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April 29, 2020 at 06:50 PM
Raymond James Chairman & CEO Paul Reilly
Raymond James missed analyst estimates, with a 35% year-over-year drop in net income to $169 million, or $1.20 per share, for the quarter ending March 31 — mainly due to the bank loan loss provision of $109 million tied to the coronavirus fallout.
Revenue, though, beat estimates at $2.07 billion, up 11% over the prior year and 3% from the preceding quarter.
This growth, the firm says, came from higher asset management and related administrative fees in Private Client Group fee-based accounts — which have $384 billion of assets — and higher brokerage revenue in both PCG and Capital Markets.
“Our solid financial performance during a tumultuous quarter highlights the resiliency of our diversified and client-focused business model,” said Chairman and CEO Paul Reilly, in a statement.
“I am proud of our associates and advisors for their remarkable response during this time of extreme market volatility and economic turmoil,” Reilly explained. “Supported by a robust technology platform, advisors and support associates were able to transition to working remotely and provide continued service for their clients.”
Private Client Group Earnings
The Private Client Group’s advisor headcount jumped 286 from last year to hit 8,148 on March 31, which is up by 88 from December 2019. The number of independent advisors is 4,772, while employee advisors total 3,376.
