Lake Street Advisors Group LLC Purchases Shares of 2,217 Raymond James (NYSE:RJF)

Lake Street Advisors Group LLC acquired a new position in shares of Raymond James (NYSE:RJF) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 2,217 shares of the financial services provider’s stock, valued at approximately $286,000.

A number of other large investors have also recently made changes to their positions in the stock. Turtle Creek Wealth Advisors LLC purchased a new position in shares of Raymond James in the fourth quarter worth about $30,000. Smithfield Trust Co boosted its holdings 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 acquiring an additional 126 shares during the last quarter. Covestor Ltd increased its stake in shares of Raymond James by 77.0% in the first quarter. Covestor Ltd now owns 239 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 104 shares during the period. OLD Point Trust & Financial Services N A purchased a new position in shares of Raymond James during the fourth quarter worth $33,000. Finally, Future Financial Wealth Managment LLC acquired a new position in Raymond James during the first quarter valued at $33,000. 83.83% of the stock is owned by hedge funds and other institutional investors.

Raymond James Price Performance

Shares of RJF traded up $4.33 during mid-day trading on Thursday, hitting $116.55. 786,118 shares of the company were exchanged, compared to its average volume of 1,112,548. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.98 and a current ratio of 1.01. Raymond James has a 1-year low of $91.67 and a 1-year high of $131.19. The stock has a market cap of $24.16 billion, a price-to-earnings ratio of 13.97, a price-to-earnings-growth ratio of 0.70 and a beta of 1.02. The company has a 50 day moving average of $119.84 and a 200-day moving average of $119.90.

Raymond James (NYSE:RJF) last announced its earnings results on Wednesday, July 24th. The financial services provider reported $2.39 EPS for the quarter, beating analysts’ consensus estimates of $2.31 by $0.08. The business had revenue of $3.23 billion during the quarter, compared to analysts’ expectations of $3.24 billion. Raymond James had a return on equity of 17.94% and a net margin of 12.72%. The business’s revenue was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.85 earnings per share. Analysts expect that Raymond James will post 9.56 EPS for the current fiscal year.

Raymond James Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Monday, July 1st were issued a $0.45 dividend. The ex-dividend date of this dividend was Monday, July 1st. This represents a $1.80 dividend on an annualized basis and a yield of 1.54%. Raymond James’s payout ratio is currently 21.77%.

Insiders Place Their Bets

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

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on RJF shares. JMP Securities reiterated a “market perform” rating on shares of Raymond James in a research note on Tuesday, April 9th. Keefe, Bruyette & Woods lowered their price objective on 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. JPMorgan Chase & Co. cut their target price on shares of Raymond James from $137.00 to $135.00 and set an “overweight” rating for the company in a report on Thursday. Bank of America lowered their price target 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. Finally, Morgan Stanley lifted their price objective on shares of Raymond James from $113.00 to $123.00 and gave the company an “equal weight” rating in a report on Tuesday, April 9th. Ten research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price 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.