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Raymond James Financial 8-K Report, Regulation FD Disclosure (May 23, 2024)

Reports
Regulation FD·Exhibits & Filings
Filing Date
Filed May 23, 2024
Period End
May 23, 2024
Security
RJF
In the record · 2016–202610-K1010-Q338-K266

RJF filed 10 annual reports (10-K), 33 quarterly reports (10-Q) and 266 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Jun ’16Jun ’16
  2. Material agreement8-K · Feb ’19Feb ’19
  3. Leadership change8-K · Dec ’22Dec ’22
  4. Leadership change8-K · Sep ’26Sep ’26

01—Abstract

Summary

Summary of the 8-K filed May 23, 2024. Cited figures are marked; the original filing is the authoritative source.

Raymond James Financial, Inc. (RJF) filed this Form 8-K under Item 7.01 (Regulation FD Disclosure) to furnish slides for its annual Analyst & Investor Day, held Thursday, May 23, 2024, beginning at 9 a.m.

ET, with presentations and Q&A expected to conclude at approximately 12 p.m. ET. The filing states the information is "furnished" rather than "filed" for purposes of Section 18 of the Securities Exchange Act of 1934.

The substance of the event is contained in Exhibit 99.1, the 2024 Analyst & Investor Day presentation. The presentation provides a detailed operational and financial update. As of March 31, 2024, the firm reported $1.45 trilliona in client assets under administration, approximately 8,800 advisors in the U.S., Canada, and the U.K., and 145 consecutive quarters of profitability.

FY 2023 net revenues were $11.6 billionb, with the Private Client Group contributing 68%, Capital Markets 9%, Asset Management 7%, and the Bank Segment 16% of net revenues as shown in the presentation. Key capital metrics included a 12.3% Tier 1 leverage ratio, a 23.3% total capital ratio, book value per share of $52.60, and tangible book value per share of $44.11. Management stated a quarterly common stock dividend of $0.45 per share, a 7.1% increase over the prior year, and $1.2 billion remaining under the stock repurchase authorization as of March 31, 2024.

Management set forth financial targets for the Adjusted Pre-Tax Margin (over 20%), Adjusted Compensation Ratio (under 65%), and Adjusted Return on Common Equity (17%+), along with a stated long-term goal of exceeding $2 trillionc in Private Client Group assets under administration by 2030. The presentation also discussed the Bank Segment's $44.1 billion in loans outstanding, a 2.66% net interest margin for the second fiscal quarter of 2024, and the SumRidge Partners electronic market maker acquired in 2022.

02—Key points

Key Highlights

  1. Analyst & Investor Day held May 23, 2024, with presentations and Q&A running from 9 a.m. to approximately 12 p.m. ET; slides furnished under Item 7.01 as Exhibit 99.1.
  2. As of March 31, 2024, client assets under administration totaled $1.45 trillion, with approximately 8,800 advisors across the U.S., Canada, and the U.K.
  3. FY 2023 net revenues were $11.6 billion; the Private Client Group generated 68% of net revenues, Bank Segment 16%, Capital Markets 9%, and Asset Management 7%.
  4. Quarterly common stock dividend of $0.45 per share, a 7.1% increase over the prior year; target dividend payout of 20-30% of earnings.
  5. Approximately $1.2 billion remained under the stock repurchase authorization as of March 31, 2024; the firm repurchased an additional $43 million in April 2024.
  6. Strong capital position: Tier 1 leverage ratio of 12.3%, total capital ratio of 23.3%, book value per share of $52.60, and tangible book value per share of $44.11.
  7. Management's financial targets include an Adjusted Pre-Tax Margin above 20%, an Adjusted Compensation Ratio below 65%, and an Adjusted Return on Common Equity of 17% or more, with a goal of exceeding $2 trillion in PCG assets under administration by 2030.

03—Questions

Frequently Asked Questions

  1. What did Raymond James disclose in this 8-K filing?

    The company furnished the slides from its annual Analyst & Investor Day, held May 23, 2024, as Exhibit 99.1 under Item 7.01 (Regulation FD Disclosure). The filing states the information is furnished rather than filed for purposes of Section 18 of the Exchange Act.

  2. How large is Raymond James's business by client assets and revenue?

    As of March 31, 2024, client assets under administration were $1.45 trillion and the firm had approximately 8,800 advisors. FY 2023 net revenues were $11.6 billion.

  3. Which business segments contributed most to revenue?

    The Private Client Group contributed 68% of FY 2023 net revenues, followed by the Bank Segment at 16%, Capital Markets at 9%, and Asset Management at 7%, per the presentation's chart.

  4. What were the company's dividend and share repurchase plans?

    The quarterly common stock dividend was $0.45 per share, a 7.1% increase over the prior year, with a target of 20-30% of earnings. About $1.2 billion remained under the repurchase authorization as of March 31, 2024, and management said it expects to opportunistically repurchase shares over the long term.

  5. What financial targets did management set?

    Management's key targets include an Adjusted Pre-Tax Margin above 20%, an Adjusted Compensation Ratio below 65%, an Adjusted Return on Common Equity of 17% or more, and an Adjusted Return on Tangible Common Equity of 20% or more. The presentation also sets a goal of exceeding $2 trillion in PCG assets under administration by 2030.

04—Continue

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