Davis Asset Management L.P. Makes New Investment in Raymond James Financial, Inc. $RJF

Davis Asset Management L.P. acquired a new stake in Raymond James Financial, Inc. (NYSE:RJF) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 270,000 shares of the financial services provider’s stock, valued at approximately $41,048,000.

Other institutional investors also recently modified their holdings of the company. BlackRock Inc. acquired a new stake in shares of Raymond James Financial in the second quarter valued at approximately $2,180,699,000. First Trust Advisors LP raised its position in Raymond James Financial by 18.3% in the 4th quarter. First Trust Advisors LP now owns 3,071,996 shares of the financial services provider’s stock worth $493,332,000 after purchasing an additional 474,477 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in Raymond James Financial by 0.8% during the 4th quarter. Victory Capital Management Inc. now owns 2,785,857 shares of the financial services provider’s stock worth $447,381,000 after buying an additional 21,856 shares in the last quarter. Bank of America Corp DE lifted its holdings in Raymond James Financial by 9.9% during the 1st quarter. Bank of America Corp DE now owns 2,449,760 shares of the financial services provider’s stock worth $354,701,000 after buying an additional 220,227 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in Raymond James Financial by 1.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,399,638 shares of the financial services provider’s stock valued at $347,390,000 after buying an additional 41,413 shares during the last quarter. 83.83% of the stock is owned by institutional investors.

Insider Transactions at Raymond James Financial

In other Raymond James Financial news, insider Steven M. Raney sold 5,770 shares of the stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $172.97, for a total value of $998,036.90. Following the transaction, the insider owned 43,046 shares of the company’s stock, valued at approximately $7,445,666.62. This represents a 11.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Tashtego S. Elwyn sold 10,000 shares of the stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $176.06, for a total value of $1,760,600.00. Following the completion of the transaction, the insider directly owned 45,114 shares in the company, valued at $7,942,770.84. The trade was a 18.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.58% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Argus boosted their target price on Raymond James Financial from $178.00 to $196.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Raymond James Financial in a report on Monday, August 17th. JPMorgan Chase & Co. lifted their price objective on Raymond James Financial from $175.00 to $179.00 and gave the stock a “neutral” rating in a research report on Thursday, July 23rd. TD Cowen dropped their price objective on Raymond James Financial from $162.00 to $161.00 and set a “hold” rating for the company in a report on Thursday, July 23rd. Finally, Morgan Stanley upped their target price on shares of Raymond James Financial from $172.00 to $174.00 and gave the company an “equal weight” rating in a research report on Friday, July 10th. Five investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $181.00.

Raymond James Financial Price Performance

RJF opened at $175.37 on Friday. The company has a fifty day moving average price of $168.25 and a two-hundred day moving average price of $157.82. The firm has a market capitalization of $33.73 billion, a PE ratio of 15.29, a P/E/G ratio of 1.07 and a beta of 0.92. Raymond James Financial, Inc. has a 52 week low of $138.82 and a 52 week high of $182.73. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.03 and a current ratio of 1.06.

Raymond James Financial (NYSE:RJF) last posted its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $3.14 earnings per share for the quarter, beating analysts’ consensus estimates of $2.91 by $0.23. Raymond James Financial had a return on equity of 19.07% and a net margin of 13.57%.The company had revenue of $3.93 billion for the quarter, compared to the consensus estimate of $3.87 billion. During the same quarter in the prior year, the business posted $2.18 EPS. The firm’s quarterly revenue was up 15.6% on a year-over-year basis. As a group, analysts anticipate that Raymond James Financial, Inc. will post 12.07 earnings per share for the current year.

About Raymond James Financial

Raymond James Financial is a diversified financial services firm headquartered in St. Petersburg, Florida. Founded in 1962, the company provides a range of services to individual investors, businesses and institutions through a combination of wealth management, capital markets, investment banking, asset management, banking and trust services. Its business model centers on a network of financial advisors and broker-dealer operations that deliver personalized financial planning, investment advisory services and brokerage solutions.

The firm’s core offerings include private client wealth management delivered by independent and employee advisors, equity and fixed-income research, institutional sales and trading, and investment banking services such as mergers and acquisitions advisory and capital raising.