Texas Permanent School Fund reduced its position in Raymond James (NYSE:RJF) by 5.5% in the third quarter, HoldingsChannel.com reports. The firm owned 23,018 shares of the financial services provider’s stock after selling 1,351 shares during the period. Texas Permanent School Fund’s holdings in Raymond James were worth $1,898,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Squar Milner Financial Services LLC boosted its position in shares of Raymond James by 509.8% in the third quarter. Squar Milner Financial Services LLC now owns 311 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 260 shares during the period. Usca Ria LLC bought a new position in shares of Raymond James in the third quarter worth approximately $27,000. Atlas Capital Advisors LLC bought a new position in shares of Raymond James in the second quarter worth approximately $31,000. Motco bought a new position in shares of Raymond James during the second quarter worth $31,000. Finally, Shine Investment Advisory Services Inc. boosted its position in shares of Raymond James by 36.0% during the third quarter. Shine Investment Advisory Services Inc. now owns 567 shares of the financial services provider’s stock worth $47,000 after acquiring an additional 150 shares during the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.
A number of brokerages recently weighed in on RJF. Citigroup dropped their target price on shares of Raymond James from $87.00 to $86.00 and set a “neutral” rating for the company in a research report on Thursday, September 19th. Credit Suisse Group upped their target price on shares of Raymond James from $97.00 to $98.00 and gave the stock a “neutral” rating in a research report on Friday, October 25th. Finally, ValuEngine lowered shares of Raymond James from a “sell” rating to a “strong sell” rating in a research report on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $92.00.
Raymond James (NYSE:RJF) last issued its earnings results on Wednesday, October 23rd. The financial services provider reported $2.00 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.99 by $0.01. Raymond James had a net margin of 12.89% and a return on equity of 16.67%. The firm had revenue of $2.02 billion during the quarter, compared to analyst estimates of $1.99 billion. During the same quarter in the prior year, the business earned $1.68 earnings per share. Raymond James’s revenue for the quarter was up 6.5% on a year-over-year basis. As a group, research analysts predict that Raymond James will post 8.05 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st were given a dividend of $0.34 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.52%. Raymond James’s dividend payout ratio is 18.38%.
In related news, CFO Jeffrey P. Julien sold 15,756 shares of the company’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $78.59, for a total transaction of $1,238,264.04. Following the sale, the chief financial officer now owns 39,592 shares of the company’s stock, valued at $3,111,535.28. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Vice Chairman Jeffrey E. Trocin sold 17,360 shares of the company’s stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $88.09, for a total transaction of $1,529,242.40. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 51,059 shares of company stock valued at $4,288,133. 10.74% of the stock is owned by company insiders.
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.
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