Raymond James (NYSE:RJF) Sees Significant Decrease in Short Interest

Raymond James (NYSE:RJF) was the target of a significant drop in short interest during the month of July. As of July 15th, there was short interest totalling 4,320,000 shares, a drop of 12.2% from the June 30th total of 4,920,000 shares. Approximately 3.6% of the company’s shares are sold short. Based on an average trading volume of 963,300 shares, the short-interest ratio is currently 4.5 days.

A number of research analysts have recently commented on RJF shares. JMP Securities reduced their target price on shares of Raymond James from $106.00 to $84.00 and set a “market outperform” rating on the stock in a research report on Thursday, April 9th. Credit Suisse Group lifted their price target on shares of Raymond James from $74.00 to $77.00 and gave the stock a “neutral” rating in a research note on Friday. ValuEngine upgraded shares of Raymond James from a “sell” rating to a “hold” rating in a research note on Monday, June 1st. Wells Fargo & Co boosted their target price on shares of Raymond James from $61.00 to $63.00 and gave the company an “underweight” rating in a research note on Friday, July 10th. Finally, Morgan Stanley lowered their price target on shares of Raymond James from $95.00 to $91.00 and set an “overweight” rating for the company in a research report on Friday. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. Raymond James has a consensus rating of “Hold” and an average price target of $73.86.

NYSE RJF traded up $0.40 on Friday, reaching $69.48. The company’s stock had a trading volume of 736,552 shares, compared to its average volume of 637,181. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.05 and a current ratio of 1.06. Raymond James has a twelve month low of $54.21 and a twelve month high of $102.45. The stock has a market cap of $9.52 billion, a PE ratio of 10.99 and a beta of 1.38. The firm’s 50 day moving average is $70.16 and its two-hundred day moving average is $74.62.

Raymond James (NYSE:RJF) last posted its quarterly earnings data on Wednesday, July 29th. The financial services provider reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $0.97 by $0.26. Raymond James had a net margin of 10.75% and a return on equity of 13.15%. The company had revenue of $1.83 billion during the quarter, compared to analyst estimates of $1.84 billion. During the same period in the prior year, the firm earned $1.80 earnings per share. The business’s quarterly revenue was down 3.7% on a year-over-year basis. Equities research analysts anticipate that Raymond James will post 5.31 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Wednesday, July 1st were paid a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 2.13%. The ex-dividend date of this dividend was Tuesday, June 30th. Raymond James’s dividend payout ratio is presently 20.00%.

In other Raymond James news, EVP Jonathan N. Santelli sold 1,250 shares of Raymond James stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $81.33, for a total transaction of $101,662.50. Following the transaction, the executive vice president now directly owns 2,503 shares of the company’s stock, valued at $203,568.99. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Jeffrey P. Julien sold 9,150 shares of Raymond James stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $81.58, for a total transaction of $746,457.00. Following the transaction, the vice president now directly owns 42,092 shares in the company, valued at $3,433,865.36. The disclosure for this sale can be found here. Insiders sold 20,400 shares of company stock worth $1,673,420 over the last three months. Corporate insiders own 10.82% of the company’s stock.

A number of hedge funds have recently bought and sold shares of the business. BlackRock Inc. lifted its stake in Raymond James by 17.7% during the first quarter. BlackRock Inc. now owns 12,435,401 shares of the financial services provider’s stock valued at $785,917,000 after buying an additional 1,870,630 shares in the last quarter. Primecap Management Co. CA boosted its position in Raymond James by 40.0% during the first quarter. Primecap Management Co. CA now owns 4,390,345 shares of the financial services provider’s stock worth $277,470,000 after purchasing an additional 1,255,195 shares during the period. JPMorgan Chase & Co. boosted its position in shares of Raymond James by 2.6% in the first quarter. JPMorgan Chase & Co. now owns 2,772,817 shares of the financial services provider’s stock valued at $175,241,000 after acquiring an additional 70,261 shares during the period. Geode Capital Management LLC boosted its position in shares of Raymond James by 2.8% in the first quarter. Geode Capital Management LLC now owns 1,941,771 shares of the financial services provider’s stock valued at $122,505,000 after acquiring an additional 52,487 shares during the period. Finally, Congress Asset Management Co. MA boosted its position in shares of Raymond James by 4.1% in the second quarter. Congress Asset Management Co. MA now owns 1,090,832 shares of the financial services provider’s stock valued at $75,082,000 after acquiring an additional 43,168 shares during the period. 74.24% of the stock is owned by institutional investors.

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.

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