Raymond James (NYSE:RJF) Position Reduced by Guinness Asset Management LTD

Guinness Asset Management LTD cut its position in shares of Raymond James (NYSE:RJF) by 19.1% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,926 shares of the financial services provider’s stock after selling 925 shares during the quarter. Guinness Asset Management LTD’s holdings in Raymond James were worth $504,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. Park Avenue Securities LLC lifted its stake in Raymond James by 6.1% during the first quarter. Park Avenue Securities LLC now owns 12,733 shares of the financial services provider’s stock valued at $1,635,000 after buying an additional 736 shares in the last quarter. Czech National Bank increased its holdings in shares of Raymond James by 0.6% in the 1st quarter. Czech National Bank now owns 33,100 shares of the financial services provider’s stock valued at $4,251,000 after purchasing an additional 187 shares during the period. Collective Family Office LLC increased its holdings in shares of Raymond James by 17.0% in the 1st quarter. Collective Family Office LLC now owns 3,200 shares of the financial services provider’s stock valued at $411,000 after purchasing an additional 466 shares during the period. Mather Group LLC. acquired a new position in shares of Raymond James in the 1st quarter valued at about $199,000. Finally, Nomura Holdings Inc. acquired a new position in shares of Raymond James in the 4th quarter valued at about $421,000. 83.83% of the stock is owned by hedge funds and other institutional investors.

Raymond James Stock Performance

Raymond James stock traded up $1.63 during trading hours on Friday, reaching $120.69. 2,491,827 shares of the company were exchanged, compared to its average volume of 777,597. The firm has a market cap of $25.02 billion, a price-to-earnings ratio of 14.59, a PEG ratio of 0.81 and a beta of 1.01. The company has a current ratio of 1.01, a quick ratio of 0.98 and a debt-to-equity ratio of 0.43. The stock has a 50-day moving average of $122.69 and a 200 day moving average of $118.58. Raymond James has a 12 month low of $91.67 and a 12 month high of $131.19.

Raymond James (NYSE:RJF) last announced its earnings results on Wednesday, April 24th. The financial services provider reported $2.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.32 by ($0.01). Raymond James had a return on equity of 17.94% and a net margin of 12.72%. The company had revenue of $3.12 billion for the quarter, compared to the consensus estimate of $3.15 billion. During the same period in the previous year, the company earned $2.03 EPS. The firm’s revenue for the quarter was up 8.6% compared to the same quarter last year. As a group, research analysts anticipate that Raymond James will post 9.55 earnings per share for the current year.

Raymond James Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Monday, July 1st will be given a $0.45 dividend. The ex-dividend date of this dividend is Monday, July 1st. This represents a $1.80 annualized dividend and a dividend yield of 1.49%. Raymond James’s dividend payout ratio is 21.77%.

Insider Activity

In other news, insider James E. Bunn sold 11,095 shares of the stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $124.44, for a total value of $1,380,661.80. Following the completion of the sale, the insider now directly owns 46,977 shares of the company’s stock, valued at $5,845,817.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Steven M. Raney sold 4,174 shares of the firm’s stock in a transaction on Friday, April 26th. The stock was sold at an average price of $121.01, for a total value of $505,095.74. Following the completion of the transaction, the chief executive officer now directly owns 51,009 shares of the company’s stock, valued at $6,172,599.09. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider James E. Bunn sold 11,095 shares of the firm’s stock in a transaction on Friday, May 3rd. The stock was 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 of the company’s stock, valued at $5,845,817.88. The disclosure for this sale can be found here. 9.74% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on RJF shares. TD Cowen dropped their target price on Raymond James from $131.00 to $126.00 and set a “hold” rating on the stock in a report on Thursday, April 25th. Citigroup upped their target price on Raymond James from $112.00 to $132.00 and gave the company a “neutral” rating in a report on Thursday, April 11th. Morgan Stanley increased their price objective on Raymond James from $113.00 to $123.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 9th. JMP Securities restated a “market perform” rating on shares of Raymond James in a report on Tuesday, April 9th. Finally, Keefe, Bruyette & Woods dropped their price objective on Raymond James from $132.00 to $131.00 and set a “market perform” rating on the stock in a report on Thursday, April 25th. Nine analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $126.22.

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.