Kentucky Retirement Systems Sells 749 Shares of Raymond James (NYSE:RJF)

Kentucky Retirement Systems reduced its holdings in Raymond James (NYSE:RJF) by 5.0% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 14,287 shares of the financial services provider’s stock after selling 749 shares during the quarter. Kentucky Retirement Systems’ holdings in Raymond James were worth $1,835,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in RJF. Covestor Ltd raised its holdings 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 in the last quarter. Smithfield Trust Co raised its stake in shares of Raymond James by 105.0% during the first quarter. Smithfield Trust Co now owns 246 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 126 shares in the last quarter. Future Financial Wealth Managment LLC bought a new stake in shares of Raymond James in the 1st quarter worth approximately $33,000. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Raymond James in the 4th quarter valued at $30,000. Finally, OLD Point Trust & Financial Services N A bought a new position in shares of Raymond James during the 4th quarter valued at $33,000. 83.83% of the stock is currently owned by institutional investors.

Raymond James Trading Down 1.1 %

Shares of NYSE RJF traded down $1.33 during midday trading on Friday, hitting $116.68. 2,179,049 shares of the company traded hands, compared to its average volume of 1,712,701. Raymond James has a 12-month low of $91.67 and a 12-month high of $131.19. The firm has a market cap of $24.19 billion, a P/E ratio of 14.11, a P/E/G ratio of 0.73 and a beta of 1.02. The stock has a 50-day moving average price of $119.50 and a 200 day moving average price of $120.05. 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 (NYSE:RJF) last posted its earnings results on Wednesday, July 24th. The financial services provider reported $2.39 earnings per share for the quarter, topping analysts’ consensus estimates of $2.31 by $0.08. The firm had revenue of $3.23 billion for the quarter, compared to the consensus estimate of $3.24 billion. Raymond James had a return on equity of 18.67% and a net margin of 13.16%. The business’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.85 EPS. As a group, analysts expect that Raymond James will post 9.57 earnings per share for the current year.

Raymond James Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Monday, July 1st were issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.54%. The ex-dividend date was Monday, July 1st. Raymond James’s dividend payout ratio (DPR) is presently 21.77%.

Insider Activity

In related news, insider James E. Bunn sold 11,095 shares of the stock in a transaction dated 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 completion of the transaction, the insider now directly 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 can be accessed through this hyperlink. Company insiders own 9.74% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on RJF. Morgan Stanley raised their price objective on Raymond James from $113.00 to $123.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 9th. Keefe, Bruyette & Woods dropped their price objective on Raymond James from $132.00 to $131.00 and set a “market perform” rating for the company in a research note on Thursday, April 25th. Wolfe Research reiterated a “peer perform” rating on shares of Raymond James in a report on Monday, July 8th. JMP Securities reissued a “market perform” rating on shares of Raymond James in a report on Tuesday, April 9th. Finally, 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. Ten analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $129.89.

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.