Principal Financial Group Inc. Boosts Holdings in Raymond James (NYSE:RJF)

Principal Financial Group Inc. raised its holdings in Raymond James (NYSE:RJF) by 7.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 626,866 shares of the financial services provider’s stock after purchasing an additional 43,601 shares during the period. Principal Financial Group Inc. owned 0.31% of Raymond James worth $76,770,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Wellington Management Group LLP lifted its stake in Raymond James by 31.4% in the 3rd quarter. Wellington Management Group LLP now owns 12,114,502 shares of the financial services provider’s stock valued at $1,483,542,000 after buying an additional 2,898,242 shares in the last quarter. State Street Corp raised its holdings in shares of Raymond James by 0.7% in the third quarter. State Street Corp now owns 7,974,740 shares of the financial services provider’s stock worth $976,587,000 after acquiring an additional 54,265 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Raymond James by 0.3% in the third quarter. Geode Capital Management LLC now owns 4,351,684 shares of the financial services provider’s stock valued at $531,013,000 after acquiring an additional 12,869 shares in the last quarter. AGF Management Ltd. boosted its stake in shares of Raymond James by 17.2% during the second quarter. AGF Management Ltd. now owns 2,580,467 shares of the financial services provider’s stock valued at $318,972,000 after acquiring an additional 378,033 shares during the last quarter. Finally, Earnest Partners LLC increased its position in Raymond James by 1.5% during the 2nd quarter. Earnest Partners LLC now owns 2,505,369 shares of the financial services provider’s stock worth $309,689,000 after purchasing an additional 37,173 shares in the last quarter. 83.83% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Tashtego S. Elwyn sold 10,000 shares of the stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $159.47, for a total value of $1,594,700.00. Following the completion of the transaction, the insider now owns 32,688 shares of the company’s stock, valued at approximately $5,212,755.36. This represents a 23.43 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Paul C. Reilly sold 50,000 shares of Raymond James stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $167.30, for a total value of $8,365,000.00. Following the sale, the chief executive officer now owns 283,110 shares in the company, valued at $47,364,303. This represents a 15.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 64,621 shares of company stock worth $10,729,488 over the last quarter. 9.74% of the stock is owned by corporate insiders.

Raymond James Stock Performance

NYSE RJF opened at $155.05 on Friday. The business’s 50-day simple moving average is $155.28 and its 200-day simple moving average is $131.17. The firm has a market capitalization of $31.64 billion, a P/E ratio of 15.97, a P/E/G ratio of 0.91 and a beta of 1.00. Raymond James has a 1-year low of $104.24 and a 1-year high of $171.38. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.02 and a quick ratio of 1.00.

Raymond James (NYSE:RJF) last released its quarterly earnings data on Wednesday, October 23rd. The financial services provider reported $2.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.41 by $0.54. Raymond James had a net margin of 13.86% and a return on equity of 19.30%. The company had revenue of $3.46 billion during the quarter, compared to the consensus estimate of $3.32 billion. During the same period in the previous year, the firm earned $2.13 earnings per share. Raymond James’s revenue for the quarter was up 13.4% on a year-over-year basis. Equities analysts predict that Raymond James will post 10.85 EPS for the current year.

Raymond James Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 16th. Shareholders of record on Thursday, January 2nd will be given a $0.50 dividend. The ex-dividend date is Thursday, January 2nd. This is a positive change from Raymond James’s previous quarterly dividend of $0.45. This represents a $2.00 annualized dividend and a yield of 1.29%. Raymond James’s dividend payout ratio (DPR) is 20.60%.

Wall Street Analyst Weigh In

Several research firms have issued reports on RJF. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $169.00 price target (up from $152.00) on shares of Raymond James in a research note on Thursday, December 12th. Morgan Stanley lifted their target price on shares of Raymond James from $132.00 to $145.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 29th. TD Cowen increased their price target on Raymond James from $128.00 to $150.00 and gave the stock a “hold” rating in a research note on Wednesday, October 30th. Jefferies Financial Group lifted their price objective on Raymond James from $123.00 to $126.00 and gave the company a “hold” rating in a research report on Friday, October 4th. Finally, The Goldman Sachs Group increased their target price on Raymond James from $125.00 to $142.00 and gave the stock a “neutral” rating in a research report on Thursday, October 24th. Ten equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, Raymond James presently has an average rating of “Hold” and an average price target of $146.00.

Raymond James Company 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.