Raymond James Financial Inc . (NYSE:RJF) Chief Administrative Officer Bella Loykhter Allaire recently sold a significant number of shares in the company. According to a recent SEC filing, Allaire sold 3,451 shares on December 3, 2024, at an average price of $165.6221 per share, totaling approximately $571,561. The transaction comes as RJF trades near its 52-week high of $171.38, with the stock delivering impressive returns of over 51% year-to-date.
In addition to this transaction, Allaire sold 1,170 shares on November 29, 2024, at an average price of $169.4266, amounting to $198,229. These transactions were part of a series of moves that included the exercise and vesting of restricted stock units and sales to cover tax liabilities.
Following these sales, Allaire holds 80,421 shares directly. The transactions reflect ongoing management of stock holdings by company executives, a common practice in corporate governance.
In other recent news, Raymond James Financial has reported a record fourth-quarter net revenue of $3.46 billion and a net income of $601 million. This significant increase was driven by a rise in advisory revenue and a strong investment banking performance. The company also declared an 11.1% increase in its quarterly dividend and authorized a new stock repurchase program of up to $1.5 billion.
Analysts have responded positively to these developments. TD (TSX:TD) Cowen maintained a Hold rating but increased the price target to $150.00, while BofA Securities and Citi also increased their price targets to $152 and $145, respectively. These adjustments follow the company's earnings per share beat.
Raymond (NS:RYMD) James anticipates an outflow of $5 billion in the first quarter due to the offboarding of an Office of Supervisory Jurisdiction. However, BofA expects net new assets to normalize, projecting a 5-7% growth rate for the following year. As part of these recent developments, Raymond James maintains an optimistic outlook for fiscal 2025, expecting growth driven by increases in assets and fee-based accounts.
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