Primecap Management Co. CA Cuts Stock Holdings in Raymond James (NYSE:RJF)

Primecap Management Co. CA lessened its stake in Raymond James (NYSE:RJF) by 4.2% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 11,469,156 shares of the financial services provider’s stock after selling 507,256 shares during the quarter. Raymond James makes up about 1.4% of Primecap Management Co. CA’s portfolio, making the stock its 21st biggest holding. Primecap Management Co. CA owned 5.61% of Raymond James worth $1,781,504,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Wellington Management Group LLP lifted its position in Raymond James by 31.4% in the third quarter. Wellington Management Group LLP now owns 12,114,502 shares of the financial services provider’s stock valued at $1,483,542,000 after buying an additional 2,898,242 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Raymond James during the fourth quarter worth about $105,701,000. JPMorgan Chase & Co. lifted its position in shares of Raymond James by 12.0% during the third quarter. JPMorgan Chase & Co. now owns 4,544,610 shares of the financial services provider’s stock worth $556,533,000 after purchasing an additional 488,245 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in shares of Raymond James by 433.4% during the fourth quarter. PNC Financial Services Group Inc. now owns 567,460 shares of the financial services provider’s stock worth $88,144,000 after buying an additional 461,069 shares during the period. Finally, Two Sigma Advisers LP purchased a new stake in shares of Raymond James during the third quarter worth approximately $34,105,000. Hedge funds and other institutional investors own 83.83% of the company’s stock.

Raymond James Price Performance

Shares of RJF opened at $144.54 on Tuesday. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.03 and a quick ratio of 1.01. Raymond James has a 12 month low of $104.24 and a 12 month high of $174.32. The stock has a fifty day moving average price of $157.94 and a 200 day moving average price of $149.04. The company has a market cap of $29.62 billion, a P/E ratio of 14.10, a PEG ratio of 0.90 and a beta of 1.04.

Raymond James (NYSE:RJF) last announced its quarterly earnings data on Wednesday, January 29th. The financial services provider reported $2.93 earnings per share for the quarter, beating the consensus estimate of $2.62 by $0.31. Raymond James had a return on equity of 19.71% and a net margin of 14.06%. On average, research analysts forecast that Raymond James will post 11.17 earnings per share for the current year.

Raymond James Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, April 1st will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 1.38%. The ex-dividend date of this dividend is Tuesday, April 1st. Raymond James’s payout ratio is 19.51%.

Analyst Ratings Changes

Several equities analysts have commented on the stock. UBS Group upgraded shares of Raymond James from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 6th. JMP Securities increased their price target on Raymond James from $175.00 to $190.00 and gave the stock a “market outperform” rating in a report on Thursday, January 30th. Morgan Stanley raised their target price on Raymond James from $149.00 to $161.00 and gave the company an “equal weight” rating in a report on Tuesday, March 4th. JPMorgan Chase & Co. raised their target price on Raymond James from $166.00 to $172.00 and gave the company a “neutral” rating in a report on Thursday, January 30th. Finally, StockNews.com cut Raymond James from a “buy” rating to a “hold” rating in a research report on Monday, February 10th. Nine analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $167.55.

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.