Significant Short Interest in Raymond James

Mar.14.08 | About: Raymond James (RJF)

Despite a dividend date on April 1st, there has still been a significant amount of short interest in Raymond James (NYSE:RJF) in the past 10 weeks.

The percentage of the financial company's Market Cap on Loan (%MCOL) increased from 7% on January 3rd, to 16% three days ago, and then back down to 13% yesterday.

Utilisation is at 60%, and the average for the rest of the US Equity (Others) Market is 20%, and the rest of the North America Diversified Financials Sector it is 11%. For those investors wishing to buy back shares in RJF, there are 13.25 Days to Cover. The company's share price has dropped from 35USD in early January to 20USD a few days ago; it has now rebounded slightly to 23USD.

Around the same time as the share price dropped, there were 1.8m shares traded, compared to the company's two year average of 0.8m. The company's Quantity on Loan has increased from 4m shares in late December 2006 to 18m yesterday, and the Lendable Quantity has now decreased; from 34m in mid-January, to 23m yesterday.

Disclosure: none