Pinnacle Associates Ltd. Sells 4,607 Shares of Raymond James (NYSE:RJF)

Pinnacle Associates Ltd. trimmed its holdings in shares of Raymond James (NYSE:RJF) by 2.0% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 221,590 shares of the financial services provider’s stock after selling 4,607 shares during the period. Pinnacle Associates Ltd. owned approximately 0.11% of Raymond James worth $27,391,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of the stock. Norges Bank acquired a new position in shares of Raymond James during the fourth quarter valued at about $238,830,000. Heritage Wealth Advisors grew its stake in Raymond James by 3,480.7% in the first quarter. Heritage Wealth Advisors now owns 488,258 shares of the financial services provider’s stock valued at $62,702,000 after acquiring an additional 474,622 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Raymond James by 16.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,832,458 shares of the financial services provider’s stock valued at $204,335,000 after acquiring an additional 263,687 shares in the last quarter. SG Americas Securities LLC raised its position in shares of Raymond James by 820.2% during the first quarter. SG Americas Securities LLC now owns 197,695 shares of the financial services provider’s stock worth $25,388,000 after purchasing an additional 176,210 shares during the period. Finally, Sei Investments Co. grew its position in Raymond James by 27.4% in the 4th quarter. Sei Investments Co. now owns 809,626 shares of the financial services provider’s stock valued at $90,273,000 after purchasing an additional 174,286 shares during the period. Institutional investors and hedge funds own 83.83% of the company’s stock.

Insider Activity at Raymond James

In related news, EVP Bella Loykhter Allaire sold 17,363 shares of the firm’s stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $115.00, for a total value of $1,996,745.00. Following the completion of the transaction, the executive vice president now directly owns 75,586 shares of the company’s stock, valued at approximately $8,692,390. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, EVP Bella Loykhter Allaire sold 17,363 shares of the business’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $115.00, for a total transaction of $1,996,745.00. Following the sale, the executive vice president now directly owns 75,586 shares in the company, valued at approximately $8,692,390. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Tashtego S. Elwyn sold 31,277 shares of the firm’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $109.64, for a total value of $3,429,210.28. Following the completion of the transaction, the chief executive officer now owns 35,380 shares of the company’s stock, valued at approximately $3,879,063.20. The disclosure for this sale can be found here. 9.74% of the stock is currently owned by company insiders.

Raymond James Stock Performance

Shares of Raymond James stock traded up $1.20 on Friday, reaching $119.57. 961,449 shares of the company traded hands, compared to its average volume of 1,121,591. The company has a 50 day moving average of $116.00 and a 200 day moving average of $120.30. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.02 and a quick ratio of 0.99. Raymond James has a 52 week low of $91.67 and a 52 week high of $131.19. The firm has a market capitalization of $24.78 billion, a PE ratio of 14.46, a PEG ratio of 0.79 and a beta of 1.02.

Raymond James (NYSE:RJF) last announced its quarterly earnings data on Wednesday, July 24th. The financial services provider reported $2.39 earnings per share for the quarter, beating the consensus estimate of $2.31 by $0.08. The business had revenue of $3.23 billion during the quarter, compared to analyst estimates of $3.24 billion. Raymond James had a return on equity of 18.44% and a net margin of 13.16%. Raymond James’s revenue was up 11.1% compared to the same quarter last year. During the same period in the prior year, the company earned $1.85 earnings per share. Equities analysts forecast that Raymond James will post 9.57 earnings per share for the current year.

Raymond James Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st will be paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 1.51%. The ex-dividend date is Tuesday, October 1st. Raymond James’s dividend payout ratio is currently 21.77%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on RJF shares. Jefferies Financial Group upped their price objective on shares of Raymond James from $122.00 to $123.00 and gave the stock a “hold” rating in a report on Monday, July 8th. TD Cowen lifted their price target on Raymond James from $130.00 to $133.00 and gave the company a “hold” rating in a research note on Monday, July 8th. UBS Group lowered their price objective on Raymond James from $138.00 to $135.00 and set a “neutral” rating for the company in a research note on Tuesday, July 9th. JPMorgan Chase & Co. cut their target price on Raymond James from $137.00 to $135.00 and set an “overweight” rating on the stock in a research report on Thursday, July 25th. Finally, Wolfe Research reissued a “peer perform” rating on shares of Raymond James in a research report on Monday, July 8th. Ten equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $129.89.

About Raymond James

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.