DNB Asset Management AS Grows Stake in Raymond James (NYSE:RJF)

DNB Asset Management AS lifted its stake in Raymond James (NYSE:RJF) by 4.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 32,893 shares of the financial services provider’s stock after purchasing an additional 1,298 shares during the quarter. DNB Asset Management AS’s holdings in Raymond James were worth $4,066,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Turtle Creek Wealth Advisors LLC acquired a new stake in shares of Raymond James in the 4th quarter worth $30,000. Smithfield Trust Co grew its stake in shares of Raymond James by 105.0% in the 1st quarter. Smithfield Trust Co now owns 246 shares of the financial services provider’s stock valued at $31,000 after buying an additional 126 shares during the period. Covestor Ltd raised its position in shares of Raymond James by 77.0% during the 1st quarter. Covestor Ltd now owns 239 shares of the financial services provider’s stock valued at $31,000 after buying an additional 104 shares during the period. OLD Point Trust & Financial Services N A purchased a new stake in Raymond James in the fourth quarter valued at $33,000. Finally, Future Financial Wealth Managment LLC purchased a new position in shares of Raymond James during the 1st quarter worth $33,000. Hedge funds and other institutional investors own 83.83% of the company’s stock.

Raymond James Price Performance

Shares of NYSE:RJF opened at $107.85 on Wednesday. The firm has a market capitalization of $22.36 billion, a P/E ratio of 13.04, a P/E/G ratio of 0.74 and a beta of 1.02. Raymond James has a 12 month low of $91.67 and a 12 month high of $131.19. The company’s fifty day moving average price is $117.70 and its 200 day moving average price is $120.14. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.01 and a quick ratio of 0.98.

Raymond James (NYSE:RJF) last posted its quarterly earnings data on Wednesday, July 24th. The financial services provider reported $2.39 earnings per share for the quarter, beating analysts’ consensus estimates of $2.31 by $0.08. Raymond James had a net margin of 13.16% and a return on equity of 18.67%. The firm had revenue of $3.23 billion for the quarter, compared to analyst estimates of $3.24 billion. During the same period last year, the firm posted $1.85 EPS. Raymond James’s quarterly revenue was up 11.1% on a year-over-year basis. As a group, sell-side analysts predict that Raymond James will post 9.56 earnings per share for the current fiscal year.

Raymond James Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Monday, July 1st were paid a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 1.67%. The ex-dividend date of this dividend was Monday, July 1st. Raymond James’s dividend payout ratio (DPR) is presently 21.77%.

Insider Transactions at Raymond James

In other news, EVP Bella Loykhter Allaire sold 17,363 shares of the company’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $115.00, for a total transaction of $1,996,745.00. Following the completion of the transaction, the executive vice president now owns 75,586 shares of the company’s stock, valued at approximately $8,692,390. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 9.74% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on RJF. TD Cowen increased their target price on shares of Raymond James from $130.00 to $133.00 and gave the stock a “hold” rating in a research note on Monday, July 8th. JMP Securities restated a “market perform” rating on shares of Raymond James in a report on Tuesday, April 9th. Keefe, Bruyette & Woods cut 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 note on Thursday, April 25th. Bank of America lowered their price objective on shares of Raymond James from $145.00 to $141.00 and set a “buy” rating for the company in a research note on Thursday, April 25th. Finally, JPMorgan Chase & Co. cut their target price on shares of Raymond James from $137.00 to $135.00 and set an “overweight” rating on the stock in a research note on Thursday, July 25th. Ten research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $129.89.

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.