Pinnacle Associates Ltd. Purchases 4,752 Shares of Raymond James (NYSE:RJF)

Pinnacle Associates Ltd. raised its position in Raymond James (NYSE:RJF) by 2.1% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 226,342 shares of the financial services provider’s stock after purchasing an additional 4,752 shares during the period. Pinnacle Associates Ltd. owned approximately 0.11% of Raymond James worth $25,237,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of RJF. Heritage Wealth Advisors raised its stake in Raymond James by 3,480.7% during the 1st quarter. Heritage Wealth Advisors now owns 488,258 shares of the financial services provider’s stock worth $62,702,000 after buying an additional 474,622 shares during the period. AGF Management Ltd. raised its position in shares of Raymond James by 17.2% during the second quarter. AGF Management Ltd. now owns 2,580,467 shares of the financial services provider’s stock worth $318,972,000 after purchasing an additional 378,033 shares during the period. SG Americas Securities LLC lifted its holdings in shares of Raymond James by 820.2% during the 1st quarter. SG Americas Securities LLC now owns 197,695 shares of the financial services provider’s stock valued at $25,388,000 after purchasing an additional 176,210 shares in the last quarter. Earnest Partners LLC grew its position in shares of Raymond James by 5.9% in the 1st quarter. Earnest Partners LLC now owns 2,468,196 shares of the financial services provider’s stock valued at $316,966,000 after purchasing an additional 138,075 shares during the period. Finally, MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH increased its stake in Raymond James by 34.4% during the 3rd quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 493,729 shares of the financial services provider’s stock worth $60,462,000 after purchasing an additional 126,437 shares in the last quarter. 83.83% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Raymond James

In other Raymond James news, CEO Tashtego S. Elwyn sold 31,277 shares of the company’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $109.64, for a total value of $3,429,210.28. Following the transaction, the chief executive officer now directly owns 35,380 shares in the company, valued at $3,879,063.20. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 9.74% of the company’s stock.

Raymond James Stock Performance

RJF stock traded up $0.33 during trading hours on Wednesday, reaching $149.35. The stock had a trading volume of 193,120 shares, compared to its average volume of 1,135,548. The stock has a 50-day simple moving average of $125.55 and a 200 day simple moving average of $121.63. Raymond James has a fifty-two week low of $94.53 and a fifty-two week high of $150.91. The stock has a market capitalization of $30.76 billion, a PE ratio of 15.35, a price-to-earnings-growth ratio of 0.76 and a beta of 1.02. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.02 and a quick ratio of 0.99.

Raymond James (NYSE:RJF) last issued its earnings results on Wednesday, October 23rd. The financial services provider reported $2.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.41 by $0.54. The business had revenue of $3.46 billion during the quarter, compared to the consensus estimate of $3.32 billion. Raymond James had a net margin of 13.86% and a return on equity of 19.61%. Raymond James’s revenue was up 13.4% on a year-over-year basis. During the same period last year, the business posted $2.13 EPS. Analysts predict that Raymond James will post 10.32 EPS for the current fiscal year.

Raymond James Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Tuesday, October 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 1.21%. The ex-dividend date of this dividend was Tuesday, October 1st. Raymond James’s payout ratio is presently 18.54%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. The Goldman Sachs Group upped their price target on shares of Raymond James from $125.00 to $142.00 and gave the company a “neutral” rating in a report on Thursday, October 24th. Bank of America increased their target price on Raymond James from $136.00 to $152.00 and gave the stock a “buy” rating in a report on Thursday, October 24th. Morgan Stanley boosted their price target on Raymond James from $132.00 to $145.00 and gave the company an “equal weight” rating in a report on Tuesday. Jefferies Financial Group increased their price objective on Raymond James from $123.00 to $126.00 and gave the stock a “hold” rating in a report on Friday, October 4th. Finally, Wells Fargo & Company upped their price target on Raymond James from $140.00 to $152.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. Nine analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $139.36.

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.