Raymond James Financial Raises Quarterly Dividend, Approves $1 Billion Share Repurchase Authorization

Rhea-AI Summary

On December 2, 2021, Raymond James Financial (NYSE: RJF) announced a quarterly cash dividend of $0.34 per share, representing a 31% increase from the previous dividend of $0.26. This dividend will be payable on January 18, 2022, to shareholders of record on January 4, 2022. Additionally, the company authorized a share repurchase program of up to $1 billion, replacing a previous authorization of $750 million. This strategic move allows for flexibility in managing share repurchases without a fixed expiration date.

Positive

• Dividend increased by 31% to $0.34 per share, enhancing shareholder value.
• New share repurchase authorization of $1 billion indicates confidence in the company's future and potential EPS improvement.

Negative

• None.

ST. PETERSBURG, Fla., Dec. 02, 2021 (GLOBE NEWSWIRE) -- On December 2, 2021, the Raymond James Financial, Inc. (NYSE: RJF) Board of Directors declared a quarterly cash dividend on shares of its common stock of $0.34 per share, payable January 18, 2022 to shareholders of record on January 4, 2022. This is a 31% increase over the previous dividend of $0.26 per share paid on October 15, 2021.

The Board also authorized repurchase of the company’s shares of common stock in an aggregate amount of up to $1 billion. The $1 billion authorization replaces the previous repurchase authorization of $750 million announced on December 3, 2020, under which approximately $632 million was remaining as of December 2, 2021. The repurchases may be made from time to time at prices that the company deems appropriate and subject to market conditions, applicable law, regulatory constraints in connection with previously announced acquisitions and other factors. Such repurchases may be made in the open market, in privately negotiated transactions, or otherwise. The Board’s authorization does not have a fixed expiration date. The repurchase authorization does not obligate the company to repurchase any dollar amount or number of securities and may be suspended or discontinued at any time.

About Raymond James Financial, Inc.

Raymond James Financial, Inc. (NYSE: RJF) is a leading diversified financial services company providing private client group, capital markets, asset management, banking and other services to individuals, corporations and municipalities. The company has approximately 8,500 financial advisors. Total client assets are $1.23 trillion. Public since 1983, the firm is listed on the New York Stock Exchange under the symbol RJF. Additional information is available at www.raymondjames.com.

Forward-Looking Statements

Certain statements made in this press release may constitute “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning future shareholder distributions.  In addition, future or conditional verbs such as “may,” as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements. Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions.  Although we make such statements based on assumptions that we believe to be reasonable, there can be no assurance that actual results will not differ materially from those expressed in the forward-looking statements.  We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks described in our filings with the Securities and Exchange Commission (the “SEC”) from time to time, including our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, which are available at www.raymondjames.com and the SEC’s website at www.sec.gov. We expressly disclaim any obligation to update any forward-looking statement in the event it later turns out to be inaccurate, whether as a result of new information, future events, or otherwise.

FAQ

What is the new dividend per share for Raymond James Financial (RJF)?

The new quarterly dividend per share is $0.34, which is a 31% increase from the previous $0.26.

When will the dividend for RJF be paid?

The dividend will be paid on January 18, 2022, to shareholders of record on January 4, 2022.

What is the amount of the new share repurchase authorization for RJF?

The new share repurchase authorization is up to $1 billion, replacing the previous $750 million authorization.

Why did RJF increase its dividend and authorize a share repurchase?

The increase in the dividend and the new repurchase authorization reflect confidence in the company's financial health and commitment to returning value to shareholders.