price objective on Raymond James from $137.00 to $135.00 and set an “overweight” rating for the company in a research report on Thursday, July 25th. Finally, TD Cowen increased their price objective on Raymond James from $128.00 to $150.00 and gave the stock a “hold” rating in a research report on Wednesday. Nine equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, Raymond James has an average rating of “Hold” and an average price target of $140.91.

Insider Activity at Raymond James

In related news, CEO Tashtego S. Elwyn sold 31,277 shares of the stock in a transaction on Monday, August 12th. The stock was sold at an average price of $109.64, for a total transaction of $3,429,210.28. Following the sale, the chief executive officer now owns 35,380 shares of the company’s stock, valued at $3,879,063.20. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 9.74% of the company’s stock.

About Raymond James

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.