Logan Capital Management Inc., an investment firm, has recently purchased a new position in Raymond James (NYSE:RJF), according to the company’s Form 13F filing with the Securities and Exchange Commission (SEC). This transaction took place during the first quarter of this year. The firm acquired 48,047 shares of Raymond James’ stock, which are currently valued at approximately $4,481,000.
Raymond James, a well-known financial services provider, is set to distribute its quarterly dividend on Monday, October 16th. Investors who are recorded as shareholders as of Monday, October 2nd will receive a dividend of $0.42 per share. This amounts to an annualized dividend of $1.68 and offers a yield of 1.58%. It is worth noting that the ex-dividend date is scheduled for Friday, September 29th. Furthermore, Raymond James maintains a payout ratio of 21.21%.
This recent investment by Logan Capital Management Inc. highlights their belief in the potential growth and stability offered by Raymond James as a financial services provider. With an increasing number of shares being purchased by various investors and institutions such as Logan Capital Management Inc., it signifies confidence in Raymond James’ future prospects.
As always, it is essential for investors to conduct thorough research and analysis before making any investment decisions. Examining factors such as market trends, industry outlooks, and company performance can significantly help investors make sound choices regarding their portfolios.
Disclaimer: The article above provides information on Logan Capital Management Inc.’s purchase of shares in Raymond James (NYSE:RJF) based on their Form 13F filing with the SEC. No recommendation or endorsement regarding investment strategies is implied or intended. Please seek professional advice or conduct extensive research before making any investment decisions.
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Institutional Investors’ Interest in Raymond James Sparks Analyst Attention and Forecasts Positive Growth Potential
[stock_market_widget type=”chart” template=”basic” color=”#3946CE” assets=”TMO” range=”1mo” interval=”1d” axes=”true” cursor=”true” range_selector=”true” api=”yf”]In recent months, a number of large investors have been actively involved in buying and selling shares of Raymond James, a prominent financial services provider. One such investor is Vanguard Group Inc., which lifted its holdings in Raymond James by 1.9% during the first quarter of this year. As a result, Vanguard Group now holds an impressive 21,689,564 shares of the company’s stock, valued at $2,383,900,000.
FMR LLC is another notable investor that has increased its stake in Raymond James by 19.4% during the first quarter. They now own 9,993,550 shares of the company’s stock worth $932,098,000. Wellington Management Group LLP also saw an increase in their stake by 3.3%, bringing their total holdings to 9,876,933 shares valued at $921,222,000.
JPMorgan Chase & Co., on the other hand, increased its stake by 18.2% during the fourth quarter and now owns 5,428,007 shares valued at $579,984,000. Lastly, Geode Capital Management LLC raised their stake by 1.3% to reach a total of 3,941,673 shares worth $420,398,
000.
These institutional investors collectively own a staggering majority—75%—of Raymond James’ stock.
Given these substantial investments made by renowned institutions in Raymond James’ business operations and services paint an intriguing picture for prospective investors and industry analysts alike. The topic has drawn significant attention from various experts who have subsequently released several analyst reports about the financial services provider.
Jefferies Financial Group recently raised their price target on Raymond James’ shares from $112 to $120—a notable increase alluding to positive growth prospects for the company as assessed by Jefferies Financial Group experts.
Similarly StockNews.com initiated coverage on Raymond James with a “hold” rating, signaling neutral sentiments about the stock. Morgan Stanley, however, dropped their price target from $112 to $110 and provided an “equal weight” rating on the stock.
Overall, Bloomberg.com reports that Raymond James currently holds a consensus rating of “Hold” among analysts. Additionally, the consensus price target for the company’s stocks hovers at approximately $117.43—an informative figure for investors seeking guidance in their decision-making process.
Considering recent developments, it is interesting to note that on September 10, 2023, NYSE (New York Stock Exchange) recorded Raymond James shares opening at $106.33. Investors monitoring these figures should be aware that over the past year, Raymond James has experienced a low of $82.00 and a high of $126.00—a noteworthy fluctuation in stock prices within a conservative timeframe.
Examining Raymond James’ market performance further showcases additional essential financial indicators for investors’ assessment of the company’s stability. The current ratio stands at 0.97 and the quick ratio at 0.95—both metrics indicating satisfactory liquidity levels within the business operations. The debt-to-equity ratio sits comfortably at 0.38—a factor that adds to investor confidence.
Raymond James boasts a significant market capitalization of $22.21 billion, contributing to its notable presence within the financial services industry. The company also presents a reasonable price-to-earnings (PE) ratio of 13.43 and exhibits a beta value of 1.06—a measure reflecting its sensitivity compared to market trends.
In July this year, Raymond James released its earnings results for the quarter ending on July 26th—the financial services provider reported earnings per share (EPS) of $1.85 for the quarter—an amount lower than analysts’ estimates by ($0.25). Despite this setback, Raymond James reported revenue of $2.91 billion during the same quarter—an impressive increase compared to expectations. This represented a 7.0% YoY increase, indicating promising growth potential for the company.
In conclusion, Raymond James’ recent activities and engagements with significant institutional investors offer an intriguing narrative of progress within the financial services sector. Despite missing analysts’ consensus estimates for earnings per share in its July 2023 results, Raymond James displayed commendable year-over-year revenue growth.
As we approach the end of the fiscal year, industry experts forecast that Raymond James will post an EPS of 8.5—a projection that carries weight given the track record and overall stability of this leading financial services provider.
