Lateef Investment Management L.P. trimmed its position in Raymond James Financial, Inc. (NYSE:RJF) by 2.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 279,489 shares of the financial services provider’s stock after selling 6,277 shares during the quarter. Raymond James Financial makes up approximately 2.1% of Lateef Investment Management L.P.’s holdings, making the stock its 24th largest position. Lateef Investment Management L.P. owned 0.19% of Raymond James Financial worth $23,569,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. YorkBridge Wealth Partners LLC boosted its position in Raymond James Financial by 4.9% during the 2nd quarter. YorkBridge Wealth Partners LLC now owns 1,413 shares of the financial services provider’s stock valued at $115,000 after purchasing an additional 66 shares during the period. Burt Wealth Advisors acquired a new position in Raymond James Financial during the 2nd quarter valued at approximately $150,000. Noesis Capital Mangement Corp acquired a new position in Raymond James Financial during the 3rd quarter valued at approximately $210,000. Pacer Advisors Inc. boosted its position in Raymond James Financial by 8.2% during the 2nd quarter. Pacer Advisors Inc. now owns 2,714 shares of the financial services provider’s stock valued at $218,000 after purchasing an additional 206 shares during the period. Finally, FNY Partners Fund LP boosted its position in Raymond James Financial by 3,103.0% during the 2nd quarter. FNY Partners Fund LP now owns 3,003 shares of the financial services provider’s stock valued at $240,000 after purchasing an additional 3,103 shares during the period. Institutional investors and hedge funds own 69.86% of the company’s stock.
In other news, Chairman Thomas A. James sold 200,000 shares of the business’s stock in a transaction on Tuesday, November 28th. The stock was sold at an average price of $85.98, for a total value of $17,196,000.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Steven M. Raney sold 9,890 shares of the business’s stock in a transaction on Thursday, November 30th. The stock was sold at an average price of $88.95, for a total value of $879,715.50. The disclosure for this sale can be found here. Insiders sold a total of 280,812 shares of company stock worth $24,145,735 in the last three months. Company insiders own 11.18% of the company’s stock.
Raymond James Financial (NYSE:RJF) last announced its quarterly earnings results on Wednesday, October 25th. The financial services provider reported $1.47 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.32 by $0.15. Raymond James Financial had a return on equity of 13.75% and a net margin of 9.75%. The company had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.67 billion. During the same quarter in the previous year, the firm posted $1.28 EPS. The firm’s quarterly revenue was up 15.8% on a year-over-year basis. analysts predict that Raymond James Financial, Inc. will post 5.89 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 17th. Stockholders of record on Wednesday, January 3rd will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.14%. The ex-dividend date is Tuesday, January 2nd. This is an increase from Raymond James Financial’s previous quarterly dividend of $0.22. Raymond James Financial’s payout ratio is currently 20.32%.
RJF has been the subject of a number of analyst reports. Buckingham Research boosted their price objective on Raymond James Financial from $92.00 to $96.00 and gave the company a “buy” rating in a research report on Friday, October 27th. Wells Fargo & Company upgraded Raymond James Financial from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $86.00 to $90.00 in a research report on Thursday, September 14th. Zacks Investment Research upgraded Raymond James Financial from a “hold” rating to a “buy” rating and set a $87.00 price target for the company in a research report on Wednesday, August 30th. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $85.00 price target on shares of Raymond James Financial in a research report on Tuesday, October 3rd. Finally, Credit Suisse Group initiated coverage on Raymond James Financial in a research report on Thursday, November 30th. They set an “underperform” rating and a $82.00 price target for the company. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $88.57.
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About Raymond James Financial
Raymond James Financial, Inc (RJF) is a financial holding company. The Company’s subsidiaries include Raymond James & Associates, Inc (RJ&A), Raymond James Financial Services, Inc (RJFS), Raymond James Financial Services Advisors, Inc (RJFSA), Raymond James Ltd. (RJ Ltd.), Eagle Asset Management, Inc (Eagle), and Raymond James Bank, N.A.
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