Drive Wealth Management LLC Has $306,000 Holdings in Raymond James (NYSE:RJF)

Drive Wealth Management LLC trimmed its holdings in shares of Raymond James (NYSE:RJF) by 4.2% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 2,496 shares of the financial services provider’s stock after selling 110 shares during the period. Drive Wealth Management LLC’s holdings in Raymond James were worth $306,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the stock. AGF Management Ltd. raised its stake in shares of Raymond James by 17.2% in the 2nd 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 in the last quarter. Earnest Partners LLC grew its position in shares of Raymond James by 1.5% in the second quarter. Earnest Partners LLC now owns 2,505,369 shares of the financial services provider’s stock valued at $309,689,000 after purchasing an additional 37,173 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in shares of Raymond James by 1.2% in the second quarter. Massachusetts Financial Services Co. MA now owns 2,215,996 shares of the financial services provider’s stock worth $273,919,000 after purchasing an additional 25,494 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Raymond James by 6.0% in the second quarter. Dimensional Fund Advisors LP now owns 2,024,612 shares of the financial services provider’s stock worth $250,238,000 after purchasing an additional 113,826 shares during the period. Finally, APG Asset Management N.V. increased its position in Raymond James by 2.1% in the 2nd quarter. APG Asset Management N.V. now owns 1,874,140 shares of the financial services provider’s stock worth $216,153,000 after buying an additional 38,695 shares during the period. 83.83% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

RJF has been the topic of several recent research reports. The Goldman Sachs Group lifted their price objective on Raymond James from $125.00 to $142.00 and gave the stock a “neutral” rating in a report on Thursday, October 24th. JMP Securities upped their price target on Raymond James from $146.00 to $150.00 and gave the company a “market outperform” rating in a research report on Thursday, October 24th. Wells Fargo & Company lifted their price target on shares of Raymond James from $140.00 to $152.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. TD Cowen upped their price objective on shares of Raymond James from $128.00 to $150.00 and gave the stock a “hold” rating in a research note on Wednesday, October 30th. Finally, Morgan Stanley boosted their target price on Raymond James from $132.00 to $145.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. Nine research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, Raymond James presently has an average rating of “Hold” and an average price target of $140.91.

Raymond James Stock Up 1.7 %

NYSE RJF opened at $163.42 on Tuesday. The stock has a market capitalization of $33.65 billion, a P/E ratio of 16.83, a price-to-earnings-growth ratio of 0.80 and a beta of 0.99. Raymond James has a 52 week low of $102.42 and a 52 week high of $164.33. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.99 and a current ratio of 1.02. The stock has a fifty day moving average of $136.16 and a 200-day moving average of $124.81.

Raymond James (NYSE:RJF) last posted its quarterly earnings results on Wednesday, October 23rd. The financial services provider reported $2.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.41 by $0.54. The business had revenue of $3.46 billion for the quarter, compared to analysts’ expectations of $3.32 billion. Raymond James had a return on equity of 19.61% and a net margin of 13.86%. The firm’s quarterly revenue was up 13.4% compared to the same quarter last year. During the same quarter last year, the business earned $2.13 earnings per share. On average, equities research analysts forecast that Raymond James will post 10.83 EPS for the current year.

Raymond James Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st were issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 1.10%. The ex-dividend date of this dividend was Tuesday, October 1st. Raymond James’s dividend payout ratio is presently 18.54%.

Raymond James 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.