Doyle Wealth Management Lowers Position in Raymond James (RJF)

Doyle Wealth Management decreased its position in Raymond James (NYSE:RJF) by 3.1% in the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 21,296 shares of the financial services provider’s stock after selling 677 shares during the period. Doyle Wealth Management’s holdings in Raymond James were worth $1,960,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Wells Fargo & Company MN boosted its holdings in shares of Raymond James by 7.7% in the second quarter. Wells Fargo & Company MN now owns 4,521,398 shares of the financial services provider’s stock valued at $403,986,000 after purchasing an additional 322,014 shares during the period. JPMorgan Chase & Co. boosted 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 purchasing an additional 11,510 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Raymond James by 51.0% in the second quarter. Bank of New York Mellon Corp now owns 1,877,559 shares of the financial services provider’s stock valued at $167,759,000 after purchasing an additional 634,378 shares during the period. Frontier Capital Management Co. LLC boosted its holdings in shares of Raymond James by 6.6% in the third quarter. Frontier Capital Management Co. LLC now owns 1,572,016 shares of the financial services provider’s stock valued at $144,704,000 after purchasing an additional 97,369 shares during the period. Finally, FMR LLC boosted its holdings in shares of Raymond James by 30.0% in the second quarter. FMR LLC now owns 959,737 shares of the financial services provider’s stock valued at $85,753,000 after purchasing an additional 221,379 shares during the period. Hedge funds and other institutional investors own 71.31% of the company’s stock.

RJF has been the subject of a number of research reports. Credit Suisse Group lowered their price target on Raymond James from $110.00 to $100.00 and set a “neutral” rating for the company in a report on Friday, October 26th. Zacks Investment Research upgraded Raymond James from a “hold” rating to a “buy” rating and set a $103.00 price target for the company in a report on Thursday, October 4th. Citigroup lowered Raymond James from a “buy” rating to a “neutral” rating in a report on Friday, October 26th. Wells Fargo & Co lowered their price target on Raymond James from $111.00 to $96.00 and set an “outperform” rating for the company in a report on Friday, October 26th. Finally, Buckingham Research lowered their price target on Raymond James from $117.00 to $111.00 and set a “buy” rating for the company in a report on Friday, October 26th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $104.00.

Raymond James stock opened at $78.31 on Wednesday. The company has a quick ratio of 1.10, a current ratio of 1.12 and a debt-to-equity ratio of 0.44. The firm has a market cap of $11.60 billion, a price-to-earnings ratio of 12.10, a P/E/G ratio of 0.63 and a beta of 1.74. Raymond James has a twelve month low of $71.93 and a twelve month high of $102.17.

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

The business also recently announced a quarterly dividend, which was paid on Monday, October 15th. Shareholders of record on Monday, October 1st were issued a dividend of $0.30 per share. The ex-dividend date was Friday, September 28th. This represents a $1.20 dividend on an annualized basis and a yield of 1.53%. Raymond James’s dividend payout ratio is currently 18.55%.

In other Raymond James news, insider Tashtego S. Elwyn purchased 1,500 shares of Raymond James stock in a transaction dated Monday, October 29th. The shares were acquired at an average cost of $73.75 per share, with a total value of $110,625.00. Following the completion of the transaction, the insider now owns 12,055 shares in the company, valued at approximately $889,056.25. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, President John C. Jr. Carson sold 5,698 shares of the company’s stock in a transaction on Monday, September 10th. The stock was 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 owned by corporate insiders.

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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: Retained Earnings

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

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