|Over a week ago|
Raymond James reports October clients assets under administration up 33% » 16:3611/2311/23/21
Raymond James Financial…
Raymond James Financial reported selected operating data for October, in an effort to provide timely information to investors about general trends in our major business segments. Due to the limited nature of this data, a consistent correlation to earnings should not be assumed. Record client assets under administration of $1.23T increased 33% over October 2020 and 4% over September. Record financial assets under management of $199.3B increased 32% over October 2020 and 4% over September. The increase of client assets was driven by equity market appreciation and the net addition of financial advisors in the Private Client Group. Record net loans at Raymond James Bank of $25.4B increased 18% over October 2020 and 2% over September. Record clients' domestic cash sweep balances of $66.8B increased 17% over October 2020 and were flat compared to September.
|Over a month ago|
Raymond James reports Q4 EPS $2.06, consensus $1.71 » 16:4410/2710/27/21
Reports Q4 revenue $2.7B,…
Reports Q4 revenue $2.7B, consensus $2.54B. Reports quarter-end records for client assets under administration of $1.18 trillion, financial assets under management of $191.9B, and net loans at Raymond James Bank of $25B. "In fiscal 2021, we've proven once again that focusing on our time-tested client-first strategy of providing outstanding service to our advisors and their clients will guide us through uncertain market, economic and global conditions, in this case in record-setting fashion," said Chairman and CEO Paul Reilly. "Through a combination of diverse and complementary businesses, we generated record results for the firm in fiscal 2021, which included record net revenues and pre-tax income in the Private Client Group, Capital Markets and Asset Management segments. We are well positioned entering fiscal 2022, with strong capital ratios and quarter-end records for client assets, the number of Private Client Group financial advisors and net loans at Raymond James Bank. Furthermore, financial advisor recruiting activity remains robust across all of our affiliation options and our investment banking pipelines are strong."
TriState Capital downgraded to Neutral on takeover at B. Riley » 07:2210/2210/22/21
B. Riley analyst Steve…
B. Riley analyst Steve Moss downgraded TriState Capital (TSC) to Neutral from Buy with a price target of $31, up from $28. The acquisition by Raymond James (RJF) allows TriState to operate as a standalone entity that benefits from lower funding costs and solves its need for low-cost capital due to its strong growth, Moss tells investors in a research note. The analyst views the deal premium as attractive for TriState holders.
Wall Street in Fives - Must Read Lists at Midday » 12:3210/2110/21/21
TSLA, T, IBM, PFE, BNTX, DWAC, DIDI, AMZN, MU, FB, CG, TSC, RJF, KDMN, SNY, SKLZ, VALE, SHPW, AN, CROX, EFX, FCX, UNP, LPSN, PLD, DENN, TCRR, MTCH, GOOGL, GOOG
Get caught up quickly on…
Raymond James price target raised to $112 from $103 at JMP Securities » 06:1710/2110/21/21
JMP Securities analyst…
JMP Securities analyst Devin Ryan raised the firm's price target on Raymond James to $112 from $103 and keeps an Outperform rating on the shares. The analyst cites the company's greater earnings power after its announced acquisition of TriState Capital.
Raymond James to acquire TriState Capital for $1.1B in cash, stock » 17:3410/2010/20/21
Raymond James Financial…
Raymond James Financial (RJF) and TriState Capital Holdings (TSC) have entered into a definitive agreement under which Raymond James will acquire TriState Capital in a combination cash and stock transaction, valued at approximately $1.1B. Under the terms of the agreement, TriState Capital common stockholders will receive $6.00 cash and 0.25 Raymond James shares for each share of TriState Capital common stock, which represents per share consideration of $31.09 based on the closing price of Raymond James common stock on October 19, 2021. Raymond James has entered into an agreement with the sole holder of the TriState Capital Series C Perpetual Non-Cumulative Convertible Non-Voting Preferred Stock pursuant to which the Series C Convertible Preferred will be converted to common shares at the prescribed exchange ratio and cashed out at $30 per share. The TriState Capital Series A Non-Cumulative Perpetual Preferred Stock and Series B Non-Cumulative Perpetual Preferred Stock will remain outstanding and be converted into equivalent Preferred Stock of Raymond James. TriState Capital will continue operating as a separately branded firm and as a stand-alone division and independently chartered bank subsidiary of Raymond James, with Jim Getz remaining Chairman, Brian Fetterolf remaining TriState Capital Bank's CEO and Tim Riddle remaining Chartwell's CEO. Management and approximately 350 associates are expected to remain with the firm in its existing office locations to support TriState Capital's continued growth and high service levels. The deal is projected to be accretive to diluted earnings per share in the first full year post closing (excluding acquisition-related expenses), with over 8% accretion in diluted earnings per share after the third year; accretion estimates increase meaningfully, by approximately 400 basis points, assuming share repurchases post-closing to offset shares issued as part of the transaction consideration. Primary driver of cost synergies is replacing a portion of TriState Capital Bank's current and future higher-cost deposits with Raymond James' lower-cost deposits from the Raymond James Bank Deposit Program. The acquisition is subject to customary closing conditions, including regulatory approvals and approval by TriState Capital shareholders, and is expected to close in 2022.
Raymond James added to U.S. Focus List at Citi » 06:0310/1110/11/21
Citi analyst William Katz…
Citi analyst William Katz raised the firm's price target on Raymond James to $147 from $143 and keeps a Buy rating on the shares. The analyst also added the shares to Citi's U.S. Focus List into the Q3 earnings season.
Citi ups Raymond James target, opens 'Positive Catalyst Watch' » 05:3809/1709/17/21
Citi analyst William Katz…
Citi analyst William Katz raised the firm's price target on Raymond James to $214 from $205 and keeps a Buy rating on the shares. The analyst also opened a new "90-Day Positive Catalyst Watch" on Raymond James. Katz believes consensus estimates "may be structurally too low," particularly on Capital Markets contribution, while noting his estimates continue to carry an above consensus expense outlook. He expects "material upward" consensus earnings revisions for Raymond James.
Raymond James selects FactSet to provide market data for financial advisors » 08:4209/0809/08/21
FactSet (FDS) announced…
FactSet (FDS) announced that it has been selected by Raymond James (RJF) as its market data provider for financial advisors in Canada. FactSet is working with Raymond James Ltd. to implement its web-based Wealth Workstation to over 900 wealth management professionals. The virtual implementation will provide them with personalized and efficient access to comprehensive multi-asset class market data and analytics within a modern and easy-to-use platform. FactSet's Wealth Workstation will also integrate Raymond James Ltd.'s internal model portfolios and approved lists, strengthening financial advisors' collaboration with home office research and strategy teams. This integration will support productivity and efficiency by delivering tailored and actionable portfolio insights to enhance their client engagement efforts. Seamless web and mobile connectivity will allow for remote use to accommodate flexible working environments without compromising users' access.
|Over a quarter ago|
Raymond James pushes back return-to-office date, Bloomberg reports » 06:2209/0109/01/21
Raymond James has moved…
Raymond James has moved its return-to-office date back to the middle of October as coronavirus ramps up in its home state of Florida, Bloomberg's Matthew Monks and Sonali Basak reports, citing people familiar with the matter. The company told employees they don't have to return to the office until October 11, after initially wanting some staff to return next week. Reference Link