RJF - Raymond James fiscal Q3 earnings miss reflects slump in Capital Markets unit

Raymond James Financial ( NYSE: RJF ) fiscal Q3 earnings on Wednesday fell short of Wall Street expectations as it Capital Markets segment continued to be impacted by increased macro woes.

Overall, adjusted EPS of $1.61 at June 30 missed the average analyst estimate of $1.68 and drifted down from $1.62 at March 31 and $1.88 at June 30, 2021.

Q3 revenue of $2.72B, though, exceeded the consensus of $2.66B and rose from $2.7B in Q2 and $2.5B in Q3 a year ago.

Capital Markets Q3 net revenues of $383M fell 14% over the same period of last year, as "activity continues to be negatively impacted by increased geopolitical and macroeconomic uncertainties,” said CEO and Chairman Paul Reilly. “The M&A pipeline remains healthy, but market conditions will heavily influence the pace of closings."

Private Client Group assets under administration of $1.07T in Q3 dipped 11% from Q2 and -3% from Q3 2021 amid market volatility.

Q3 tangible book value of $35.79 per share decreased from $36.46 in Q2 but increased from $34.36 in the year-ago quarter.

Conference call on July 28 at 8:15 a.m. ET.

Previously, (June 23) Raymond James client AUA rose 1% in May .

For further details see: