Industrial Alliance Investment Management Inc. Increases Stock Position in Raymond James (NYSE:RJF)

Industrial Alliance Investment Management Inc. lifted its holdings in shares of Raymond James (NYSE:RJF – Get Rating) by 21.5% during the third quarter, HoldingsChannel.com reports. The fund owned 44,890 shares of the financial services provider’s stock after purchasing an additional 7,930 shares during the quarter. Industrial Alliance Investment Management Inc.’s holdings in Raymond James were worth $4,436,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of RJF. Wellington Management Group LLP grew its position in shares of Raymond James by 80.5% during the first quarter. Wellington Management Group LLP now owns 5,629,875 shares of the financial services provider’s stock worth $618,780,000 after acquiring an additional 2,510,966 shares during the last quarter. Primecap Management Co. CA grew its position in shares of Raymond James by 16.8% during the second quarter. Primecap Management Co. CA now owns 13,589,617 shares of the financial services provider’s stock worth $1,215,048,000 after acquiring an additional 1,951,233 shares during the last quarter. Vanguard Group Inc. grew its position in Raymond James by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 21,689,564 shares of the financial services provider’s stock valued at $2,383,900,000 after buying an additional 410,025 shares during the last quarter. Massachusetts Financial Services Co. MA grew its position in Raymond James by 14.5% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,762,467 shares of the financial services provider’s stock valued at $246,992,000 after buying an additional 349,521 shares during the last quarter. Finally, Amundi grew its position in Raymond James by 177.1% in the 2nd quarter. Amundi now owns 451,796 shares of the financial services provider’s stock valued at $39,441,000 after buying an additional 288,769 shares during the last quarter. 74.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Raymond James

In other news, insider Jodi Perry sold 6,343 shares of Raymond James stock in a transaction on Monday, February 6th. The stock was sold at an average price of $112.30, for a total transaction of $712,318.90. Following the completion of the transaction, the insider now owns 7,150 shares of the company’s stock, valued at approximately $802,945. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 9.46% of the company’s stock.

Wall Street Analyst Weigh In

RJF has been the topic of a number of analyst reports. The Goldman Sachs Group lowered their price objective on shares of Raymond James from $148.00 to $125.00 and set a “buy” rating on the stock in a research report on Wednesday, January 4th. StockNews.com initiated coverage on shares of Raymond James in a research report on Thursday. They issued a “hold” rating on the stock. Keefe, Bruyette & Woods lifted their price objective on shares of Raymond James from $120.00 to $126.00 and gave the company a “market perform” rating in a research report on Thursday, January 12th. Credit Suisse Group lowered their price objective on shares of Raymond James from $119.00 to $116.00 and set a “neutral” rating on the stock in a research report on Thursday, January 26th. Finally, UBS Group lowered their price objective on shares of Raymond James from $127.00 to $125.00 and set a “neutral” rating on the stock in a research report on Monday, January 9th. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $122.86.

Raymond James Price Performance

Shares of NYSE RJF opened at $87.16 on Thursday. The firm has a market capitalization of $18.77 billion, a P/E ratio of 12.14 and a beta of 1.05. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.96 and a current ratio of 0.98. Raymond James has a one year low of $84.86 and a one year high of $126.00. The company’s fifty day moving average is $110.05 and its two-hundred day moving average is $110.10.

Raymond James (NYSE:RJF – Get Rating) last released its quarterly earnings results on Wednesday, January 25th. The financial services provider reported $2.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.28 by $0.01. The business had revenue of $2.79 billion during the quarter, compared to the consensus estimate of $2.83 billion. Raymond James had a return on equity of 17.78% and a net margin of 13.65%. The business’s revenue was up .2% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.12 EPS. Analysts forecast that Raymond James will post 9.44 EPS for the current fiscal year.

Raymond James Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, April 17th. Stockholders of record on Monday, April 3rd will be paid a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 1.93%. The ex-dividend date is Friday, March 31st. Raymond James’s dividend payout ratio (DPR) is presently 23.40%.

About Raymond James

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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.