Continued Revenue Growth at Raymond James More Important Than Sequential Earnings Dip
While net income took a small sequential dip during the June quarter, record revenue and assets at Raymond James should lead to stronger earnings down the road. We are maintaining our $96 fair value estimate for the no-moat firm, which we believe is fairly valued. The company earned net income of $232 million, or $1.55 per diluted share, on $1.84 billion of net revenue in its fiscal third quarter. While net revenue was up 13% year over year, it was up just 1% sequentially (with net income also d...Raymond James Financial is a bank holding company and financial holding company. Through its subsidiaries, the company is engaged in financial services activities. The company's segments include: Private Client Group, which provides financial planning and securities transaction services through a branch office network; Capital Markets, which conducts institutional sales, securities trading, equity research, investment banking and the syndication and management of investments that qualify for tax credits; Asset Management, which provides portfolio management and related administrative services for retail and institutional clients; and Raymond James Bank, N.A., which provides loans such as corporate loans.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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