The Manufacturers Life Insurance Company Sells 3,149 Shares of Raymond James (NYSE:RJF)

The Manufacturers Life Insurance Company decreased its stake in Raymond James (NYSE:RJF) by 2.6% during the third quarter, Holdings Channel.com reports. The institutional investor owned 116,722 shares of the financial services provider’s stock after selling 3,149 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Raymond James were worth $14,294,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in RJF. AGF Management Ltd. increased its position in shares of Raymond James by 17.2% during the 2nd quarter. AGF Management Ltd. now owns 2,580,467 shares of the financial services provider’s stock valued at $318,972,000 after purchasing an additional 378,033 shares during the last quarter. Earnest Partners LLC boosted its position in Raymond James by 1.5% during the second quarter. Earnest Partners LLC now owns 2,505,369 shares of the financial services provider’s stock valued at $309,689,000 after buying an additional 37,173 shares during the period. Massachusetts Financial Services Co. MA boosted its position in Raymond James by 1.2% during the second quarter. Massachusetts Financial Services Co. MA now owns 2,215,996 shares of the financial services provider’s stock valued at $273,919,000 after buying an additional 25,494 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Raymond James by 6.0% in the second quarter. Dimensional Fund Advisors LP now owns 2,024,612 shares of the financial services provider’s stock worth $250,238,000 after buying an additional 113,826 shares during the period. Finally, APG Asset Management N.V. increased its stake in Raymond James by 2.1% in the 2nd quarter. APG Asset Management N.V. now owns 1,874,140 shares of the financial services provider’s stock worth $216,153,000 after purchasing an additional 38,695 shares during the period. 83.83% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently commented on RJF. TD Cowen upped their price objective on shares of Raymond James from $128.00 to $150.00 and gave the company a “hold” rating in a research note on Wednesday, October 30th. Jefferies Financial Group lifted their price target on shares of Raymond James from $123.00 to $126.00 and gave the company a “hold” rating in a report on Friday, October 4th. Bank of America raised their target price on shares of Raymond James from $136.00 to $152.00 and gave the stock a “buy” rating in a research report on Thursday, October 24th. Wells Fargo & Company boosted their price target on shares of Raymond James from $140.00 to $152.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. Finally, JMP Securities raised their price objective on shares of Raymond James from $146.00 to $150.00 and gave the stock a “market outperform” rating in a report on Thursday, October 24th. Nine research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, Raymond James currently has a consensus rating of “Hold” and a consensus price target of $140.91.

Raymond James Price Performance

RJF stock opened at $169.28 on Monday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.99 and a current ratio of 1.02. The firm has a 50 day moving average price of $144.61 and a 200-day moving average price of $127.40. Raymond James has a 52-week low of $103.41 and a 52-week high of $171.38. The firm has a market capitalization of $34.54 billion, a price-to-earnings ratio of 17.43, a PEG ratio of 0.99 and a beta of 0.99.

Raymond James (NYSE:RJF) last announced its quarterly earnings data on Wednesday, October 23rd. The financial services provider reported $2.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.41 by $0.54. Raymond James had a return on equity of 19.30% and a net margin of 13.86%. The business had revenue of $3.46 billion during the quarter, compared to analysts’ expectations of $3.32 billion. During the same quarter in the previous year, the business earned $2.13 earnings per share. The firm’s quarterly revenue was up 13.4% compared to the same quarter last year. Equities research analysts forecast that Raymond James will post 10.83 EPS for the current fiscal year.

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.