Norden Group LLC Acquires 82,419 Shares of Raymond James (NYSE:RJF)

Norden Group LLC raised its stake in Raymond James (NYSE:RJF) by 3,257.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 84,949 shares of the financial services provider’s stock after purchasing an additional 82,419 shares during the quarter. Norden Group LLC’s holdings in Raymond James were worth $10,908,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of RJF. Steph & Co. boosted its stake 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 acquiring an additional 91 shares during the last quarter. Federated Hermes Inc. lifted its stake in Raymond James by 12.4% in the fourth quarter. Federated Hermes Inc. now owns 873 shares of the financial services provider’s stock valued at $97,000 after purchasing an additional 96 shares during the last quarter. Oarsman Capital Inc. grew its holdings in Raymond James by 0.9% during the fourth quarter. Oarsman Capital Inc. now owns 10,760 shares of the financial services provider’s stock valued at $1,200,000 after purchasing an additional 99 shares during the period. Cardinal Capital Management raised its stake in shares of Raymond James by 0.4% in the fourth quarter. Cardinal Capital Management now owns 28,319 shares of the financial services provider’s stock valued at $3,170,000 after buying an additional 118 shares during the period. Finally, Kentucky Retirement Systems Insurance Trust Fund lifted its position in shares of Raymond James by 2.0% during the 4th quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 6,695 shares of the financial services provider’s stock valued at $746,000 after buying an additional 129 shares during the last quarter. 83.83% of the stock is owned by hedge funds and other institutional investors.

Raymond James Price Performance

Raymond James stock opened at $120.78 on Thursday. The stock has a market cap of $25.04 billion, a price-to-earnings ratio of 14.60, a PEG ratio of 0.83 and a beta of 1.02. The company has a quick ratio of 0.98, a current ratio of 1.01 and a debt-to-equity ratio of 0.43. The business has a 50-day simple moving average of $122.39 and a 200 day simple moving average of $119.46. Raymond James has a 52 week low of $91.67 and a 52 week high of $131.19.

Raymond James (NYSE:RJF) last issued its quarterly earnings data on Wednesday, April 24th. The financial services provider reported $2.31 EPS for the quarter, missing the consensus estimate of $2.32 by ($0.01). The business had revenue of $3.12 billion for the quarter, compared to analysts’ expectations of $3.15 billion. Raymond James had a return on equity of 17.94% and a net margin of 12.72%. The firm’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.03 EPS. On average, research analysts forecast that Raymond James will post 9.55 earnings per share for the current fiscal year.

Raymond James Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Monday, July 1st will be issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.49%. The ex-dividend date is Monday, July 1st. Raymond James’s payout ratio is 21.77%.

Insider Activity

In related news, insider James E. Bunn sold 11,095 shares of the company’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $124.44, for a total value of $1,380,661.80. Following the completion of the transaction, the insider now directly owns 46,977 shares in the company, valued at $5,845,817.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Raymond James news, CEO Steven M. Raney sold 4,174 shares of the stock in a transaction that occurred on Friday, April 26th. The shares were sold at an average price of $121.01, for a total transaction of $505,095.74. Following the transaction, the chief executive officer now directly owns 51,009 shares in the company, valued at $6,172,599.09. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider James E. Bunn sold 11,095 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $124.44, for a total transaction of $1,380,661.80. Following the completion of the sale, the insider now owns 46,977 shares of the company’s stock, valued at $5,845,817.88. The disclosure for this sale can be found here. Corporate insiders own 9.74% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on RJF shares. TD Cowen decreased their price objective on Raymond James from $131.00 to $126.00 and set a “hold” rating for the company in a report on Thursday, April 25th. Keefe, Bruyette & Woods dropped their price target on shares of Raymond James from $132.00 to $131.00 and set a “market perform” rating on the stock in a research note on Thursday, April 25th. Citigroup lifted their price objective on shares of Raymond James from $112.00 to $132.00 and gave the company a “neutral” rating in a research note on Thursday, April 11th. Morgan Stanley increased their target price on Raymond James from $113.00 to $123.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 9th. Finally, Bank of America reduced their price target on Raymond James from $145.00 to $141.00 and set a “buy” rating for the company in a research report on Thursday, April 25th. Nine research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Raymond James presently has an average rating of “Hold” and a consensus target price of $126.22.

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.