Skip to Content

Raymond James Financial Inc RJF

Rating as of

Morningstar’s Analysis

Valuation
Currency in USD
Is it the right time to buy or sell?
Find out with Morningstar Premium
Is it the right time to buy or sell?
Find out with Morningstar Premium

1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Some of Raymond James’ Quarterly Results Held Up Better Than Peers, but Main Drivers Are Similar

Michael Wong, CFA, CPA Sector Director

Analyst Note

| Michael Wong, CFA, CPA |

While Raymond James reported multiple record results for its fiscal first quarter (ending December), with some of its capital markets revenue lines also holding up better than peers, the company is unlikely to escape the modestly negative trends we envision for the industry overall. The firm reported record net income of $312 million, or $2.23 per diluted share, on record net revenue of $2.2 billion. Net revenue grew 11% year over year, with almost all revenue lines expanding except for those related to interest rates. These strong first-quarter results translated into a return on tangible equity of 19%. We are maintaining our $97 per share fair value estimate for no-moat Raymond James and assess the shares as fairly valued.

Read Full Analysis

Company Profile

Business Description

Raymond James Financial is a financial holding company whose major operations include wealth management, investment banking, asset management, and commercial banking. The company has more than 14,000 employees and supports more than 4,000 independent contractor financial advisors across the United States, Canada, and the United Kingdom. Approximately 90% of the company's revenue is from the U.S. and 70% is from the company's wealth management segment.

Contact
880 Carillon Parkway
Saint Petersburg, FL, 33716
T +1 727 567-1000
Sector Financial Services
Industry Capital Markets
Most Recent Earnings Dec 31, 2020
Fiscal Year End Sep 30, 2021
Stock Type Cyclical
Employees 14,800

Related