Katherine H. Larson, Chief Accounting Officer at Raymond James Financial Inc . (NYSE:RJF), a $35.7 billion financial services firm trading near its 52-week high of $171.38, recently executed several stock transactions, according to a filing with the Securities and Exchange Commission. According to InvestingPro data, RJF has demonstrated remarkable strength with a 57% return over the past year. On December 3, Larson sold 1,492 shares of common stock in an open market transaction, resulting in a total sale value of approximately $247,690, with a weighted average price of $166.0127 per share.
The transactions include the vesting of restricted stock units (RSUs) and subsequent sales to cover tax liabilities. Additionally, Larson made multiple gifts of shares and acquired common stock through RSUs on November 30, with no monetary transaction involved. Following these transactions, Larson's direct ownership stands at 602 shares.
In other recent news, Raymond James Financial has reported a series of significant developments. The company reported record fourth-quarter revenues of $3.46 billion and a net income of $601 million, largely attributed to an increase in advisory revenue and strong investment banking performance. Furthermore, the company saw total client assets reach a record $1.57 trillion and net new assets of $60.7 billion domestically for the year.
In addition to financial results, Raymond (NS:RYMD) James announced an increase in its quarterly dividend and a new share repurchase program. The company's board of directors declared a quarterly cash dividend of $0.50 per share on its common stock, marking an 11.1% increase from the prior dividend. The company may buy back shares up to an aggregate amount of $1.5 billion, replacing the previous authorization.
Several analyst firms have adjusted their outlooks on Raymond James following these results. TD Cowen maintained a Hold rating but increased the price target to $150.00, BofA Securities and Citi also increased their price targets to $152 and $145, respectively. Looking ahead, Raymond James maintains an optimistic outlook for fiscal 2025, expecting growth driven by increases in assets and fee-based accounts.
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