Raymond James Financial Inc. Makes New Investment in Ferrari (NYSE:RACE)

Raymond James Financial Inc. acquired a new position in shares of Ferrari (NYSE:RACE - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 65,099 shares of the company's stock, valued at approximately $27,657,000.

Several other institutional investors have also made changes to their positions in RACE. Abacus FCF Advisors LLC acquired a new stake in shares of Ferrari in the 4th quarter valued at $189,000. FIL Ltd boosted its position in Ferrari by 10.0% in the fourth quarter. FIL Ltd now owns 226,132 shares of the company's stock valued at $96,595,000 after buying an additional 20,486 shares in the last quarter. Bank of Montreal Can grew its stake in Ferrari by 12.4% during the fourth quarter. Bank of Montreal Can now owns 204,025 shares of the company's stock worth $86,678,000 after buying an additional 22,486 shares during the last quarter. Russell Investments Group Ltd. increased its holdings in shares of Ferrari by 2.6% during the fourth quarter. Russell Investments Group Ltd. now owns 128,482 shares of the company's stock worth $54,847,000 after buying an additional 3,277 shares in the last quarter. Finally, Aviva PLC raised its stake in shares of Ferrari by 2.0% in the fourth quarter. Aviva PLC now owns 108,139 shares of the company's stock valued at $46,160,000 after acquiring an additional 2,162 shares during the last quarter.

Ferrari Trading Up 0.6 %

Shares of NYSE:RACE traded up $2.50 during trading on Wednesday, hitting $446.27. 102,809 shares of the company's stock were exchanged, compared to its average volume of 327,674. The company has a current ratio of 4.57, a quick ratio of 3.55 and a debt-to-equity ratio of 0.93. The firm has a market cap of $108.17 billion, a P/E ratio of 48.77, a PEG ratio of 4.43 and a beta of 1.03. The firm has a 50-day moving average price of $448.42 and a two-hundred day moving average price of $447.22. Ferrari has a 1-year low of $391.54 and a 1-year high of $509.13.

Ferrari Increases Dividend

The firm also recently announced an annual dividend, which will be paid on Tuesday, May 6th. Shareholders of record on Wednesday, April 23rd will be issued a dividend of $3.1265 per share. This represents a yield of 0.5%. The ex-dividend date of this dividend is Wednesday, April 23rd. This is a positive change from Ferrari's previous annual dividend of $2.44. Ferrari's payout ratio is currently 5.63%.

Analysts Set New Price Targets

RACE has been the subject of a number of recent analyst reports. Barclays raised Ferrari from an "equal weight" rating to an "overweight" rating in a report on Friday, March 28th. Kepler Capital Markets upgraded Ferrari from a "hold" rating to a "buy" rating in a research note on Friday, March 28th. StockNews.com upgraded shares of Ferrari from a "hold" rating to a "buy" rating in a research report on Wednesday, March 12th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Ferrari in a research report on Thursday, February 6th. They issued a "hold" rating for the company. Finally, JPMorgan Chase & Co. reduced their target price on shares of Ferrari from $525.00 to $460.00 and set an "overweight" rating on the stock in a research report on Thursday, March 27th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $481.60.

About Ferrari

Ferrari N.V., through its subsidiaries, engages in design, engineering, production, and sale of luxury performance sports cars worldwide. The company offers range, special series, Icona, and supercars; limited edition supercars and one-off cars; and track cars. It also provides racing cars, and spare parts and engines, as well as after sales, repair, maintenance, and restoration services for cars; and licenses its Ferrari brand to various producers and retailers of luxury and lifestyle goods.