Wealth Enhancement Advisory Services LLC Sells 3,638 Shares of Raymond James (NYSE:RJF)

Wealth Enhancement Advisory Services LLC lessened its holdings in Raymond James (NYSE:RJF) by 19.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,081 shares of the financial services provider’s stock after selling 3,638 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Raymond James were worth $1,937,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in RJF. LPL Financial LLC lifted its position in shares of Raymond James by 11.4% in the third quarter. LPL Financial LLC now owns 45,962 shares of the financial services provider’s stock worth $4,616,000 after purchasing an additional 4,690 shares in the last quarter. Federated Hermes Inc. lifted its position in shares of Raymond James by 2,328.1% in the third quarter. Federated Hermes Inc. now owns 777 shares of the financial services provider’s stock worth $78,000 after purchasing an additional 745 shares in the last quarter. Royal London Asset Management Ltd. lifted its position in shares of Raymond James by 26.7% in the third quarter. Royal London Asset Management Ltd. now owns 135,784 shares of the financial services provider’s stock worth $13,637,000 after purchasing an additional 28,653 shares in the last quarter. Crestwood Advisors Group LLC bought a new stake in shares of Raymond James in the third quarter worth $215,000. Finally, iA Global Asset Management Inc. bought a new stake in shares of Raymond James in the third quarter worth $837,000. Institutional investors own 83.83% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on RJF shares. Keefe, Bruyette & Woods cut their price objective on shares of Raymond James from $132.00 to $131.00 and set a “market perform” rating on the stock in a research report on Thursday, April 25th. JMP Securities reaffirmed a “market perform” rating on shares of Raymond James in a research report on Tuesday, April 9th. Bank of America dropped their price target on shares of Raymond James from $145.00 to $141.00 and set a “buy” rating on the stock in a research report on Thursday, April 25th. Morgan Stanley upped their price target on shares of 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, TD Cowen dropped their price target on shares of Raymond James from $131.00 to $126.00 and set a “hold” rating on the stock in a research report on Thursday, April 25th. Nine analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $126.22.

Raymond James Price Performance

NYSE:RJF opened at $120.73 on Friday. Raymond James has a one year low of $91.67 and a one year high of $131.19. The company has a market cap of $25.02 billion, a P/E ratio of 14.60, a P/E/G ratio of 0.83 and a beta of 1.02. The firm’s fifty day moving average price is $122.37 and its two-hundred day moving average price is $119.47. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.01 and a quick ratio of 0.98.

Raymond James (NYSE:RJF) last released 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). Raymond James had a net margin of 12.72% and a return on equity of 17.94%. 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 prior year, the firm earned $2.03 earnings per share. Raymond James’s revenue for the quarter was up 8.6% on a year-over-year basis. Equities analysts expect that Raymond James will post 9.55 earnings per share for the current year.

Raymond James Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Monday, July 1st will be paid a $0.45 dividend. The ex-dividend date of this dividend is Monday, July 1st. This represents a $1.80 annualized dividend and a dividend yield of 1.49%. Raymond James’s dividend payout ratio (DPR) is presently 21.77%.

Insider Activity at Raymond James

In related news, insider James E. Bunn sold 11,095 shares of the company’s stock in a transaction dated 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 transaction, the insider now directly owns 46,977 shares in the company, valued at $5,845,817.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Raymond James news, CEO Steven M. Raney sold 4,174 shares of the stock in a transaction dated Friday, April 26th. The shares were sold at an average price of $121.01, for a total transaction of $505,095.74. Following the sale, 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 filing with the Securities & Exchange Commission, which is available at this link. Also, insider James E. Bunn sold 11,095 shares of the stock in a transaction dated 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 sale, the insider now owns 46,977 shares in the company, valued at $5,845,817.88. The disclosure for this sale can be found here. 9.74% of the stock is currently owned by corporate insiders.

About Raymond James

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.