Will Raymond James Financial (RJF) be Able to Maintain its Growth?

Renaissance Investment Management, an investment management company, released its “Large Cap Growth Strategy” third quarter investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy returned -3.46% (net) compared to a -3.60% return for the Russell 1000 Growth Index and -4.88% return for the S&P 500 Index. The focus on high-quality stocks led the strategy to outperform the indexes in the quarter. The Consumer Discretionary sector significantly contributed to the strategy’s performance while the Technology sector detracted from the performance. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Renaissance Investment highlighted stocks like Raymond James Financial, Inc. (NYSE:RJF) in its Q3 2022 investor letter. Headquartered in St. Petersburg, Florida, Raymond James Financial, Inc. (NYSE:RJF) is a financial services company. On December 27, 2022, Raymond James Financial, Inc. (NYSE:RJF) stock closed at $106.54 per share. One-month return of Raymond James Financial, Inc. (NYSE:RJF) was -8.86%, and its shares gained 4.30% of their value over the last 52 weeks. Raymond James Financial, Inc. (NYSE:RJF) has a market capitalization of $22.913 billion.

Renaissance Investment made the following comment about Raymond James Financial, Inc. (NYSE:RJF) in its Q3 2022 investor letter:

“Lastly, Raymond James Financial, Inc. (NYSE:RJF) outperformed the broader market, as brokerage companies benefited from the strong market rebound at the beginning of the third quarter. Even after the stock market began to decline in mid-August, the stock was able to hold on to most of its gains, as volatility benefited trading revenues and higher interest rates improved net interest margins.”

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Raymond James Financial, Inc. (NYSE:RJF) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 33 hedge fund portfolios held Raymond James Financial, Inc. (NYSE:RJF) at the end of the third quarter, which was 32 in the previous quarter.

We discussed Raymond James Financial, Inc. (NYSE:RJF) in another article and shared stock picks of Glenn Greenberg’s Brave Warrior Capital. In addition, please check out our hedge fund investor letters Q3 2022 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.