Paul C. Reilly, Chair and CEO of Raymond James Financial Inc . (NYSE:RJF), recently executed a significant stock transaction. On December 2, Reilly sold 50,000 shares of common stock in an open market transaction, totaling approximately $8.37 million. The shares were sold at a weighted average price of $167.30, within a price range of $166.92 to $167.65. The transaction comes as Raymond (NS:RYMD) James, with its $35.7 billion market cap, trades near its 52-week high of $171.38, having delivered impressive returns of over 51% year-to-date.
Additionally, on November 30, Reilly acquired 12,118 shares through the vesting of Restricted Stock Units (RSUs), which were reported at no cost. Concurrently, he disposed of 4,483 shares to cover tax liabilities associated with the RSU vesting, valued at $758,882 based on the price of $169.28 per share.
Following these transactions, Reilly's direct ownership stands at 283,110 shares.
In other recent news, Raymond James Financial has announced an 11.1% increase in its quarterly dividend and a new share repurchase program. The company's board of directors declared a quarterly cash dividend of $0.50 per share on its common stock and a quarterly dividend for its 6.375% Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock at $0.3984375 per depositary share. The company may buy back shares up to an aggregate amount of $1.5 billion.
Raymond James Financial recently reported record fourth-quarter revenues of $3.46 billion and a net income of $601 million, mainly driven by a rise in advisory revenue and a robust investment banking performance. The company also saw total client assets reach a record $1.57 trillion and net new assets of $60.7 billion domestically for the year.
Several analyst firms have adjusted their outlooks on Raymond James following these results. TD (TSX:TD) Cowen maintained a Hold rating but increased the price target to $150.00. BofA Securities and Citi also increased their price targets to $152 and $145, respectively, following the company's earnings per share beat.
Raymond James anticipates an additional $5 billion in outflows in the first quarter due to the offboarding of an Office of Supervisory Jurisdiction. However, BofA expects net new assets to normalize, projecting a 5-7% growth rate for the following year. Looking ahead, Raymond James maintains an optimistic outlook for fiscal 2025, expecting growth driven by increases in assets and fee-based accounts.
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