Cardinal Capital Management Cuts Stock Holdings in Raymond James Financial, Inc. $RJF

Cardinal Capital Management lowered its position in Raymond James Financial, Inc. (NYSE:RJF) by 12.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 28,263 shares of the financial services provider’s stock after selling 4,180 shares during the period. Cardinal Capital Management’s holdings in Raymond James Financial were worth $4,878,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. West Branch Capital LLC purchased a new position in shares of Raymond James Financial during the 3rd quarter worth approximately $26,000. Salomon & Ludwin LLC purchased a new position in Raymond James Financial in the third quarter worth $31,000. Princeton Global Asset Management LLC lifted its holdings in Raymond James Financial by 69.0% in the second quarter. Princeton Global Asset Management LLC now owns 245 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 100 shares during the period. TD Private Client Wealth LLC lifted its holdings in Raymond James Financial by 47.2% in the second quarter. TD Private Client Wealth LLC now owns 337 shares of the financial services provider’s stock valued at $52,000 after acquiring an additional 108 shares during the period. Finally, South Dakota Investment Council boosted its position in shares of Raymond James Financial by 300.0% during the 2nd quarter. South Dakota Investment Council now owns 400 shares of the financial services provider’s stock worth $61,000 after purchasing an additional 300 shares in the last quarter. Institutional investors and hedge funds own 83.83% of the company’s stock.

Raymond James Financial Trading Up 1.9%

Shares of RJF opened at $168.29 on Friday. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.07 and a quick ratio of 1.04. Raymond James Financial, Inc. has a 1-year low of $117.57 and a 1-year high of $177.66. The stock has a market cap of $33.10 billion, a price-to-earnings ratio of 16.35, a price-to-earnings-growth ratio of 1.02 and a beta of 0.99. The firm has a 50 day simple moving average of $161.14 and a 200-day simple moving average of $163.17.

Raymond James Financial (NYSE:RJF) last posted its earnings results on Wednesday, October 22nd. The financial services provider reported $3.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.83 by $0.28. The firm had revenue of $3.73 billion for the quarter, compared to analyst estimates of $3.64 billion. Raymond James Financial had a return on equity of 18.19% and a net margin of 13.42%.Raymond James Financial’s revenue was up 7.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.95 EPS. Equities analysts forecast that Raymond James Financial, Inc. will post 11.17 EPS for the current fiscal year.

Raymond James Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 16th. Investors of record on Friday, January 2nd will be given a dividend of $0.54 per share. The ex-dividend date is Friday, January 2nd. This represents a $2.16 dividend on an annualized basis and a yield of 1.3%. This is a boost from Raymond James Financial’s previous quarterly dividend of $0.50. Raymond James Financial’s dividend payout ratio (DPR) is 20.99%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on RJF. JMP Securities raised their price objective on shares of Raymond James Financial from $185.00 to $190.00 and gave the company a “market outperform” rating in a research note on Thursday, October 23rd. BMO Capital Markets increased their target price on shares of Raymond James Financial from $180.00 to $182.00 and gave the company a “market perform” rating in a report on Thursday, October 23rd. Keefe, Bruyette & Woods boosted their price target on Raymond James Financial from $174.00 to $181.00 and gave the stock a “market perform” rating in a research note on Thursday, October 23rd. TD Cowen raised their price objective on Raymond James Financial from $175.00 to $180.00 and gave the company a “hold” rating in a research note on Thursday, October 23rd. Finally, JPMorgan Chase & Co. lifted their price objective on Raymond James Financial from $178.00 to $180.00 and gave the stock a “neutral” rating in a report on Thursday, October 23rd. Three analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $180.73.

Insiders Place Their Bets

In other Raymond James Financial news, insider Paul C. Reilly sold 130,687 shares of the company’s stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $163.15, for a total value of $21,321,584.05. Following the transaction, the insider directly owned 260,546 shares in the company, valued at approximately $42,508,079.90. This represents a 33.40% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.54% of the company’s stock.

Raymond James Financial Profile

Raymond James Financial is a diversified financial services firm headquartered in St. Petersburg, Florida. Founded in 1962, the company provides a range of services to individual investors, businesses and institutions through a combination of wealth management, capital markets, investment banking, asset management, banking and trust services. Its business model centers on a network of financial advisors and broker-dealer operations that deliver personalized financial planning, investment advisory services and brokerage solutions.

The firm’s core offerings include private client wealth management delivered by independent and employee advisors, equity and fixed-income research, institutional sales and trading, and investment banking services such as mergers and acquisitions advisory and capital raising.