Oppenheimer Asset Management Inc. Decreases Stock Position in Raymond James (NYSE:RJF)

Oppenheimer Asset Management Inc. cut its holdings in Raymond James (NYSE:RJF) by 4.1% in the third quarter, HoldingsChannel reports. The institutional investor owned 35,380 shares of the financial services provider’s stock after selling 1,499 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Raymond James were worth $4,333,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Wolff Wiese Magana LLC raised its stake in Raymond James by 3,960.0% in the third quarter. Wolff Wiese Magana LLC now owns 203 shares of the financial services provider’s stock valued at $25,000 after buying an additional 198 shares during the last quarter. Quarry LP purchased a new stake in Raymond James in the second quarter valued at about $29,000. Covestor Ltd raised its stake in Raymond James by 77.0% in the first quarter. Covestor Ltd now owns 239 shares of the financial services provider’s stock valued at $31,000 after buying an additional 104 shares during the last quarter. Future Financial Wealth Managment LLC purchased a new position in shares of Raymond James in the third quarter worth about $32,000. Finally, Rothschild Investment LLC purchased a new position in shares of Raymond James in the second quarter worth about $62,000. 83.83% of the stock is currently owned by hedge funds and other institutional investors.

Raymond James Stock Up 0.3 %

Shares of RJF opened at $160.67 on Friday. The company has a current ratio of 1.02, a quick ratio of 0.99 and a debt-to-equity ratio of 0.41. Raymond James has a 12 month low of $102.42 and a 12 month high of $163.45. The stock’s 50 day moving average is $135.23 and its two-hundred day moving average is $124.50. The firm has a market cap of $33.09 billion, a P/E ratio of 16.55, a PEG ratio of 0.81 and a beta of 0.99.

Raymond James (NYSE:RJF) last issued its quarterly earnings data on Wednesday, October 23rd. The financial services provider reported $2.95 EPS for the quarter, beating the consensus estimate of $2.41 by $0.54. Raymond James had a return on equity of 19.61% and a net margin of 13.86%. The company had revenue of $3.46 billion for the quarter, compared to analyst estimates of $3.32 billion. During the same period last year, the company earned $2.13 earnings per share. Raymond James’s quarterly revenue was up 13.4% compared to the same quarter last year. Analysts predict that Raymond James will post 10.78 earnings per share for the current fiscal year.

Raymond James Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st were issued a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 1.12%. The ex-dividend date of this dividend was Tuesday, October 1st. Raymond James’s payout ratio is currently 18.54%.

Analyst Ratings Changes

Several research analysts have recently issued reports on RJF shares. Morgan Stanley raised their price objective on Raymond James from $132.00 to $145.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 29th. Wells Fargo & Company raised their price objective on Raymond James from $140.00 to $152.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. JPMorgan Chase & Co. reduced their price objective on Raymond James from $137.00 to $135.00 and set an “overweight” rating for the company in a research note on Thursday, July 25th. The Goldman Sachs Group raised their price objective on Raymond James from $125.00 to $142.00 and gave the stock a “neutral” rating in a research note on Thursday, October 24th. Finally, TD Cowen raised their price objective on Raymond James from $128.00 to $150.00 and gave the stock a “hold” rating in a research note on Wednesday, October 30th. Nine investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $140.91.

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.