CHARLOTTE, North Carolina, Jan 20 (Reuters) - Raymond James Financial Inc reported on Wednesday quarterly net income that was down 20 percent from a year ago but still beat analysts' estimates, as the company's wealth management business spiked in the final months of 2009.
The St. Petersburg, Florida-based investment banking and wealth management firm reported net income for its fiscal first quarter that ended Dec. 31 of $49 million, or 0.39 cents per diluted share, compared to $61 million in total net income last year. Total revenue was essentially flat increasing 1 percent to $702 million.
Raymond James was projected to earn $0.37 per share, according to a Thomson Reuters I/B/E/S survey of 8 analysts.
One of the biggest regional brokers, Raymond James capitalized on the flight of brokers from bigger U.S. firms to smaller ones, hiring roughly 750 advisers in 2009. The firm also reported growth in investment banking fees for much of the year, but saw that slow at year's end.
Raymond James' share price increased 2.5 percent during the quarter ended Dec. 31 at $23.77, while key competitors like Stifel Financial Corp and Piper Jaffray Companies posted 8.7 percent and 6.6 percent share gains to $59.24 and $50.61, respectively.
(Reporting by Joe Rauch; Editing by Tim Dobbyn)
((joe.rauch@thomsonreuters.com; +1 704 692 5885; Reuters Messaging: joe.rauch.reuters.com@reuters.net ) Keywords: RAYMONDJAMES/
COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The St. Petersburg, Florida-based investment banking and wealth management firm reported net income for its fiscal first quarter that ended Dec. 31 of $49 million, or 0.39 cents per diluted share, compared to $61 million in total net income last year. Total revenue was essentially flat increasing 1 percent to $702 million.
Raymond James was projected to earn $0.37 per share, according to a Thomson Reuters I/B/E/S survey of 8 analysts.
One of the biggest regional brokers, Raymond James capitalized on the flight of brokers from bigger U.S. firms to smaller ones, hiring roughly 750 advisers in 2009. The firm also reported growth in investment banking fees for much of the year, but saw that slow at year's end.
Raymond James' share price increased 2.5 percent during the quarter ended Dec. 31 at $23.77, while key competitors like Stifel Financial Corp and Piper Jaffray Companies posted 8.7 percent and 6.6 percent share gains to $59.24 and $50.61, respectively.
(Reporting by Joe Rauch; Editing by Tim Dobbyn)
((joe.rauch@thomsonreuters.com; +1 704 692 5885; Reuters Messaging: joe.rauch.reuters.com@reuters.net ) Keywords: RAYMONDJAMES/
COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.