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Raymond James posts 33 percent increase in profits

Raymond James Financial posted a 33 percent increase on profits in its second quarter driven by higher revenues from investment banking and advisory fees.

However, the St. Petersburg brokerage firm's net income of $104.6 million, or 72 cents per share, was five cents shy of consensus estimates from analysts, Seeking Alpha reported. Record quarterly revenues of $1.2 billion, up 12 percent from the year-ago period, exceeded analysts' expectations by $20 million.

CEO Paul Reilly said higher expenses and a seasonal slowdown in mergers and acquisition activity prevented Raymond James from recording higher pre-tax margins.

Year-ago comparisons were skewed because that quarter included expenses connected with the Morgan Keegan integration and a large gain from the sale of an equity investment in Albion Medical Holdings.

The report was released after the close of market Wednesday.

Raymond James posts 33 percent increase in profits 04/23/14 [Last modified: Tuesday, April 29, 2014 2:53pm]
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