Raymond James Financial Inc

RJF: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$924.00	Vsjrvd	Rlxlkzczs

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

Michael Wong

Jul 25, 2024

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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