Raymond James (NYSE:RJF) Stake Cut by Hennion & Walsh Asset Management Inc.

Hennion & Walsh Asset Management Inc. cut its holdings in shares of Raymond James (NYSE:RJF) by 1.2% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 27,892 shares of the financial services provider’s stock after selling 332 shares during the quarter. Hennion & Walsh Asset Management Inc.’s holdings in Raymond James were worth $3,448,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Blue Trust Inc. grew its position in Raymond James by 31.0% during the second quarter. Blue Trust Inc. now owns 3,510 shares of the financial services provider’s stock valued at $451,000 after purchasing an additional 830 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in shares of Raymond James by 5.6% during the 2nd quarter. Assenagon Asset Management S.A. now owns 4,848 shares of the financial services provider’s stock valued at $599,000 after acquiring an additional 256 shares in the last quarter. Phoenix Wealth Advisors acquired a new position in shares of Raymond James in the second quarter worth $1,623,000. Envestnet Portfolio Solutions Inc. raised its holdings in shares of Raymond James by 2.0% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 26,689 shares of the financial services provider’s stock worth $3,299,000 after acquiring an additional 514 shares in the last quarter. Finally, Great Valley Advisor Group Inc. raised its holdings in shares of Raymond James by 2.9% during the second quarter. Great Valley Advisor Group Inc. now owns 3,972 shares of the financial services provider’s stock worth $491,000 after acquiring an additional 112 shares in the last quarter. Hedge funds and other institutional investors own 83.83% of the company’s stock.

Raymond James Stock Performance

RJF opened at $115.93 on Tuesday. The company has a quick ratio of 0.99, a current ratio of 1.02 and a debt-to-equity ratio of 0.41. The stock’s 50 day moving average price is $116.17 and its two-hundred day moving average price is $120.12. The firm has a market capitalization of $23.87 billion, a P/E ratio of 14.02, a price-to-earnings-growth ratio of 0.78 and a beta of 1.02. Raymond James has a 12-month low of $91.67 and a 12-month high of $131.19.

Raymond James (NYSE:RJF) last announced its earnings results on Wednesday, July 24th. The financial services provider reported $2.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.31 by $0.08. Raymond James had a net margin of 13.16% and a return on equity of 18.44%. The business had revenue of $3.23 billion for the quarter, compared to analyst estimates of $3.24 billion. During the same quarter in the previous year, the firm posted $1.85 earnings per share. Raymond James’s revenue was up 11.1% compared to the same quarter last year. On average, equities analysts forecast that Raymond James will post 9.56 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have weighed in on RJF. Wolfe Research reaffirmed a “peer perform” rating on shares of Raymond James in a research report on Monday, July 8th. Keefe, Bruyette & Woods reduced their target price on shares of Raymond James from $132.00 to $131.00 and set a “market perform” rating for the company in a research note on Thursday, April 25th. Jefferies Financial Group boosted their target price on shares of Raymond James from $122.00 to $123.00 and gave the stock a “hold” rating in a research report on Monday, July 8th. JPMorgan Chase & Co. cut their price target on shares of Raymond James from $137.00 to $135.00 and set an “overweight” rating on the stock in a report on Thursday, July 25th. Finally, Bank of America cut their target price on Raymond James from $145.00 to $141.00 and set a “buy” rating on the stock in a report on Thursday, April 25th. Ten analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $129.89.

Insider Activity

In related news, CEO Tashtego S. Elwyn sold 31,277 shares of Raymond James stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $109.64, for a total transaction of $3,429,210.28. Following the sale, the chief executive officer now directly owns 35,380 shares of the company’s stock, valued at $3,879,063.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Raymond James news, EVP Bella Loykhter Allaire sold 17,363 shares of the business’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $115.00, for a total value of $1,996,745.00. Following the sale, the executive vice president now owns 75,586 shares of the company’s stock, valued at approximately $8,692,390. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Tashtego S. Elwyn sold 31,277 shares of Raymond James stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $109.64, for a total transaction of $3,429,210.28. Following the sale, the chief executive officer now owns 35,380 shares in the company, valued at $3,879,063.20. The disclosure for this sale can be found here. 9.74% of the stock is owned by company insiders.

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.