Mirae Asset Global Investments Co. Ltd. Makes New $7.38 Million Investment in Raymond James Financial, Inc. $RJF

Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Raymond James Financial, Inc. (NYSE:RJF) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 46,690 shares of the financial services provider’s stock, valued at approximately $7,378,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. BlackRock Inc. acquired a new stake in shares of Raymond James Financial in the second quarter valued at $2,180,699,000. Primecap Management Co. CA bought a new position in Raymond James Financial during the second quarter valued at about $1,405,145,000. Bank of America Corp DE acquired a new position in Raymond James Financial during the second quarter worth about $360,592,000. Bank of New York Mellon Corp acquired a new position in Raymond James Financial during the second quarter worth about $182,254,000. Finally, Legal & General Group Plc bought a new stake in Raymond James Financial in the second quarter worth about $181,811,000. Institutional investors own 83.83% of the company’s stock.

Raymond James Financial Trading Up 4.4%

NYSE:RJF opened at $168.83 on Thursday. The company has a quick ratio of 1.03, a current ratio of 1.06 and a debt-to-equity ratio of 0.43. Raymond James Financial, Inc. has a 1-year low of $138.82 and a 1-year high of $182.73. The firm has a market capitalization of $32.48 billion, a price-to-earnings ratio of 14.16, a price-to-earnings-growth ratio of 0.87 and a beta of 0.94. The stock has a fifty day simple moving average of $163.91 and a 200 day simple moving average of $160.18.

Raymond James Financial (NYSE:RJF) last posted its quarterly earnings data on Wednesday, October 28th. The financial services provider reported $3.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.26 by $0.33. Raymond James Financial had a return on equity of 19.52% and a net margin of 13.50%. The firm had revenue of $4.27 billion for the quarter, compared to the consensus estimate of $4.20 billion. During the same quarter in the previous year, the company earned $3.11 EPS. The business’s revenue for the quarter was up 14.5% compared to the same quarter last year. Sell-side analysts forecast that Raymond James Financial, Inc. will post 14.17 earnings per share for the current year.

Raymond James Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Thursday, October 1st were issued a dividend of $0.54 per share. The ex-dividend date was Thursday, October 1st. This represents a $2.16 dividend on an annualized basis and a dividend yield of 1.3%. Raymond James Financial’s payout ratio is currently 18.12%.

Insider Activity

In related news, insider Bella Allaire sold 7,500 shares of the company’s stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $177.60, for a total value of $1,332,000.00. Following the completion of the sale, the insider owned 46,086 shares in the company, valued at approximately $8,184,873.60. This represents a 14.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.58% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

RJF has been the subject of a number of research analyst reports. Weiss Ratings reissued a “buy (b-)” rating on shares of Raymond James Financial in a report on Monday, August 17th. Wells Fargo & Company dropped their target price on shares of Raymond James Financial from $172.00 to $169.00 and set an “equal weight” rating on the stock in a report on Thursday, October 29th. Jefferies Financial Group reissued a “hold” rating and set a $168.00 target price (down from $177.00) on shares of Raymond James Financial in a research note on Thursday, October 29th. Morgan Stanley reduced their target price on shares of Raymond James Financial from $174.00 to $171.00 and set an “equal weight” rating for the company in a report on Friday, October 9th. Finally, The Goldman Sachs Group lifted their price target on shares of Raymond James Financial from $199.00 to $209.00 and gave the stock a “buy” rating in a research report on Friday, October 2nd. Six research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $181.46.

Raymond James Financial Profile

Raymond James Financial, Inc is a diversified financial services company serving individuals, corporations, municipalities and institutions. Through its subsidiaries and affiliated advisors, the company provides wealth management, investment advisory, financial planning, securities brokerage, banking and capital markets services.

The company’s Private Client Group offers investment management, retirement planning, estate planning and other financial planning services through a network of financial advisors.