RBA Wealth Management LLC Lowers Position in Raymond James (NYSE:RJF)

RBA Wealth Management LLC lessened its stake in Raymond James (NYSE:RJF) by 14.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,805 shares of the financial services provider’s stock after selling 310 shares during the period. RBA Wealth Management LLC’s holdings in Raymond James were worth $232,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. LPL Financial LLC lifted its holdings in shares of Raymond James by 11.4% in the 3rd quarter. LPL Financial LLC now owns 45,962 shares of the financial services provider’s stock worth $4,616,000 after acquiring an additional 4,690 shares during the last quarter. Federated Hermes Inc. increased its holdings in shares of Raymond James by 2,328.1% in the third quarter. Federated Hermes Inc. now owns 777 shares of the financial services provider’s stock worth $78,000 after buying an additional 745 shares during the period. Bank of Nova Scotia lifted its stake in shares of Raymond James by 10.6% in the 3rd quarter. Bank of Nova Scotia now owns 17,756 shares of the financial services provider’s stock valued at $1,783,000 after acquiring an additional 1,701 shares during the last quarter. Earnest Partners LLC lifted its stake in shares of Raymond James by 4.8% in the 3rd quarter. Earnest Partners LLC now owns 2,165,025 shares of the financial services provider’s stock valued at $217,433,000 after acquiring an additional 98,664 shares during the last quarter. Finally, Lido Advisors LLC grew its position in Raymond James by 381.8% during the 3rd quarter. Lido Advisors LLC now owns 59,204 shares of the financial services provider’s stock worth $5,946,000 after acquiring an additional 46,917 shares during the last quarter. Institutional investors own 83.83% of the company’s stock.

Analyst Ratings Changes

RJF has been the topic of several recent analyst reports. Bank of America cut their target price on shares of Raymond James from $145.00 to $141.00 and set a “buy” rating on the stock in a report on Thursday, April 25th. JMP Securities reaffirmed a “market perform” rating on shares of Raymond James in a research note on Tuesday, April 9th. Morgan Stanley raised their target price on Raymond James from $113.00 to $123.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 9th. TD Cowen lowered their price target on 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 decreased their target price on Raymond James from $132.00 to $131.00 and set a “market perform” rating for the company in a report on Thursday, April 25th. Nine equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $126.22.

Insider Activity

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

Raymond James Stock Down 1.1 %

Shares of RJF stock traded down $1.35 during mid-day trading on Thursday, reaching $120.73. 604,012 shares of the company’s stock traded hands, compared to its average volume of 946,547. The company has a quick ratio of 0.98, a current ratio of 1.01 and a debt-to-equity ratio of 0.43. The company’s 50-day moving average price is $122.39 and its 200-day moving average price is $119.46. The company has a market cap of $25.02 billion, a P/E ratio of 14.60, a P/E/G ratio of 0.83 and a beta of 1.02. Raymond James has a 12 month low of $91.67 and a 12 month high of $131.19.

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

Raymond James Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Monday, July 1st will be issued a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 1.49%. The ex-dividend date is Monday, July 1st. Raymond James’s dividend payout ratio (DPR) is 21.77%.

About Raymond James

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.