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St. Petersburg’s Raymond James Financial nears $10 billion in revenue

The company’s latest earnings report broke numerous company records.
St. Petersburg's Raymond James Financial posted annual earnings of $9.76 billion on Wednesday.
St. Petersburg's Raymond James Financial posted annual earnings of $9.76 billion on Wednesday. [ Tampa Bay Times ]
Published Oct. 28
Updated Oct. 28

One of Tampa Bay’s largest public companies is inching ever closer to a major financial milestone: $10 billion in annual earnings.

St. Petersburg wealth management firm Raymond James Financial on Wednesday reported $9.76 billion in annual revenue and $1.4 billion in net income for the fiscal year ending Sept. 30, according to company records.

Most of the numbers posted Wednesday represented significant increases from 2020: Quarterly revenue ($2.7 billion, up 30 percent), financial advisers in the company’s Private Client Group (8,482, an increase of 243) and client assets under management ($1.18 trillion, up 26.9 percent).

“I remember, I forget how many quarters ago, we talked about a slowdown for one quarter, but it’d pick up. And it certainly did again,” CEO Paul Reilly said on a call with investors Thursday. “So we’ve been on this ramp-up for a couple of years.”

Reilly said some company expenses would rise in the coming months, as Raymond James adds advisers and technology upgrades, and more advisers and executives resume business travel in 2022.

Last week, Raymond James announced plans to purchase Pittsburgh holding bank TriState Capital Holdings for $1.1 billion in cash and stock. It’s also finalizing a purchase of British wealth management firm Charles Stanley. Both deals are expected to go through in 2022.

Related: Raymond James Financial acquiring TriState Capital in $1.1 billion deal

“The things that drove (growth) last year still look in place coming into this next quarter,” Reilly said. “How long it continues, I don’t know. We all know this kind of growth in the market isn’t forever. There’s going to be cycles, and there could be shocks to the system. But I think we’re well-positioned ... to continue our growth, and if there’s a shock to the system, our capital and liquidity will put us in good stead.”

After rising above $100 per share when markets opened Thursday, Raymond James stock was at $98.71 by midafternoon.