What Makes Raymond James (RJF) a Compelling Investment?
ClearBridge Investments, an investment management firm, released its third-quarter 2023 “Mid Cap Strategy” investor letter, which can be downloaded here. The strategy outperformed its benchmark, the Russell Midcap Index, in the quarter. The strategy gained across two of the 11 sectors in which it was invested on an absolute basis. Financials and energy sectors were the leading contributors, while the healthcare sector detracted. Overall stock selection effects contributed favorably to performance on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.
ClearBridge Mid Cap Strategy highlighted stocks like Raymond James Financial, Inc. (NYSE:RJF) in the third quarter 2023 investor letter. Headquartered in Saint Petersburg, Florida, Raymond James Financial, Inc. (NYSE:RJF) is a diversified financial services company. On December 11, 2023, Raymond James Financial, Inc. (NYSE:RJF) stock closed at $108.04 per share. One-month return of Raymond James Financial, Inc. (NYSE:RJF) was 4.67%, and its shares lost 3.12% of their value over the last three months. Raymond James Financial, Inc. (NYSE:RJF) has a market capitalization of $22.538 billion.
ClearBridge Mid Cap Strategy made the following comment about Raymond James Financial, Inc. (NYSE:RJF) in its third 2023 investor letter:
"Stock selection in energy proved a headwind to relative performance. An underweight allocation to financials also weighed on performance, but we seized the opportunity during the quarter to add a new position in Raymond James Financial, Inc. (NYSE:RJF), a high-quality leader in the wealth management industry. With a compelling valuation and solid growth in investment inflows, we believe the company can capitalize on any improvement in the capital markets."
An individual investor discussing their portfolio with a wealth and asset management services client advisor.
Raymond James Financial, Inc. (NYSE:RJF) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 25 hedge fund portfolios held Raymond James Financial, Inc. (NYSE:RJF) at the end of third quarter which was 28 in the previous quarter. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
