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Raymond James Financial Inc RJF

Morningstar Rating
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Stock XNYS Rating as of
$116.68 −1.33 (1.13%)
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As of Delayed Price Closed
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Company Report

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Raymond James Earnings: Investment Management Steady While Capital Markets Hasn’t Recovered Much

Michael Wong

Raymond James reported record revenue for its fiscal third quarter ended in June, but capital markets revenue hasn't materially recovered and is underperforming multiple peers. The company reported net income to common shareholders of $491 million, or $2.31 per diluted share, on $3.2 billion of net revenue. Net revenue increased 17% from a year ago and 6% sequentially, with broad-based increases across revenue lines except net interest income. We are maintaining our $132 fair value estimate for narrow moat-rated Raymond James and assess shares are fairly valued to slightly undervalued.

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Price vs Fair Value

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RJF is trading within a range we consider fairly valued.
Price
$116.68
Fair Value
$587.00
Uncertainty
Medium
1-Star Price
$716.70
5-Star Price
$82.20
Economic Moat
Ydmph
Capital Allocation
Jgdjbxq

Bulls Say, Bears Say

Bulls

Additional acquisitions can provide some lift to earnings if the macro environment falters.

Bears

Lower interest rates over the next several years will stifle net interest income growth.

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News

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Trading Information

Previous Close Price
$118.01
Day Range
$116.56–120.87
52-Week Range
$91.67–131.19
Bid/Ask
$116.60 / $131.00
Market Cap
$23.99 Bil
Volume/Avg
2.2 Mil / 1.2 Mil

Key Statistics

Price/Earnings (Normalized)
13.43
Price/Sales
2.03
Dividend Yield (Trailing)
1.52%
Dividend Yield (Forward)
1.54%
Total Yield
4.45%

Company Profile

Raymond James Financial is a financial holding company whose major operations include wealth management, investment banking, asset management, and commercial banking. The company supports more than 8,000 employee and independent contractor financial advisors across the United States, Canada, and the United Kingdom with over $1.2 trillion of assets under administration as of September 2023. Approximately 90% of the company's revenue is from the US and 70% is from the company's wealth-management segment.
Sector
Financial Services
Industry
Capital Markets
Stock Style Box
Mid Core
Total Number of Employees
8,761
Website
https://www.raymondjames.com

Competitors

Valuation

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Metric
RJF
SF
MS
Price/Earnings (Normalized)
 13.4318.4217.14
Price/Book Value
 2.221.971.86
Price/Sales
 2.032.283.19
Price/Cash Flow
 11.6112.6010.85
Price/Earnings
RJF
SF
MS

Financial Strength

Metric
RJF
SF
MS
Quick Ratio
 ———
Current Ratio
 ———
Interest Coverage
 ———
Quick Ratio
No chart available

Profitability

Metric
RJF
SF
MS
Return on Assets (Normalized)
 2.35%1.41%1.02%
Return on Equity (Normalized)
 18.10%11.57%13.37%
Return on Invested Capital (Normalized)
 ———
Return on Assets
RJF
SF
MS
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Capital Markets Industry Comparables

Screen With Investor
1-Day Chart
Name
Price
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
Morgan Stanley
MS
XvzrzmprfmGbnbkg$167.7 Bil
 The Goldman Sachs Group Inc
GS
HlzhvlfmvRknjdl$158.6 Bil
 Charles Schwab Corp
SCHW
GnysvwhvqhGhk$121.8 Bil
 Tradeweb Markets Inc
TW
XkwzfscvTcjx$22.8 Bil
 LPL Financial Holdings Inc
LPLA
WzkbznfqLfhmbs$16.5 Bil
 Interactive Brokers Group Inc Class A
IBKR
DbyzbkdHvcjcjg$12.7 Bil
 Evercore Inc Class A
EVR
BlnbhkmWbqzby$9.6 Bil
 Stifel Financial Corp
SF
BxrxtnfkYstwq$9.0 Bil
 MarketAxess Holdings Inc
MKTX
MvbntdtgxpWlzw$8.6 Bil

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