Qtron Investments Reduces Stake in Raymond James Financial by 64.6%

Qtron Investments LLC has significantly reduced its stake in Raymond James Financial, Inc., decreasing its holdings by 64.6% during the second quarter of 2023. According to a recent filing with the Securities and Exchange Commission, the firm now owns 2,454 shares of the financial services provider after selling 4,486 shares in the same period. The current value of Qtron’s holdings stands at approximately $376,000.

The reduction in holdings comes amid broader shifts in the institutional investment landscape regarding Raymond James Financial. Other investment firms have also adjusted their positions. For instance, Cresset Asset Management LLC acquired a new stake valued at $363,000 during the second quarter. Meanwhile, Brown Advisory Inc. increased its position by 15.1% and now holds 2,268 shares worth about $348,000 after buying an additional 298 shares.

Another notable transaction occurred when Marshall Wace LLP raised its holdings by a staggering 824.7%, resulting in an ownership of 438,213 shares, valued at approximately $67.2 million. Additionally, First Trust Advisors LP expanded its stake by 39.9%, now owning 2,485,569 shares worth $381.2 million. EverSource Wealth Advisors LLC also increased its position by 137.3%, bringing its total to 1,184 shares valued at $182,000. Currently, 83.83% of Raymond James Financial’s stock is owned by institutional investors.

Analysts Adjust Price Targets for RJF

Analysts have recently updated their price targets for Raymond James Financial. Weiss Ratings maintained a “hold (C+)” rating on the stock in a report published on October 8, 2023. TD Cowen raised its target price from $175.00 to $180.00, maintaining a “hold” rating. Similarly, BMO Capital Markets increased its target to $182.00, also assigning a “market perform” rating. Morgan Stanley lifted its price objective from $176.00 to $184.00, giving the company an “equal weight” rating.

Investment sentiment around Raymond James Financial remains varied, with one analyst assigning a “Strong Buy” rating, three recommending a “Buy,” and nine labeling it as a “Hold.” According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $177.20.

Financial Performance and Dividend Announcement

Raymond James Financial opened at $163.00 on October 22, 2023, and has a market capitalization of $32.06 billion. The company reported a price-to-earnings (P/E) ratio of 15.84 and a debt-to-equity ratio of 0.44. Its stock has experienced a range over the past year, with a low of $117.57 and a high of $177.66.

In its latest quarterly earnings report, Raymond James Financial announced earnings per share (EPS) of $3.11, surpassing analysts’ expectations of $2.83 by $0.28. The firm achieved a net margin of 13.42% and a return on equity of 18.19%. Revenue for the quarter reached $3.73 billion, exceeding estimates of $3.64 billion, and reflecting a 7.7% increase from the previous year.

Additionally, the company disclosed plans to increase its quarterly dividend to $0.54 per share, payable on January 16, 2024. This marks an increase from the previous dividend of $0.50. The ex-dividend date is set for January 2, 2024, representing an annualized dividend of $2.16 and a yield of 1.3%. The dividend payout ratio currently stands at 20.99%.

Raymond James Financial operates as a financial holding company, providing services that include the underwriting, distribution, and trading of equity and debt securities, as well as the sale of mutual funds and other investment products across various regions including the United States, Canada, and Europe.