Municipal Employees Retirement System of Michigan bought a new stake in Raymond James (NYSE:RJF) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 17,490 shares of the financial services provider’s stock, valued at approximately $1,301,000.
Several other hedge funds have also bought and sold shares of the stock. Man Group plc lifted its position in shares of Raymond James by 134.6% during the third quarter. Man Group plc now owns 32,465 shares of the financial services provider’s stock worth $2,988,000 after purchasing an additional 18,627 shares during the last quarter. Private Capital Group LLC raised its holdings in shares of Raymond James by 103.4% in the fourth quarter. Private Capital Group LLC now owns 708 shares of the financial services provider’s stock valued at $53,000 after acquiring an additional 360 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Raymond James by 0.4% in the third quarter. JPMorgan Chase & Co. now owns 2,642,714 shares of the financial services provider’s stock valued at $243,262,000 after acquiring an additional 11,510 shares in the last quarter. CENTRAL TRUST Co raised its holdings in shares of Raymond James by 27.5% in the fourth quarter. CENTRAL TRUST Co now owns 2,382 shares of the financial services provider’s stock valued at $177,000 after acquiring an additional 514 shares in the last quarter. Finally, Vanguard Group Inc raised its holdings in shares of Raymond James by 1.3% in the third quarter. Vanguard Group Inc now owns 13,760,818 shares of the financial services provider’s stock valued at $1,266,683,000 after acquiring an additional 182,616 shares in the last quarter. 71.56% of the stock is owned by hedge funds and other institutional investors.
Several analysts recently weighed in on RJF shares. Wells Fargo & Co restated a “buy” rating on shares of Raymond James in a report on Thursday, January 24th. ValuEngine downgraded Raymond James from a “hold” rating to a “sell” rating in a report on Thursday, January 31st. Credit Suisse Group decreased their price objective on Raymond James from $100.00 to $93.00 and set a “neutral” rating for the company in a report on Monday, January 14th. Argus started coverage on Raymond James in a report on Wednesday, March 6th. They issued a “buy” rating and a $92.00 price objective for the company. Finally, Compass Point started coverage on Raymond James in a report on Monday, March 11th. They issued a “buy” rating and a $96.00 price objective for the company. Four investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Raymond James presently has a consensus rating of “Buy” and a consensus target price of $94.63.
Raymond James (NYSE:RJF) last posted its earnings results on Wednesday, January 23rd. The financial services provider reported $1.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.73 by $0.06. Raymond James had a return on equity of 15.86% and a net margin of 12.79%. The company had revenue of $1.93 billion for the quarter, compared to analyst estimates of $1.92 billion. During the same quarter in the previous year, the firm earned $1.61 earnings per share. The firm’s quarterly revenue was up 11.9% compared to the same quarter last year. As a group, sell-side analysts expect that Raymond James will post 7.32 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, April 15th. Stockholders of record on Monday, April 1st will be paid a dividend of $0.34 per share. The ex-dividend date is Friday, March 29th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.55%. Raymond James’s payout ratio is 21.02%.
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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.
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