Raymond James’ Operating Margins Are Currently Exceeding Our Expectations
Raymond James Financial reported a fairly strong fiscal first quarter ended in December, despite a larger-than-normal decline in investment banking revenue. The company earned adjusted net income of $239 million, or $1.61 per diluted share, on record quarterly net revenue of $1.73 billion. The primary adjustment to net income in the quarter was a $117 million charge for the revaluation of deferred tax assets related to the passing of the Tax Cuts and Jobs Act. We don’t expect to make a significa...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.
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