Raymond James Earnings: Record Annual Results Helped by Acquisitions and Business Mix

Raymond James reported record annual results, helped by acquisitions done in 2022 and better business mix. The company reported net income available to common shareholders for the fiscal year of $1.7 billion, or $7.97 per diluted share, on $11.6 billion of net revenues. Net revenue for the fourth quarter increased 8% from the previous year and 5% sequentially, with the increase coming mainly from asset-management fees and interest-rate-related revenue. We don't plan to make a material change to our $116 per share fair value estate for no-moat-rated Raymond James and assess the shares as being slightly undervalued.