Why Is Raymond James Financial (RJF) Up 1.2% Since Last Earnings Report?

Earnings Performance - Raymond James Financial's Q2 fiscal 2024 adjusted earnings were $2.31 per share, missing the Zacks Consensus Estimate by a penny, but up 14% year-over-year [2][3] - Net income available to common shareholders was $474 million or $2.22 per share, an increase from $425 million or $1.93 per share in the prior-year quarter [4] Revenue and Expenses - Net revenues reached $3.12 billion, a 9% increase year-over-year, matching the Zacks Consensus Estimate [5] - Non-interest expenses rose 8% year-over-year to $2.51 billion, primarily due to higher compensation and investment sub-advisory fees [6] Segment Performance - The Private Client Group saw a 9% growth in net revenues, Asset Management's net revenues increased by 17%, and Capital Markets' top line grew by 6% [5] - The "Others" segment experienced a significant 70% jump in revenues, while the bank segment reported a 21% decline [5] Client Assets and Balance Sheet - As of March 31, 2024, client assets under administration were $1.45 trillion, up 18% year-over-year, and financial assets under management grew 17% to $226.8 billion [7] - Total assets were $81.23 billion, a 1% increase from the prior quarter, and total equity rose 2% to $10.91 billion [8] Capital Ratios and Returns - The total capital ratio was 23.3%, up from 21.4% a year ago, and the Tier 1 capital ratio improved to 21.9% from 20.1% [8] - Return on common equity was 17.5%, slightly up from 17.3% a year ago [9] Share Repurchase - In the reported quarter, the company repurchased 1.7 million shares for $207 million [10] Future Outlook - The company anticipates that combined net interest income and RJBDP fees will depend on short-term interest rates and client cash balance stability [11] - For fiscal 2024, non-compensation expenses are expected to be $1.9 billion, with a projected effective tax rate of 24% [12] Industry Comparison - Raymond James Financial is part of the Zacks Financial - Investment Bank industry, where Interactive Brokers Group, Inc. reported a 13.9% year-over-year revenue increase [16]