01—Abstract
Summary
Summary of the 8-K filed December 6, 2024. Cited figures are marked; the original filing is the authoritative source.
Raymond James Financial, Inc. (NYSE: RJF) reported in this Form 8-K, furnished under Items 7.01 and 8.01 and attaching a press release dated December 3, 2024, that its Board declared a quarterly cash dividend of $0.50a per common share.
The dividend is payable January 16, 2025 to shareholders of record on January 2, 2025. The press release states this is an 11.1% increase over the previous $0.45b per-share dividend paid on October 15, 2024. The Board also declared a quarterly dividend of $0.3984375 per depositary share of its 6.375% Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock (NYSE: RJF PrB), payable January 2, 2025 to holders of record on December 16, 2024.
The most significant capital action is a new share repurchase authorization of up to $1.5 billionc of common stock. It replaces the prior authorization announced November 30, 2023, under which approximately $644 million remained available as of December 3, 2024.
The authorization has no fixed expiration date and does not obligate the company to repurchase any specific amount. The press release notes that repurchases will be subject to regulatory constraints in connection with previously announced acquisitions.
02—Key points
Key Highlights
- Quarterly common stock dividend declared at $0.50 per share, payable January 16, 2025 to holders of record on January 2, 2025.
- The press release states the common dividend is an 11.1% increase over the prior $0.45 per-share dividend paid October 15, 2024.
- Preferred stock dividend of $0.3984375 per depositary share on the 6.375% Series B Non-Cumulative Perpetual Preferred Stock (RJF PrB), payable January 2, 2025 to holders of record on December 16, 2024.
- New share repurchase authorization of up to $1.5 billion of common stock, replacing the November 30, 2023 authorization under which approximately $644 million remained as of December 3, 2024.
- Repurchases may be made in the open market, in privately negotiated transactions, or otherwise, including under a Rule 10b5-1 plan, and have no fixed expiration date.
- Repurchase authorization does not obligate the company to buy any amount and may be suspended or discontinued at any time; repurchased shares will be held as treasury shares.
- The press release describes the firm as having approximately 8,800 financial advisors and total client assets of $1.54 trillion.
03—Questions
Frequently Asked Questions
How much is Raymond James's new quarterly common stock dividend, and when is it paid?
The Board declared a quarterly cash dividend of $0.50 per share, payable January 16, 2025 to shareholders of record on January 2, 2025. The press release states this is an 11.1% increase over the prior $0.45 per-share dividend.
What preferred stock dividend was declared?
A quarterly dividend of $0.3984375 per depositary share was declared on the 6.375% Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock (NYSE: RJF PrB). It is payable January 2, 2025 to holders of record on December 16, 2024.
How large is the new share repurchase program, and how does it compare with the prior one?
The Board authorized repurchases of up to $1.5 billion of common stock. This replaces the November 30, 2023 authorization, under which approximately $644 million remained available as of December 3, 2024.
Is Raymond James required to buy back the authorized amount?
No. The filing states the authorization does not obligate the company to repurchase any dollar amount or number of shares, has no fixed expiration date, and may be suspended or discontinued at any time.
Where will information about repurchases be reported?
The filing states that information regarding repurchases of common stock will be available in the company's periodic reports on Forms 10-Q and 10-K filed with the SEC.
04—Continue