Spire Wealth Management Boosts Stake in Raymond James Financial, Inc. $RJF

Spire Wealth Management raised its holdings in shares of Raymond James Financial, Inc. (NYSE:RJF) by 2,533.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 553 shares of the financial services provider’s stock after buying an additional 532 shares during the quarter. Spire Wealth Management’s holdings in Raymond James Financial were worth $85,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in RJF. Victory Capital Management Inc. grew its position in Raymond James Financial by 1,502.0% during the first quarter. Victory Capital Management Inc. now owns 1,883,139 shares of the financial services provider’s stock worth $261,587,000 after buying an additional 1,765,588 shares in the last quarter. Nuveen LLC purchased a new position in Raymond James Financial during the first quarter worth about $111,368,000. Goldman Sachs Group Inc. grew its position in Raymond James Financial by 44.4% during the first quarter. Goldman Sachs Group Inc. now owns 1,708,333 shares of the financial services provider’s stock worth $237,305,000 after buying an additional 525,134 shares in the last quarter. Invesco Ltd. grew its position in Raymond James Financial by 19.1% during the first quarter. Invesco Ltd. now owns 2,901,435 shares of the financial services provider’s stock worth $403,038,000 after buying an additional 466,129 shares in the last quarter. Finally, Ameriprise Financial Inc. grew its position in Raymond James Financial by 165.9% during the first quarter. Ameriprise Financial Inc. now owns 686,647 shares of the financial services provider’s stock worth $95,381,000 after buying an additional 428,396 shares in the last quarter. 83.83% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on RJF shares. BMO Capital Markets upped their price objective on Raymond James Financial from $180.00 to $182.00 and gave the stock a “market perform” rating in a report on Thursday, October 23rd. Morgan Stanley upped their price objective on Raymond James Financial from $176.00 to $184.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 1st. JMP Securities upped their price objective on Raymond James Financial from $185.00 to $190.00 and gave the stock a “market outperform” rating in a report on Thursday, October 23rd. Weiss Ratings reiterated a “hold (c+)” rating on shares of Raymond James Financial in a report on Wednesday, October 8th. Finally, Wells Fargo & Company upped their price objective on Raymond James Financial from $155.00 to $163.00 and gave the stock an “equal weight” rating in a report on Friday, July 11th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $177.20.

Raymond James Financial Trading Up 0.8%

NYSE RJF opened at $159.43 on Thursday. Raymond James Financial, Inc. has a 1-year low of $117.57 and a 1-year high of $177.66. The company has a current ratio of 1.04, a quick ratio of 1.02 and a debt-to-equity ratio of 0.33. The stock has a 50-day moving average of $166.40 and a 200-day moving average of $158.10. The firm has a market cap of $31.79 billion, a PE ratio of 15.49, a price-to-earnings-growth ratio of 1.19 and a beta of 1.03.

Raymond James Financial (NYSE:RJF) last released its earnings results on Wednesday, October 22nd. The financial services provider reported $3.11 earnings per share for the quarter, beating analysts’ consensus estimates of $2.83 by $0.28. Raymond James Financial had a return on equity of 18.33% and a net margin of 13.42%.The company had revenue of $3.73 billion during the quarter, compared to analyst estimates of $3.64 billion. During the same quarter in the previous year, the company posted $2.95 EPS. Raymond James Financial’s revenue for the quarter was up 7.7% on a year-over-year basis. As a group, sell-side analysts forecast that Raymond James Financial, Inc. will post 11.17 EPS for the current year.

Raymond James Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Wednesday, October 1st were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Wednesday, October 1st. This represents a $2.00 dividend on an annualized basis and a yield of 1.3%. Raymond James Financial’s dividend payout ratio is presently 19.44%.

Raymond James Financial 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.