State Treasurer State of Michigan Increases Position in Raymond James (RJF)

State Treasurer State of Michigan increased its position in Raymond James (NYSE:RJF) by 1.8% in the third quarter, HoldingsChannel.com reports. The firm owned 39,100 shares of the financial services provider’s stock after acquiring an additional 700 shares during the period. State Treasurer State of Michigan’s holdings in Raymond James were worth $3,599,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Rehmann Capital Advisory Group increased its position in Raymond James by 57.7% in the second quarter. Rehmann Capital Advisory Group now owns 1,448 shares of the financial services provider’s stock worth $129,000 after purchasing an additional 530 shares during the period. Ladenburg Thalmann Financial Services Inc. increased its position in Raymond James by 18.5% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,548 shares of the financial services provider’s stock worth $317,000 after purchasing an additional 555 shares during the period. Public Employees Retirement System of Ohio increased its position in Raymond James by 0.4% in the second quarter. Public Employees Retirement System of Ohio now owns 153,879 shares of the financial services provider’s stock worth $13,749,000 after purchasing an additional 566 shares during the period. CIBC Asset Management Inc increased its position in Raymond James by 5.2% in the second quarter. CIBC Asset Management Inc now owns 13,287 shares of the financial services provider’s stock worth $1,187,000 after purchasing an additional 658 shares during the period. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund increased its position in Raymond James by 1.7% in the second quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 39,328 shares of the financial services provider’s stock worth $3,514,000 after purchasing an additional 667 shares during the period. Hedge funds and other institutional investors own 71.41% of the company’s stock.

Raymond James stock opened at $73.98 on Wednesday. The stock has a market cap of $10.65 billion, a PE ratio of 11.43, a P/E/G ratio of 0.57 and a beta of 1.67. Raymond James has a 1 year low of $71.93 and a 1 year high of $102.17. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.12 and a quick ratio of 1.10.

Raymond James (NYSE:RJF) last posted its earnings results on Wednesday, October 24th. The financial services provider reported $1.68 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.81 by ($0.13). The company had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.91 billion. Raymond James had a return on equity of 15.99% and a net margin of 11.46%. Equities analysts forecast that Raymond James will post 7.48 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 15th. Investors of record on Monday, October 1st were given a $0.30 dividend. The ex-dividend date was Friday, September 28th. This represents a $1.20 annualized dividend and a dividend yield of 1.62%. Raymond James’s dividend payout ratio is presently 18.55%.

In other Raymond James news, insider Tashtego S. Elwyn acquired 1,500 shares of the firm’s stock in a transaction that occurred on Monday, October 29th. The stock was acquired at an average cost of $73.75 per share, for a total transaction of $110,625.00. Following the transaction, the insider now owns 12,055 shares of the company’s stock, valued at $889,056.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President John C. Jr. Carson sold 5,698 shares of the business’s stock in a transaction that occurred on Monday, September 10th. The shares were sold at an average price of $92.66, for a total value of $527,976.68. The disclosure for this sale can be found here. 10.46% of the stock is currently owned by insiders.

RJF has been the subject of several analyst reports. Zacks Investment Research upgraded Raymond James from a “sell” rating to a “hold” rating in a research report on Tuesday, August 21st. JMP Securities upgraded Raymond James from a “market perform” rating to an “outperform” rating in a research report on Friday, July 27th. Credit Suisse Group decreased their target price on Raymond James from $110.00 to $100.00 and set a “neutral” rating for the company in a research report on Friday, October 26th. ValuEngine lowered Raymond James from a “hold” rating to a “sell” rating in a research report on Tuesday, October 23rd. Finally, Citigroup lowered Raymond James from a “buy” rating to a “neutral” rating in a research report on Friday, October 26th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $104.00.

Raymond James 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.

Further Reading: Swap

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Institutional Ownership by Quarter for Raymond James (NYSE:RJF)

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