Allstate Corp Buys New Shares in Raymond James (NYSE:RJF)

Allstate Corp bought a new position in shares of Raymond James (NYSE:RJF) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 5,728 shares of the financial services provider’s stock, valued at approximately $890,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Wellington Management Group LLP grew its holdings in shares of Raymond James by 31.4% during the 3rd quarter. Wellington Management Group LLP now owns 12,114,502 shares of the financial services provider’s stock worth $1,483,542,000 after purchasing an additional 2,898,242 shares in the last quarter. Norges Bank bought a new position in Raymond James in the fourth quarter worth $294,647,000. Raymond James Financial Inc. bought a new position in Raymond James in the fourth quarter worth $105,701,000. JPMorgan Chase & Co. boosted its stake in Raymond James by 12.0% during the third quarter. JPMorgan Chase & Co. now owns 4,544,610 shares of the financial services provider’s stock worth $556,533,000 after buying an additional 488,245 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its holdings in Raymond James by 433.4% in the 4th quarter. PNC Financial Services Group Inc. now owns 567,460 shares of the financial services provider’s stock valued at $88,144,000 after buying an additional 461,069 shares during the period. 83.83% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

RJF has been the topic of several recent research reports. The Goldman Sachs Group upgraded shares of Raymond James from a “neutral” rating to a “buy” rating and lifted their target price for the company from $161.00 to $185.00 in a research report on Monday, January 6th. Morgan Stanley upped their price objective on Raymond James from $149.00 to $161.00 and gave the company an “equal weight” rating in a research note on Tuesday, March 4th. Citigroup raised their target price on Raymond James from $145.00 to $170.00 and gave the stock a “neutral” rating in a research report on Friday, January 10th. StockNews.com lowered Raymond James from a “buy” rating to a “hold” rating in a research note on Monday, February 10th. Finally, Keefe, Bruyette & Woods lifted their price objective on Raymond James from $170.00 to $177.00 and gave the company a “market perform” rating in a report on Thursday, January 30th. Nine investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Raymond James currently has an average rating of “Hold” and an average target price of $167.55.

Raymond James Trading Down 0.2 %

RJF opened at $138.72 on Tuesday. Raymond James has a 1-year low of $104.24 and a 1-year high of $174.32. The stock has a market capitalization of $28.42 billion, a PE ratio of 13.53, a PEG ratio of 0.90 and a beta of 1.04. The company has a current ratio of 1.03, a quick ratio of 1.01 and a debt-to-equity ratio of 0.35. The firm has a 50-day moving average price of $154.44 and a two-hundred day moving average price of $150.82.

Raymond James (NYSE:RJF) last issued its quarterly earnings results on Wednesday, January 29th. The financial services provider reported $2.93 earnings per share for the quarter, beating analysts’ consensus estimates of $2.62 by $0.31. Raymond James had a net margin of 14.06% and a return on equity of 19.71%. As a group, equities analysts anticipate that Raymond James will post 11.17 earnings per share for the current fiscal year.

Raymond James Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, April 1st will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 1.44%. The ex-dividend date of this dividend is Tuesday, April 1st. Raymond James’s dividend payout ratio is 19.51%.

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.