Raymond James (NYSE:RJF) Shares Sold by Essex Financial Services Inc.

Essex Financial Services Inc. cut its holdings in Raymond James (NYSE:RJF) by 4.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,860 shares of the financial services provider’s stock after selling 133 shares during the period. Essex Financial Services Inc.’s holdings in Raymond James were worth $353,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Commonwealth Equity Services LLC raised its position in shares of Raymond James by 1.9% during the 2nd quarter. Commonwealth Equity Services LLC now owns 52,087 shares of the financial services provider’s stock worth $6,439,000 after acquiring an additional 990 shares in the last quarter. J. W. Coons Advisors LLC acquired a new stake in Raymond James during the second quarter worth approximately $231,000. Rothschild Investment LLC purchased a new stake in shares of Raymond James during the 2nd quarter worth approximately $62,000. Intact Investment Management Inc. acquired a new position in shares of Raymond James in the 2nd quarter valued at $816,000. Finally, Pine Valley Investments Ltd Liability Co grew its position in shares of Raymond James by 48.8% in the 2nd quarter. Pine Valley Investments Ltd Liability Co now owns 2,349 shares of the financial services provider’s stock valued at $290,000 after buying an additional 770 shares during the last quarter. 83.83% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Insiders Place Their Bets

In related news, EVP Bella Loykhter Allaire sold 17,363 shares of the firm’s stock in a transaction dated 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 sale, the executive vice president now owns 75,586 shares in the company, valued at $8,692,390. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 stock was 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Tashtego S. Elwyn sold 31,277 shares of Raymond James stock in a transaction on 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 transaction, the chief executive officer now directly owns 35,380 shares of the company’s stock, valued at $3,879,063.20. The disclosure for this sale can be found here. Insiders own 9.74% of the company’s stock.

Raymond James Trading Up 1.0 %

Shares of Raymond James stock opened at $119.57 on Tuesday. The firm has a market cap of $24.62 billion, a price-to-earnings ratio of 14.46, a price-to-earnings-growth ratio of 0.81 and a beta of 1.02. Raymond James has a 52-week low of $91.67 and a 52-week high of $131.19. The company’s 50-day simple moving average is $115.95 and its 200-day simple moving average is $120.37. The company has a quick ratio of 0.99, a current ratio of 1.02 and a debt-to-equity ratio of 0.41.

Raymond James (NYSE:RJF) last released its earnings results on Wednesday, July 24th. The financial services provider reported $2.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.31 by $0.08. Raymond James had a return on equity of 18.44% and a net margin of 13.16%. The company had revenue of $3.23 billion for the quarter, compared to analysts’ expectations of $3.24 billion. During the same quarter in the previous year, the firm posted $1.85 EPS. The firm’s quarterly revenue was up 11.1% on a year-over-year basis. As a group, equities research analysts anticipate that Raymond James will post 9.57 earnings per share for the current year.

Raymond James Announces Dividend

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

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.