Raymond James Reports 27% Profit Growth, Weaker Cash Sweep Results

Raymond James Financial’s latest earnings topped analysts’ estimates with adjusted profits of $508 million for the period ending June 30 — up 27% from a year ago. Earnings per share rose 29% from the same quarter last year to $2.39, while net revenues jumped 11% to $3.2 billion.

Its shares traded up 4%, at $117, as of 1 p.m. Thursday in New York. 

“We generated another strong quarter of results with record revenues, record client assets, record bank loans and strong domestic Private Client Group net new asset annualized growth of 5.2%,” said Chair and CEO Paul Reilly, who is stepping down from this role next year.

Private Client, Other Results

The firm’s PCG segment had net revenues of $2.42 billion, up 11% from a year ago; its quarterly pre-tax income grew 7% to $441 million.

Assets under administration were $1.42 trillion, up 15% from June 2023, with assets in fee-based accounts totalling $820.6 billion — up 18%. 

In the U.S., net new assets were $16.5 billion in the latest period versus $14.4 billion in the year-ago period. They were $47.7 billion for the nine months ended June 30.