Drive Wealth Management LLC Reduces Stock Position in Raymond James (NYSE:RJF)

Drive Wealth Management LLC reduced its holdings in shares of Raymond James (NYSE:RJF) by 4.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,496 shares of the financial services provider’s stock after selling 110 shares during the quarter. Drive Wealth Management LLC’s holdings in Raymond James were worth $306,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in RJF. Wolff Wiese Magana LLC increased its position in shares of Raymond James by 3,960.0% in the 3rd quarter. Wolff Wiese Magana LLC now owns 203 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 198 shares during the last quarter. Quarry LP bought a new stake in Raymond James in the second quarter valued at about $29,000. Covestor Ltd raised its stake in Raymond James by 77.0% during the first quarter. Covestor Ltd now owns 239 shares of the financial services provider’s stock valued at $31,000 after buying an additional 104 shares in the last quarter. Future Financial Wealth Managment LLC bought a new stake in shares of Raymond James in the 3rd quarter valued at approximately $32,000. Finally, Gladius Capital Management LP acquired a new stake in shares of Raymond James during the third quarter worth $34,000. Institutional investors and hedge funds own 83.83% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. The Goldman Sachs Group increased their price objective on shares of Raymond James from $125.00 to $142.00 and gave the stock a “neutral” rating in a research note on Thursday, October 24th. JPMorgan Chase & Co. decreased their target price on shares of Raymond James from $137.00 to $135.00 and set an “overweight” rating for the company in a research report on Thursday, July 25th. JMP Securities lifted their price target on Raymond James from $146.00 to $150.00 and gave the company a “market outperform” rating in a report on Thursday, October 24th. Wells Fargo & Company increased their price objective on Raymond James from $140.00 to $152.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. Finally, Jefferies Financial Group lifted their target price on Raymond James from $123.00 to $126.00 and gave the company a “hold” rating in a research note on Friday, October 4th. Nine analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $140.91.

Raymond James Stock Performance

Raymond James stock opened at $163.42 on Tuesday. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.02 and a quick ratio of 0.99. The company has a market cap of $33.65 billion, a P/E ratio of 16.83, a price-to-earnings-growth ratio of 0.80 and a beta of 0.99. Raymond James has a fifty-two week low of $102.42 and a fifty-two week high of $164.33. The firm’s 50 day simple moving average is $136.16 and its 200-day simple moving average is $124.81.

Raymond James (NYSE:RJF) last announced its quarterly earnings data on Wednesday, October 23rd. The financial services provider reported $2.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.41 by $0.54. The firm had revenue of $3.46 billion during the quarter, compared to the consensus estimate of $3.32 billion. Raymond James had a return on equity of 19.61% and a net margin of 13.86%. The business’s revenue for the quarter was up 13.4% on a year-over-year basis. During the same period in the prior year, the business earned $2.13 EPS. As a group, equities research analysts predict that Raymond James will post 10.83 EPS for the current year.

Raymond James Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 1st were paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.10%. The ex-dividend date was Tuesday, October 1st. Raymond James’s dividend payout ratio (DPR) is presently 18.54%.

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.