The Manufacturers Life Insurance Company Has $13.41 Million Stake in Raymond James Financial, Inc. $RJF

The Manufacturers Life Insurance Company lowered its holdings in Raymond James Financial, Inc. (NYSE:RJF) by 5.8% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 88,193 shares of the financial services provider’s stock after selling 5,409 shares during the period. The Manufacturers Life Insurance Company’s holdings in Raymond James Financial were worth $13,408,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Reflection Asset Management acquired a new stake in shares of Raymond James Financial in the fourth quarter valued at approximately $28,000. Hilton Head Capital Partners LLC acquired a new stake in Raymond James Financial during the fourth quarter worth approximately $35,000. Jones Financial Companies Lllp bought a new position in Raymond James Financial during the 2nd quarter worth $36,000. DV Equities LLC bought a new position in Raymond James Financial during the 4th quarter worth $40,000. Finally, Steigerwald Gordon & Koch Inc. raised its holdings in Raymond James Financial by 760.0% in the 1st quarter. Steigerwald Gordon & Koch Inc. now owns 258 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 228 shares in the last quarter. Institutional investors and hedge funds own 83.83% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on RJF shares. Citizens Jmp upped their target price on Raymond James Financial from $200.00 to $205.00 and gave the company a “market outperform” rating in a research report on Thursday, July 23rd. TD Cowen dropped their price target on Raymond James Financial from $161.00 to $160.00 and set a “hold” rating for the company in a research note on Tuesday, September 1st. Citigroup reaffirmed a “market outperform” rating on shares of Raymond James Financial in a research report on Thursday, July 23rd. Truist Financial set a $188.00 price objective on shares of Raymond James Financial and gave the stock a “hold” rating in a research note on Tuesday, September 1st. Finally, Argus increased their price objective on shares of Raymond James Financial from $178.00 to $196.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. Five analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company’s stock. Based on data from MarketBeat, Raymond James Financial presently has a consensus rating of “Hold” and a consensus price target of $181.46.

Insiders Place Their Bets

In other news, insider Tashtego S. Elwyn sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $176.06, for a total value of $1,760,600.00. Following the sale, the insider directly owned 45,114 shares in the company, valued at approximately $7,942,770.84. This trade represents a 18.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Bella Allaire sold 7,500 shares of the company’s stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $177.60, for a total transaction of $1,332,000.00. Following the transaction, the insider owned 46,086 shares of the company’s stock, valued at approximately $8,184,873.60. This represents a 14.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 23,270 shares of company stock valued at $4,090,637. 0.58% of the stock is currently owned by corporate insiders.

Raymond James Financial Trading Up 0.0%

Shares of RJF stock opened at $173.55 on Friday. The stock’s fifty day moving average price is $174.45 and its two-hundred day moving average price is $159.25. The company has a market cap of $33.38 billion, a PE ratio of 15.13, a P/E/G ratio of 1.06 and a beta of 0.91. Raymond James Financial, Inc. has a fifty-two week low of $138.82 and a fifty-two week high of $182.73. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.03 and a current ratio of 1.06.

Raymond James Financial (NYSE:RJF) last posted its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $3.14 EPS for the quarter, topping analysts’ consensus estimates of $2.91 by $0.23. Raymond James Financial had a return on equity of 19.07% and a net margin of 13.57%.The company had revenue of $3.93 billion during the quarter, compared to analysts’ expectations of $3.87 billion. During the same quarter in the previous year, the firm earned $2.18 EPS. Raymond James Financial’s revenue was up 15.6% on a year-over-year basis. Equities analysts predict that Raymond James Financial, Inc. will post 12.08 EPS for the current fiscal year.

Raymond James Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Thursday, October 1st will be given a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Thursday, October 1st. Raymond James Financial’s payout ratio is currently 18.83%.

About Raymond James Financial

Raymond James Financial, Inc is a diversified financial services company headquartered in St. Petersburg, Florida. Founded in 1962, the company provides investment, wealth management and financial planning services to individuals, corporations, institutions and municipalities.

Through its principal businesses, Raymond James offers securities brokerage, investment advisory, retirement planning, trust services and banking products. Its operations also include equity and debt capital markets, investment banking, institutional sales and trading, research, and asset management.