Fifth Third Bancorp Sells 7,284 Shares of Raymond James (NYSE:RJF)

Fifth Third Bancorp trimmed its position in shares of Raymond James (NYSE:RJF) by 16.9% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 35,792 shares of the financial services provider’s stock after selling 7,284 shares during the quarter. Fifth Third Bancorp’s holdings in Raymond James were worth $5,560,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Wellington Management Group LLP increased its position in shares of Raymond James by 31.4% during the third quarter. Wellington Management Group LLP now owns 12,114,502 shares of the financial services provider’s stock valued at $1,483,542,000 after acquiring an additional 2,898,242 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Raymond James by 12.0% during the third quarter. JPMorgan Chase & Co. now owns 4,544,610 shares of the financial services provider’s stock valued at $556,533,000 after purchasing an additional 488,245 shares in the last quarter. Ceredex Value Advisors LLC boosted its position in shares of Raymond James by 191.3% during the third quarter. Ceredex Value Advisors LLC now owns 722,393 shares of the financial services provider’s stock valued at $88,464,000 after buying an additional 474,443 shares during the last quarter. Two Sigma Advisers LP bought a new stake in Raymond James in the 3rd quarter worth about $34,105,000. Finally, Worldquant Millennium Advisors LLC purchased a new position in Raymond James in the 3rd quarter worth about $28,985,000. 83.83% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, insider Tashtego S. Elwyn sold 10,000 shares of the firm’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $159.47, for a total transaction of $1,594,700.00. Following the completion of the transaction, the insider now directly owns 32,688 shares of the company’s stock, valued at approximately $5,212,755.36. This trade represents a 23.43 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Bella Loykhter Allaire sold 3,451 shares of the business’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $165.62, for a total transaction of $571,554.62. Following the completion of the sale, the insider now owns 80,421 shares in the company, valued at approximately $13,319,326.02. The trade was a 4.11 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 64,621 shares of company stock worth $10,729,488. Corporate insiders own 0.54% of the company’s stock.

Raymond James Stock Performance

RJF opened at $172.67 on Monday. The company has a 50 day simple moving average of $161.67 and a two-hundred day simple moving average of $138.47. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.02 and a quick ratio of 1.00. The firm has a market cap of $35.29 billion, a P/E ratio of 17.78, a PEG ratio of 1.04 and a beta of 1.02. Raymond James has a 1-year low of $104.24 and a 1-year high of $173.15.

Raymond James Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Investors of record on Thursday, January 2nd were issued a $0.50 dividend. The ex-dividend date of this dividend was Thursday, January 2nd. This represents a $2.00 annualized dividend and a yield of 1.16%. This is an increase from Raymond James’s previous quarterly dividend of $0.45. Raymond James’s dividend payout ratio is currently 20.60%.

Analysts Set New Price Targets

RJF has been the subject of a number of research analyst reports. Morgan Stanley lifted their price target on shares of Raymond James from $132.00 to $145.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 29th. TD Cowen raised their price target on Raymond James from $128.00 to $150.00 and gave the stock a “hold” rating in a research note on Wednesday, October 30th. Jefferies Financial Group upped their price objective on Raymond James from $123.00 to $126.00 and gave the company a “hold” rating in a research report on Friday, October 4th. Keefe, Bruyette & Woods boosted their price target on Raymond James from $143.00 to $170.00 and gave the company a “market perform” rating in a research note on Friday, December 20th. Finally, UBS Group upgraded shares of Raymond James from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 6th. Nine analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $156.09.

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.