Raymond James Financial says that its board of directors has declared a quarterly cash dividend on its common shares of $0.11 per share, payable October 15, 2010, to shareholders of record on October 1, 2010.
This is the 25th consecutive year in which Raymond James has paid its shareholders a dividend, according to the company.
The firm reported fiscal third-quarter earnings per share of $0.48 in July, up from $0.35 last year and $0.45 in the previous quarter. Net income was $60.7 million on sales of $747.4 million and the strong performance of its private-client group.
In addition, Raymond James announced that the board elected Gordon L. Johnson as an independent director, expanding the board to 11 members.
Johnson, who has served on the board of Raymond James Bank for three years, is president of Highway Safety Devices Inc., a 150-employee company that installs and repairs signalization, guardrails, signage and street lighting related to municipal roadway projects.
He has been a bank manager and executive for 23 years, including two decades with Bank of America and its predecessors, and he was the CEO of financial buyout firm Stonegate Partners LLC from 2002 to 2004.
"Given Gordon's participation as a Raymond James Bank board member, his experience in commercial and in investment banking, and his general business experience, I have confidence he will be a valuable and active contributor to our board," said Chairman Thomas A. James in a press release.
The board also approved amendments to the company's bylaws, which were related to the separation of the offices of chairman of the board and the chief executive officer.
Several months ago, Chairman Tom James turned day-to-day management of the firm over to CEO Paul Reilly. Its client assets currently total $231 billion, of which $30 billion are managed by the firm's asset management subsidiaries.
And earlier this month, Raymond James Financial named Tim Killgoar director of client experience as part of its efforts to improve communications between investors and the home office of the St. Petersburg, Florida-based broker dealer, which has more than 5,300 financial advisors.
For the past two years, Killgoar worked on a variety of strategic projects for the company and assisted James.