RJF - Raymond James Financial client AUA rises 2% in April helped by market gains

2023-05-24 16:49:22 ET

Raymond James Financial ( NYSE: RJF ) said Wednesday client assets under administration rose 2% M/M in April to $1.25T and gained 5% Y/Y, driven by equity market appreciation and advisor retention and recruiting.

"Despite quarterly fee billings and income tax payments in April, clients' cash sweep and Enhanced Savings Program (ESP) balances were flat in April compared to March," said Chair and CEO Paul Reilly.

Raymond James ( RJF ) stock slipped 0.7% in Wednesday after-hours trading.

Clients' domestic cash sweep and ESP balances were $52.0B at April 30, 2023, vs. $52.2B at March 31 and $73.9B at April 30, 2022. As of May 19, those balances increased to $56B, primarily on strong growth of ESP balances, Reilly said.

"While the pipeline is healthy, investment banking activity continues to be subdued in the current market environment," he said .

Net bank loans were $43.5B, down slightly from $43.7B at March 31 and up from $28.5B at April 30, 2022.

In Q1 2023, RJF's adjusted EPS and revenue missed the consensus estimates.

SA contributor Wellbeck Ash Research last month called Raymond James ( RJF ) a diversified bank trading at a discount, suggesting the potential for upside.

For further details see: