Fifth Third Bancorp Grows Position in Raymond James Financial, Inc. $RJF

Fifth Third Bancorp increased its position in Raymond James Financial, Inc. (NYSE:RJF) by 114.4% during the 1st quarter, Holdings Channel reports. The institutional investor owned 56,970 shares of the financial services provider’s stock after purchasing an additional 30,395 shares during the period. Fifth Third Bancorp’s holdings in Raymond James Financial were worth $8,249,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Empowered Funds LLC boosted its position in Raymond James Financial by 8.2% during the 1st quarter. Empowered Funds LLC now owns 4,142 shares of the financial services provider’s stock valued at $573,000 after buying an additional 314 shares during the period. Woodline Partners LP increased its position in shares of Raymond James Financial by 41.8% in the first quarter. Woodline Partners LP now owns 15,580 shares of the financial services provider’s stock valued at $2,164,000 after acquiring an additional 4,592 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in shares of Raymond James Financial by 137.3% during the second quarter. EverSource Wealth Advisors LLC now owns 1,184 shares of the financial services provider’s stock worth $182,000 after purchasing an additional 685 shares during the period. Brown Advisory Inc. boosted its holdings in shares of Raymond James Financial by 15.1% during the second quarter. Brown Advisory Inc. now owns 2,268 shares of the financial services provider’s stock worth $348,000 after purchasing an additional 298 shares during the period. Finally, Cresset Asset Management LLC bought a new stake in shares of Raymond James Financial in the second quarter worth about $363,000. 83.83% of the stock is currently owned by institutional investors.

Raymond James Financial Stock Performance

Shares of RJF opened at $170.26 on Thursday. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.07 and a quick ratio of 1.05. Raymond James Financial, Inc. has a one year low of $138.82 and a one year high of $177.66. The company has a 50-day simple moving average of $154.95 and a two-hundred day simple moving average of $156.30. The firm has a market capitalization of $33.18 billion, a PE ratio of 16.09, a price-to-earnings-growth ratio of 1.07 and a beta of 0.93.

Raymond James Financial (NYSE:RJF) last posted its earnings results on Wednesday, April 22nd. The financial services provider reported $2.83 earnings per share for the quarter, topping analysts’ consensus estimates of $2.76 by $0.07. Raymond James Financial had a return on equity of 17.93% and a net margin of 13.04%.The firm had revenue of $3.86 billion for the quarter, compared to the consensus estimate of $3.92 billion. During the same quarter in the prior year, the business earned $2.42 EPS. The business’s revenue for the quarter was up 13.4% on a year-over-year basis. On average, analysts anticipate that Raymond James Financial, Inc. will post 11.84 EPS for the current fiscal year.

Raymond James Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Wednesday, July 1st were paid a $0.54 dividend. This represents a $2.16 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend was Wednesday, July 1st. Raymond James Financial’s dividend payout ratio is presently 20.42%.

Wall Street Analyst Weigh In

A number of research firms have commented on RJF. Jefferies Financial Group lowered their price target on Raymond James Financial from $165.00 to $145.00 and set a “hold” rating for the company in a research report on Monday, April 6th. Citizens Jmp lifted their price objective on Raymond James Financial from $190.00 to $200.00 and gave the stock a “market outperform” rating in a research report on Thursday, July 9th. BMO Capital Markets boosted their target price on Raymond James Financial from $152.00 to $165.00 and gave the company a “market perform” rating in a research note on Thursday, April 23rd. Morgan Stanley upped their target price on Raymond James Financial from $172.00 to $174.00 and gave the company an “equal weight” rating in a report on Friday, July 10th. Finally, TD Cowen dropped their price target on Raymond James Financial from $159.00 to $155.00 and set a “hold” rating for the company in a research note on Thursday, May 28th. Four investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $176.64.

Raymond James Financial Profile

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.