State of New Jersey Common Pension Fund D Cuts Stake in Raymond James (NYSE:RJF)

State of New Jersey Common Pension Fund D cut its stake in Raymond James (NYSE:RJF) by 1.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 111,270 shares of the financial services provider’s stock after selling 1,514 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Raymond James were worth $12,407,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Steph & Co. raised its position in Raymond James by 9.3% in the fourth quarter. Steph & Co. now owns 1,067 shares of the financial services provider’s stock valued at $119,000 after purchasing an additional 91 shares during the period. Federated Hermes Inc. increased its position in shares of Raymond James by 12.4% during the fourth quarter. Federated Hermes Inc. now owns 873 shares of the financial services provider’s stock worth $97,000 after acquiring an additional 96 shares during the last quarter. Addison Advisors LLC increased its position in shares of Raymond James by 32.9% during the third quarter. Addison Advisors LLC now owns 416 shares of the financial services provider’s stock worth $42,000 after acquiring an additional 103 shares during the last quarter. SVB Wealth LLC increased its position in shares of Raymond James by 5.6% during the third quarter. SVB Wealth LLC now owns 2,046 shares of the financial services provider’s stock worth $206,000 after acquiring an additional 108 shares during the last quarter. Finally, Great Valley Advisor Group Inc. increased its position in shares of Raymond James by 3.2% during the third quarter. Great Valley Advisor Group Inc. now owns 3,855 shares of the financial services provider’s stock worth $387,000 after acquiring an additional 118 shares during the last quarter. 83.83% of the stock is owned by hedge funds and other institutional investors.

Raymond James Stock Performance

RJF stock traded down $5.59 during midday trading on Thursday, reaching $121.95. The company had a trading volume of 2,769,586 shares, compared to its average volume of 1,077,007. The company has a quick ratio of 0.97, a current ratio of 0.99 and a debt-to-equity ratio of 0.37. The stock has a 50 day moving average price of $122.97 and a 200 day moving average price of $112.28. Raymond James has a fifty-two week low of $82.00 and a fifty-two week high of $131.19. The firm has a market capitalization of $25.49 billion, a PE ratio of 15.28, a P/E/G ratio of 0.89 and a beta of 1.05.

Raymond James (NYSE:RJF) last issued its earnings results on Wednesday, April 24th. The financial services provider reported $2.31 EPS for the quarter, missing analysts’ consensus estimates of $2.32 by ($0.01). Raymond James had a net margin of 12.81% and a return on equity of 17.95%. The company had revenue of $3.12 billion during the quarter, compared to analyst estimates of $3.15 billion. During the same quarter in the previous year, the firm earned $2.03 earnings per share. The business’s revenue was up 8.6% on a year-over-year basis. Analysts anticipate that Raymond James will post 9.45 earnings per share for the current year.

Raymond James Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Monday, April 1st were given a dividend of $0.45 per share. The ex-dividend date was Thursday, March 28th. This represents a $1.80 annualized dividend and a dividend yield of 1.48%. Raymond James’s dividend payout ratio is presently 22.56%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on RJF. JMP Securities reaffirmed a “market perform” rating on shares of Raymond James in a research report on Tuesday, April 9th. Jefferies Financial Group reiterated a “hold” rating and issued a $117.00 price target (up from $112.00) on shares of Raymond James in a research note on Tuesday, January 9th. StockNews.com downgraded Raymond James from a “buy” rating to a “hold” rating in a research note on Friday, February 9th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $116.00 price target (down from $125.00) on shares of Raymond James in a research note on Wednesday, January 3rd. Finally, Morgan Stanley lifted their price target on Raymond James from $113.00 to $123.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 9th. Nine equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $126.22.

Insider Transactions at Raymond James

In other Raymond James news, Director Art A. Garcia acquired 879 shares of Raymond James stock in a transaction dated Friday, February 9th. The stock was acquired at an average cost of $112.30 per share, for a total transaction of $98,711.70. Following the completion of the transaction, the director now owns 879 shares in the company, valued at approximately $98,711.70. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Raymond James news, Director Art A. Garcia acquired 879 shares of Raymond James stock in a transaction dated Friday, February 9th. The stock was acquired at an average cost of $112.30 per share, for a total transaction of $98,711.70. Following the completion of the transaction, the director now owns 879 shares in the company, valued at approximately $98,711.70. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Jonathan N. Santelli sold 1,891 shares of the business’s stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $111.91, for a total value of $211,621.81. Following the transaction, the executive vice president now owns 21,491 shares of the company’s stock, valued at $2,405,057.81. The disclosure for this sale can be found here. Insiders own 9.74% of the company’s stock.

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.