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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 has introduced its Private Wealth Advisor Program, designed to enhance training for financial advisors serving high-net-worth clients. The program offers an in-depth training experience, blending virtual and onsite sessions, focusing on the unique wealth management needs of affluent clients. The inaugural class will complete a rigorous six-month program this Fall, with plans for additional cohorts. This initiative is part of broader enhancements in Private Wealth Services, aimed at expanding offerings and growing a dedicated team of experts to better serve wealthy clients.
Veranex has acquired Medidee, a leading MedTech consultancy based in Switzerland. This acquisition enhances Veranex's capacity in regulatory affairs, clinical development, and quality assurance for MedTech firms globally. Medidee's established presence in Europe and expertise in navigating EU-MDR/IVDR regulations will significantly strengthen Veranex's service offerings. With a combined total of 24 locations worldwide, the partnership aims to facilitate streamlined product development and commercialization, driving growth in digital health and other key areas.
The Raymond James Financial Board of Directors declared a $0.34 quarterly cash dividend on common stock, payable on October 17, 2022, to shareholders on record as of October 3, 2022. Additionally, dividends of $0.421875 per depositary share for Series A Preferred Stock and $0.3984375 for Series B Preferred Stock were announced, both payable on October 3, 2022, to shareholders on record from September 15, 2022. Raymond James is a leading financial services company with total client assets of $1.19 trillion.
Raymond James Financial (NYSE: RJF) reported its selected operating data for July 2022, highlighting a 1% increase in client assets under administration to $1,189.3 billion compared to July 2021. Private Client Group assets also rose 1% to $1,131.8 billion. However, financial assets under management saw a 1% decrease to $192.4 billion. The decline in clients’ domestic cash sweep balances, down 4% from June, reflects quarterly fee payments. Despite subdued revenues in fixed income brokerage, the M&A pipeline remains robust.
Raymond James Financial (NYSE: RJF) reported fiscal third-quarter net revenues of $2.72 billion, a 10% increase year-over-year and 2% sequentially. Net income available to common shareholders was $299 million or $1.38 per diluted share, with adjusted net income at $348 million or $1.61 per diluted share. Private Client Group saw 9.4% asset growth over the past year, while assets under administration reached $1.13 trillion. Strong performance in net interest income and bank loans was countered by 3% declines in net income and brokerage revenues amidst challenging market conditions.
Raymond James Financial, Inc. (NYSE: RJF) announced a quarterly dividend of $0.421875 per depositary share of 6.75% Fixed-to-Floating Rate Series A Preferred Stock and $0.3984375 per depositary share of 6.375% Fixed-to-Floating Rate Series B Preferred Stock on June 1, 2022. The dividends are payable on July 1, 2022, to shareholders on record by June 15, 2022. This action reflects the company's ongoing commitment to shareholder value amidst its strong financial performance, with total client assets amounting to $1.18 trillion.
Raymond James Financial (NYSE: RJF) has finalized the acquisition of TriState Capital Holdings, Inc. Each TriState Capital share was exchanged for $6.00 in cash plus 0.25 shares of Raymond James, valuing the transaction at approximately $30.62 per share. TriState Capital will maintain its status as a separate chartered bank, continuing its private banking and lending services. The leadership teams emphasize shared values and the anticipated synergies stemming from this merger, which aims to enhance both firms’ service offerings and client experiences.
Raymond James Financial, Inc. (NYSE: RJF) reported selected operational metrics for April 2022, indicating continued strong advisor retention and recruitment. However, client assets decreased to $1,183.9 billion, down 6% from the previous month, influenced by equity market declines. The company noted healthy investment banking pipelines, but M&A and underwriting activities slowed due to geopolitical and macroeconomic uncertainties. Key metrics indicated a 23% increase in net bank loans and a 20% rise in cash sweep balances year-over-year.
On May 23, 2022, Raymond James Financial, Inc. (NYSE: RJF) announced a quarterly cash dividend of $0.34 per share. This dividend is scheduled for payment on July 15, 2022 to shareholders recorded on July 1, 2022. The company remains a prominent player in financial services with around 8,700 financial advisors and total client assets of $1.26 trillion. Raymond James has been publicly traded since 1983 and continues to provide diversified financial solutions.
Raymond James Financial (NYSE: RJF) reported fiscal second-quarter net revenues of $2.67 billion, a 13% increase year-over-year but a 4% decline sequentially. The net income was $323 million ($1.52 per diluted share) and $331 million adjusted. Notable achievements include 11% domestic net new asset growth and record Private Client Group assets in fee-based accounts of $678 billion. The bank reported record net loans of $27.9 billion, reflecting strong loan growth. However, investment banking revenue fell due to market uncertainties.
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