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Raymond James Financial, Inc. (NYSE: RJF) is a leading, diversified financial services company headquartered in Florida, offering a broad range of services including wealth management, investment banking, asset management, and commercial banking. Founded in 1962 and public since 1983, Raymond James supports more than 8,700 financial advisors across the United States, Canada, and the United Kingdom, with total client assets exceeding $1.45 trillion as of March 2024.
The company's core business operations are primarily focused on providing financial planning and advisory services through its subsidiary companies. Raymond James is committed to helping individuals, corporations, and municipalities achieve their financial goals through a personalized, client-first approach. The firm operates three broker-dealer subsidiaries, offering a wide range of services from private client group advisory to capital markets and asset management.
Raymond James has been consistently recognized for its outstanding community support and corporate philanthropy. It has earned national acclaim for customer service, being a great place to work, and its significant support of the arts. Recent achievements include record net revenues of $3.12 billion and net income of $474 million for the fiscal second quarter ended March 31, 2024. The Private Client Group and Asset Management segments have shown robust growth, contributing significantly to the company's financial health.
The firm's strategic initiatives include the integration of cutting-edge tax management technology from 55ip, enhancing its managed account platform to deliver tax-smart transition, rebalancing, and ongoing tax-loss harvesting. This partnership, expected to take effect mid-2024, underscores Raymond James' commitment to leveraging advanced technology to provide superior client outcomes.
Raymond James' capital markets division has shown resilience and growth despite challenging macroeconomic conditions. With a strong pipeline of investment banking deals and healthy new business activity, the company continues to capitalize on market opportunities.
Furthermore, the company maintains a strong capital position with a total capital ratio of 23.3% and a tier 1 leverage ratio of 12.3%, well above regulatory requirements. This financial stability allows Raymond James to support its operations, fund growth initiatives, and return value to shareholders through dividends and share repurchases.
For investors seeking a reliable financial services firm with a robust track record, Raymond James presents a compelling option, blending traditional financial expertise with innovative solutions to meet evolving market demands.
Raymond James Financial reported record financial results for fiscal 2024, with annual net revenues reaching $12.82 billion (up 10%) and net income available to common shareholders of $2.06 billion (up 19%). The fourth quarter saw record net revenues of $3.46 billion and net income of $601 million ($2.86 per diluted share). Client assets under administration reached a record $1.57 trillion, with Private Client Group assets in fee-based accounts at $875.2 billion. The company maintained strong capital ratios and returned approximately $1.3 billion to shareholders through share repurchases and dividends in fiscal 2024.
Investortools, a leading fixed-income software provider, has partnered with SumRidge Partners, a Raymond James company and top-ranked liquidity provider. This collaboration integrates SumRidge's live offerings into the Investortools Dealer Network (IDN), enhancing secondary market visibility for asset managers, broker-dealers, and traders.
The partnership aims to increase transparency, streamline trade execution, and improve efficiency in fixed-income transactions. Investortools clients now have direct access to SumRidge's inventory, enabling bilateral transactions through IDN. This integration is expected to reduce transactional costs and create a more seamless trading environment.
The collaboration aligns with Raymond James' strategy to advance its position in the evolving fixed-income market, following its acquisition of SumRidge Partners. Both companies express commitment to shaping a more efficient and connected municipal bond landscape for their clients.
Raymond James Financial (NYSE: RJF) has declared quarterly dividends on its common and preferred stock. The Board of Directors approved a $0.45 per share cash dividend on common stock, payable on October 15, 2024, to shareholders of record on October 1, 2024. Additionally, a quarterly dividend of $0.3984375 per depositary share was declared on the 6.375% Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock (NYSE: RJF PrB), payable on October 1, 2024, to shareholders of record on September 13, 2024. This dividend declaration demonstrates Raymond James Financial's commitment to returning value to its shareholders and maintaining its dividend policy.
Raymond James Financial reported strong fiscal Q3 2024 results, with record quarterly net revenues of $3.23 billion, up 11% year-over-year. Net income available to common shareholders reached $491 million, or $2.31 per diluted share. Adjusted net income was $508 million, or $2.39 per diluted share.
Highlights include:
- Record client assets under administration of $1.48 trillion, up 15% from June 2023
- Private Client Group assets in fee-based accounts at $820.6 billion, up 18% year-over-year
- Domestic Private Client Group net new assets of $16.5 billion, representing 5.2% annualized growth
- Total clients' domestic cash sweep and ESP balances of $56.4 billion, down 3% from both June 2023 and March 2024
The company repurchased approximately 2 million shares for $243 million during the quarter.
TriState Capital Bank has been recognized as one of the top-performing equipment finance companies in the US for the fifth consecutive year by Monitor. The bank's Equipment Finance division achieved a 59.1% year-over-year growth in total assets, reaching $551.2 million in 2023 from $346.5 million in 2022. This impressive growth, driven by $221.1 million in new business, propelled TriState Capital to No. 84 on the 2024 Monitor 100, up 10 spots from the previous year.
Tim Moriarity, executive vice president and manager of the equipment group, attributes the success to building strong relationships and personalized service. The division focuses on financing essential-use equipment for middle market companies, primarily in the transportation, manufacturing, and construction sectors. Since its inception in 2018, the division has grown its assets from $18.1 million to $551 million in 2023.
On May 20, 2024, Raymond James Financial's Board of Directors announced quarterly dividends for both common and preferred stock. A dividend of $0.45 per share on common stock (NYSE: RJF) will be payable on July 15, 2024, to shareholders on record as of July 1, 2024. Additionally, a dividend of $0.3984375 per depositary share of 6.375% Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock (NYSE: RJF PrB) will be payable on July 1, 2024, to shareholders on record as of June 14, 2024.
Lisa Detanna, a Private Wealth Advisor and Managing Director at Raymond James, has been named to Barron’s 2024 list of Top 100 Financial Advisors. This recognition highlights top advisors across the country based on qualitative and quantitative criteria, including client retention, compliance records, and various types of revenues and assets under management. The ranking, released on May 10, 2024, is based on data from 1,160 advisors and firms. Detanna has over 30 years of experience in financial services and has been with Raymond James since 2011. She is committed to financial literacy, co-authoring a children’s book and hosting numerous educational events to promote financial awareness and stewardship among young people.
Raymond James is launching a new Private Credit business in partnership with Eldridge Industries and Raymond James Bank, offering private credit solutions to sponsor-backed portfolio companies in four key sectors. The joint venture, Raymond James Private Credit, aims to strengthen relationships with private equity firms by combining sector expertise and lending capabilities. The initiative will provide $50 million - $250 million+ per transaction to eligible private equity clients, enhancing Raymond James' position in the middle market. Omer Masud, a credit industry veteran, has been appointed as head of sponsor finance origination to lead the Private Credit effort.
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