Sumitomo Mitsui Trust Group Inc. Increases Stock Position in Raymond James (NYSE:RJF)

Sumitomo Mitsui Trust Group Inc. grew its holdings in Raymond James (NYSE:RJF - Free Report) by 1.5% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 473,140 shares of the financial services provider's stock after purchasing an additional 7,028 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.23% of Raymond James worth $57,941,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the business. Apollon Wealth Management LLC lifted its holdings in Raymond James by 9.6% during the third quarter. Apollon Wealth Management LLC now owns 15,781 shares of the financial services provider's stock worth $1,933,000 after buying an additional 1,380 shares during the period. Versor Investments LP purchased a new stake in shares of Raymond James during the 3rd quarter worth $918,000. Los Angeles Capital Management LLC lifted its stake in shares of Raymond James by 86.1% during the 3rd quarter. Los Angeles Capital Management LLC now owns 44,380 shares of the financial services provider's stock worth $5,435,000 after purchasing an additional 20,533 shares during the last quarter. Atria Investments Inc boosted its position in Raymond James by 3.5% during the third quarter. Atria Investments Inc now owns 31,482 shares of the financial services provider's stock valued at $3,855,000 after purchasing an additional 1,057 shares in the last quarter. Finally, CWA Asset Management Group LLC purchased a new position in Raymond James in the third quarter valued at about $9,193,000. Hedge funds and other institutional investors own 83.83% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on RJF. JMP Securities raised their price target on shares of Raymond James from $146.00 to $150.00 and gave the company a "market outperform" rating in a report on Thursday, October 24th. JPMorgan Chase & Co. lowered their target price on shares of Raymond James from $137.00 to $135.00 and set an "overweight" rating for the company in a research note on Thursday, July 25th. TD Cowen upped their price target on Raymond James from $128.00 to $150.00 and gave the stock a "hold" rating in a research report on Wednesday, October 30th. Wells Fargo & Company increased their price objective on Raymond James from $140.00 to $152.00 and gave the company an "overweight" rating in a report on Thursday, October 24th. Finally, Bank of America boosted their target price on Raymond James from $136.00 to $152.00 and gave the stock a "buy" rating in a research note on Thursday, October 24th. Nine equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Raymond James currently has a consensus rating of "Hold" and an average target price of $140.91.

Raymond James Stock Performance

NYSE RJF traded up $0.52 on Friday, hitting $160.67. 1,026,751 shares of the company's stock traded hands, compared to its average volume of 1,141,549. The firm's 50-day moving average price is $135.23 and its two-hundred day moving average price is $124.50. The firm has a market capitalization of $33.09 billion, a PE ratio of 16.55, a P/E/G ratio of 0.81 and a beta of 0.99. 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 1-year low of $102.42 and a 1-year high of $163.45.

Raymond James (NYSE:RJF - Get Free Report) last posted its earnings results 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. The company had revenue of $3.46 billion during the quarter, compared to the consensus estimate of $3.32 billion. Raymond James had a net margin of 13.86% and a return on equity of 19.61%. The firm's quarterly revenue was up 13.4% on a year-over-year basis. During the same period in the previous year, the firm posted $2.13 earnings per share. As a group, analysts expect that Raymond James will post 10.78 EPS for the current year.

Raymond James Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st were issued a dividend of $0.45 per share. 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 dividend payout ratio (DPR) is 18.54%.

About Raymond James

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.