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Raymond James Financial Inc RJF

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Morningstar’s Analysis

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Raymond James Breaks Multiple Records; Increasing Fair Value Estimate 9% to $79

Michael Wong, CFA, CPA Sector Director

Analyst Note

| Michael Wong, CFA, CPA |

Raymond James broke multiple records in its fiscal fourth quarter ending in September, and its long-term earnings power is trending positively, while benefiting in the near term from strong capital markets activity. The company reported record quarterly net income of $429 million, or $2.02 per diluted share, on a record $2.7 billion of net revenue. Net revenue increased 30% from a year ago, while adjusted net income increased 76%. We are increasing our split-adjusted fair value estimate for no-moat Raymond James to $79 from $72.67.

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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.

880 Carillon Parkway
Saint Petersburg, FL, 33716
T +1 727 567-1000
Sector Financial Services
Industry Capital Markets
Most Recent Earnings Sep 30, 2021
Fiscal Year End Sep 30, 2021
Stock Type Cyclical
Employees 15,000