State of Michigan Retirement System Has $6.62 Million Stock Holdings in Raymond James (NYSE:RJF)

State of Michigan Retirement System increased its holdings in shares of Raymond James (NYSE:RJF) by 0.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 51,544 shares of the financial services provider’s stock after purchasing an additional 100 shares during the period. State of Michigan Retirement System’s holdings in Raymond James were worth $6,619,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Wellington Management Group LLP grew its position in shares of Raymond James by 2.2% during the 3rd quarter. Wellington Management Group LLP now owns 11,570,058 shares of the financial services provider’s stock worth $1,161,981,000 after buying an additional 246,349 shares during the period. Earnest Partners LLC increased its stake in Raymond James by 4.8% in the third quarter. Earnest Partners LLC now owns 2,165,025 shares of the financial services provider’s stock valued at $217,433,000 after purchasing an additional 98,664 shares in the last quarter. AGF Management Ltd. raised its holdings in shares of Raymond James by 5.9% during the fourth quarter. AGF Management Ltd. now owns 2,147,825 shares of the financial services provider’s stock valued at $239,482,000 after purchasing an additional 120,427 shares during the period. Norges Bank bought a new position in shares of Raymond James during the 4th quarter worth about $238,830,000. Finally, Dimensional Fund Advisors LP grew its stake in shares of Raymond James by 16.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,832,458 shares of the financial services provider’s stock valued at $204,335,000 after buying an additional 263,687 shares during the period. 83.83% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Steven M. Raney sold 4,174 shares of the stock in a transaction that occurred on Friday, April 26th. The shares were sold at an average price of $121.01, for a total transaction of $505,095.74. Following the completion of the transaction, the chief executive officer now directly owns 51,009 shares of the company’s stock, valued at approximately $6,172,599.09. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Raymond James news, CEO Steven M. Raney sold 4,174 shares of the business’s stock in a transaction on Friday, April 26th. The stock was sold at an average price of $121.01, for a total value of $505,095.74. Following the sale, the chief executive officer now directly owns 51,009 shares in the company, valued at $6,172,599.09. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider James E. Bunn sold 11,095 shares of the stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $124.44, for a total value of $1,380,661.80. Following the transaction, the insider now owns 46,977 shares of the company’s stock, valued at approximately $5,845,817.88. The disclosure for this sale can be found here. Insiders own 9.74% of the company’s stock.

Raymond James Stock Performance

Shares of NYSE RJF traded down $1.12 during midday trading on Tuesday, reaching $122.08. The company’s stock had a trading volume of 823,371 shares, compared to its average volume of 1,019,271. The stock has a market capitalization of $25.30 billion, a P/E ratio of 14.74, a PEG ratio of 0.84 and a beta of 1.02. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.01 and a quick ratio of 0.98. The firm has a 50 day moving average price of $122.63 and a 200-day moving average price of $119.37. Raymond James has a 12-month low of $91.67 and a 12-month high of $131.19.

Raymond James (NYSE:RJF) last posted its quarterly earnings data on Wednesday, April 24th. The financial services provider reported $2.31 earnings per share for the quarter, missing the consensus estimate of $2.32 by ($0.01). Raymond James had a return on equity of 17.94% and a net margin of 12.72%. The business had revenue of $3.12 billion during the quarter, compared to analysts’ expectations of $3.15 billion. During the same period in the prior year, the firm posted $2.03 EPS. The firm’s revenue for the quarter was up 8.6% on a year-over-year basis. As a group, equities analysts predict that Raymond James will post 9.55 earnings per share for the current year.

Raymond James Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Monday, July 1st will be issued a dividend of $0.45 per share. The ex-dividend date of this dividend is Monday, July 1st. This represents a $1.80 dividend on an annualized basis and a yield of 1.47%. Raymond James’s dividend payout ratio (DPR) is presently 21.77%.

Analysts Set New Price Targets

RJF has been the topic of several recent research reports. Citigroup increased their price target on Raymond James from $112.00 to $132.00 and gave the stock a “neutral” rating in a report on Thursday, April 11th. Morgan Stanley boosted their price target on shares of Raymond James from $113.00 to $123.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 9th. Bank of America dropped their price objective on shares of Raymond James from $145.00 to $141.00 and set a “buy” rating on the stock in a research note on Thursday, April 25th. TD Cowen decreased their target price on shares of Raymond James from $131.00 to $126.00 and set a “hold” rating for the company in a research report on Thursday, April 25th. Finally, Keefe, Bruyette & Woods dropped their price target on shares of Raymond James from $132.00 to $131.00 and set a “market perform” rating on the stock in a research report on Thursday, April 25th. Nine research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $126.22.

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.