SPC Financial Inc. Sells 3,297 Shares of Raymond James Financial, Inc. $RJF

SPC Financial Inc. cut its holdings in Raymond James Financial, Inc. (NYSE:RJF) by 31.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,259 shares of the financial services provider’s stock after selling 3,297 shares during the period. SPC Financial Inc.’s holdings in Raymond James Financial were worth $1,253,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the stock. Norges Bank purchased a new stake in Raymond James Financial during the 2nd quarter valued at $354,446,000. JPMorgan Chase & Co. raised its stake in shares of Raymond James Financial by 41.6% during the second quarter. JPMorgan Chase & Co. now owns 5,616,998 shares of the financial services provider’s stock valued at $861,479,000 after acquiring an additional 1,651,380 shares during the last quarter. First Trust Advisors LP boosted its holdings in shares of Raymond James Financial by 39.9% during the second quarter. First Trust Advisors LP now owns 2,485,569 shares of the financial services provider’s stock worth $381,212,000 after purchasing an additional 709,315 shares during the period. American Century Companies Inc. grew its stake in shares of Raymond James Financial by 179.8% in the second quarter. American Century Companies Inc. now owns 688,405 shares of the financial services provider’s stock worth $105,581,000 after purchasing an additional 442,340 shares during the last quarter. Finally, Marshall Wace LLP grew its stake in shares of Raymond James Financial by 824.7% in the second quarter. Marshall Wace LLP now owns 438,213 shares of the financial services provider’s stock worth $67,209,000 after purchasing an additional 390,821 shares during the last quarter. Hedge funds and other institutional investors own 83.83% of the company’s stock.

Insider Buying and Selling

In other Raymond James Financial news, insider Paul C. Reilly sold 130,687 shares of the firm’s stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $163.15, for a total transaction of $21,321,584.05. Following the completion of the sale, the insider directly owned 260,546 shares in the company, valued at approximately $42,508,079.90. This trade represents a 33.40% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.58% of the company’s stock.

Wall Street Analysts Forecast Growth

RJF has been the subject of several research analyst reports. TD Cowen reiterated a “hold” rating on shares of Raymond James Financial in a report on Wednesday, January 14th. Weiss Ratings restated a “hold (c+)” rating on shares of Raymond James Financial in a report on Thursday, January 22nd. Keefe, Bruyette & Woods lifted their price target on shares of Raymond James Financial from $174.00 to $181.00 and gave the company a “market perform” rating in a report on Thursday, October 23rd. Morgan Stanley reissued a “positive” rating on shares of Raymond James Financial in a research report on Monday, December 22nd. Finally, Bank of America raised their target price on shares of Raymond James Financial from $194.00 to $196.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 10th. Four research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $182.17.

Raymond James Financial Price Performance

Shares of NYSE RJF opened at $172.34 on Friday. The company has a 50 day simple moving average of $165.90 and a two-hundred day simple moving average of $165.06. Raymond James Financial, Inc. has a fifty-two week low of $117.57 and a fifty-two week high of $177.66. The company has a market capitalization of $34.03 billion, a price-to-earnings ratio of 16.86, a P/E/G ratio of 1.28 and a beta of 1.00. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.04 and a current ratio of 1.07.

Raymond James Financial (NYSE:RJF) last posted its quarterly earnings results on Wednesday, January 28th. The financial services provider reported $2.86 earnings per share for the quarter, topping the consensus estimate of $2.83 by $0.03. Raymond James Financial had a return on equity of 17.74% and a net margin of 13.07%.The company had revenue of $3.74 billion for the quarter, compared to the consensus estimate of $3.83 billion. During the same quarter in the prior year, the business posted $2.93 EPS. The firm’s quarterly revenue was up 5.6% compared to the same quarter last year. Analysts expect that Raymond James Financial, Inc. will post 11.17 EPS for the current fiscal year.

Raymond James Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 16th. Investors of record on Friday, January 2nd were paid a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date was Friday, January 2nd. This is a positive change from Raymond James Financial’s previous quarterly dividend of $0.50. Raymond James Financial’s dividend payout ratio (DPR) is presently 21.14%.

About Raymond James Financial

Raymond James Financial is a diversified financial services firm headquartered in St. Petersburg, Florida. Founded in 1962, the company provides a range of services to individual investors, businesses and institutions through a combination of wealth management, capital markets, investment banking, asset management, banking and trust services. Its business model centers on a network of financial advisors and broker-dealer operations that deliver personalized financial planning, investment advisory services and brokerage solutions.

The firm’s core offerings include private client wealth management delivered by independent and employee advisors, equity and fixed-income research, institutional sales and trading, and investment banking services such as mergers and acquisitions advisory and capital raising.