Congress Asset Management Co. Lowers Stock Position in Raymond James (NYSE:RJF)

Congress Asset Management Co. cut its position in shares of Raymond James (NYSE:RJF) by 5.9% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 917,752 shares of the financial services provider’s stock after selling 57,849 shares during the quarter. Raymond James makes up 1.0% of Congress Asset Management Co.’s portfolio, making the stock its 25th largest holding. Congress Asset Management Co.’s holdings in Raymond James were worth $142,554,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Gladius Capital Management LP purchased a new position in Raymond James during the third quarter valued at $34,000. Y.D. More Investments Ltd lifted its holdings in Raymond James by 121.0% during the fourth quarter. Y.D. More Investments Ltd now owns 232 shares of the financial services provider’s stock valued at $36,000 after purchasing an additional 127 shares in the last quarter. Peterson Financial Group Inc. purchased a new position in Raymond James during the third quarter valued at $37,000. Quarry LP lifted its holdings in Raymond James by 80.3% during the third quarter. Quarry LP now owns 420 shares of the financial services provider’s stock valued at $51,000 after purchasing an additional 187 shares in the last quarter. Finally, Eastern Bank purchased a new position in Raymond James during the fourth quarter valued at $68,000. 83.83% of the stock is owned by hedge funds and other institutional investors.

Raymond James Price Performance

Raymond James stock opened at $159.63 on Friday. Raymond James has a 12-month low of $104.24 and a 12-month high of $174.32. The stock has a market cap of $32.62 billion, a P/E ratio of 15.57, a PEG ratio of 0.98 and a beta of 1.03. The company has a 50-day moving average price of $161.67 and a 200 day moving average price of $143.67. The company has a current ratio of 1.02, a quick ratio of 1.00 and a debt-to-equity ratio of 0.37.

Raymond James (NYSE:RJF) last released its quarterly earnings data on Wednesday, January 29th. The financial services provider reported $2.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.62 by $0.31. Raymond James had a net margin of 14.06% and a return on equity of 19.99%. Sell-side analysts anticipate that Raymond James will post 11.12 earnings per share for the current year.

Raymond James Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 16th. Investors of record on Thursday, January 2nd were given a dividend of $0.50 per share. This is a boost from Raymond James’s previous quarterly dividend of $0.45. This represents a $2.00 annualized dividend and a yield of 1.25%. The ex-dividend date was Thursday, January 2nd. Raymond James’s dividend payout ratio (DPR) is presently 19.51%.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on RJF shares. UBS Group raised shares of Raymond James from a “hold” rating to a “strong-buy” rating in a report on Monday, January 6th. JMP Securities increased their price objective on shares of Raymond James from $175.00 to $190.00 and gave the company a “market outperform” rating in a report on Thursday, January 30th. JPMorgan Chase & Co. increased their price objective on shares of Raymond James from $166.00 to $172.00 and gave the company a “neutral” rating in a report on Thursday, January 30th. The Goldman Sachs Group upgraded shares of Raymond James from a “neutral” rating to a “buy” rating and increased their target price for the company from $161.00 to $185.00 in a research report on Monday, January 6th. Finally, Wells Fargo & Company increased their target price on shares of Raymond James from $168.00 to $176.00 and gave the company an “equal weight” rating in a research report on Thursday, January 30th. Nine investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $166.09.

Insiders Place Their Bets

In other Raymond James news, insider Tashtego S. Elwyn sold 10,000 shares of the stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $159.47, for a total transaction of $1,594,700.00. Following the completion of the transaction, the insider now owns 32,688 shares of the company’s stock, valued at $5,212,755.36. This trade represents a 23.43 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Paul C. Reilly sold 50,000 shares of the stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $167.30, for a total transaction of $8,365,000.00. Following the transaction, the chief executive officer now directly owns 283,110 shares of the company’s stock, valued at approximately $47,364,303. This trade represents a 15.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 64,621 shares of company stock valued at $10,729,488 over the last 90 days. 0.54% of the stock is owned by company insiders.

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.