Legal & General Group Plc cut its stake in Raymond James (NYSE:RJF) by 5.0% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 562,771 shares of the financial services provider’s stock after selling 29,550 shares during the period. Legal & General Group Plc owned 0.39% of Raymond James worth $50,283,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently modified their holdings of the company. Willingdon Wealth Management purchased a new stake in Raymond James in the second quarter worth about $112,000. Piedmont Investment Advisors LLC purchased a new stake in Raymond James in the second quarter worth about $135,000. First Personal Financial Services purchased a new stake in Raymond James in the first quarter worth about $142,000. Financial Gravity Wealth Inc. purchased a new stake in Raymond James in the first quarter worth about $194,000. Finally, Squar Milner Financial Services LLC purchased a new stake in Raymond James in the second quarter worth about $203,000. Institutional investors and hedge funds own 72.09% of the company’s stock.
RJF has been the subject of several research analyst reports. ValuEngine upgraded shares of Raymond James from a “hold” rating to a “buy” rating in a report on Tuesday, May 22nd. Goldman Sachs Group upgraded shares of Raymond James from a “neutral” rating to a “buy” rating and set a $112.00 price objective for the company in a report on Wednesday, May 16th. Citigroup upgraded shares of Raymond James from a “neutral” rating to a “buy” rating in a report on Friday, July 13th. Finally, Zacks Investment Research upgraded shares of Raymond James from a “sell” rating to a “hold” rating in a report on Thursday, July 12th. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the stock. Raymond James currently has an average rating of “Buy” and an average price target of $103.75.
RJF stock opened at $91.82 on Friday. Raymond James has a 52-week low of $74.14 and a 52-week high of $102.17. The company has a market cap of $13.61 billion, a PE ratio of 17.56, a price-to-earnings-growth ratio of 0.83 and a beta of 1.65. The company has a quick ratio of 1.10, a current ratio of 1.12 and a debt-to-equity ratio of 0.44.
Raymond James (NYSE:RJF) last released its earnings results on Wednesday, July 25th. The financial services provider reported $1.55 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.72 by ($0.17). Raymond James had a net margin of 10.87% and a return on equity of 15.66%. The business had revenue of $1.84 billion for the quarter, compared to analysts’ expectations of $1.83 billion. During the same quarter in the previous year, the business posted $1.26 earnings per share. Raymond James’s revenue for the quarter was up 13.1% on a year-over-year basis. sell-side analysts predict that Raymond James will post 6.6 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 15th. Stockholders of record on Monday, October 1st will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, September 28th. This represents a $1.20 annualized dividend and a dividend yield of 1.31%. Raymond James’s payout ratio is 22.94%.
Raymond James Company 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.
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