Arizona State Retirement System decreased its position in Raymond James Financial, Inc. (NYSE:RJF) by 39.3% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 31,700 shares of the financial services provider’s stock after selling 20,482 shares during the period. Arizona State Retirement System’s holdings in Raymond James Financial were worth $2,417,000 at the end of the most recent reporting period.
Several other large investors also recently made changes to their positions in RJF. Russell Investments Group Ltd. bought a new stake in shares of Raymond James Financial during the fourth quarter worth approximately $4,297,000. Hartford Investment Management Co. bought a new stake in shares of Raymond James Financial during the first quarter worth approximately $2,216,000. Ladenburg Thalmann Financial Services Inc. boosted its stake in shares of Raymond James Financial by 4.3% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 1,608 shares of the financial services provider’s stock worth $111,000 after buying an additional 67 shares during the period. Advantus Capital Management Inc boosted its stake in shares of Raymond James Financial by 0.7% in the third quarter. Advantus Capital Management Inc now owns 15,355 shares of the financial services provider’s stock worth $894,000 after buying an additional 100 shares during the period. Finally, Doyle Wealth Management bought a new stake in shares of Raymond James Financial during the first quarter worth approximately $1,868,000. 67.37% of the stock is owned by institutional investors and hedge funds.
Raymond James Financial (NYSE:RJF) last issued its quarterly earnings results on Wednesday, April 26th. The financial services provider reported $1.28 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.14 by $0.14. Raymond James Financial had a return on equity of 12.02% and a net margin of 9.91%. The firm had revenue of $1.56 billion during the quarter, compared to the consensus estimate of $1.55 billion. During the same period last year, the business posted $0.90 EPS. The business’s revenue was up 19.1% compared to the same quarter last year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, July 17th. Shareholders of record on Monday, July 3rd will be issued a dividend of $0.22 per share. The ex-dividend date is Thursday, June 29th. This represents a $0.88 dividend on an annualized basis and a yield of 1.21%. Raymond James Financial’s payout ratio is currently 22.34%.
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RJF has been the subject of a number of analyst reports. Nomura reaffirmed a “buy” rating and set a $94.00 price objective on shares of Raymond James Financial in a research note on Tuesday, May 2nd. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $85.00 target price on shares of Raymond James Financial in a report on Thursday, April 6th. Finally, Instinet reduced their target price on Raymond James Financial to $89.00 and set a “buy” rating on the stock in a report on Thursday, May 25th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Raymond James Financial presently has a consensus rating of “Buy” and a consensus target price of $81.00.
In other Raymond James Financial news, COO Dennis W. Zank sold 6,054 shares of the stock in a transaction dated Wednesday, March 1st. The stock was sold at an average price of $81.57, for a total transaction of $493,824.78. Following the completion of the sale, the chief operating officer now directly owns 140,339 shares in the company, valued at approximately $11,447,452.23. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Jennifer C. Ackart sold 2,500 shares of the stock in a transaction dated Thursday, March 2nd. The stock was sold at an average price of $79.44, for a total value of $198,600.00. Following the sale, the senior vice president now owns 17,999 shares of the company’s stock, valued at $1,429,840.56. The disclosure for this sale can be found here. Company insiders own 11.18% of the company’s stock.
About Raymond James Financial
Raymond James Financial, Inc (RJF) is a financial holding company. The Company’s subsidiaries include Raymond James & Associates, Inc (RJ&A), Raymond James Financial Services, Inc (RJFS), Raymond James Financial Services Advisors, Inc (RJFSA), Raymond James Ltd. (RJ Ltd.), Eagle Asset Management, Inc (Eagle), and Raymond James Bank, N.A.
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