Why Raymond James Financial Stock Soared 18.4% This Week
The share price of Raymond James Financial (NYSE: RJF) jumped 18.4% this week, climbing to $119 per share from last Friday's close through today's closing bell, according to S&P Global Market Intelligence. The stock has been one of the top performers on the market this year, up 18% year to date.
The financial services firm topped the major indexes, as the Dow Jones Industrial Average was up 5.7%, the S&P 500 climbed 3.9%, and the Nasdaq Composite gained 2.2% this week from last Friday's close.
This is a big week for earnings, and while a lot of big tech companies disappointed, Raymond James did not. For its fiscal fourth quarter, the firm had record net revenue of $2.8 billion, up 5% year over year and 4% from the previous quarter. Revenue was buoyed by record net loans of $43 billion, up 73% year over year, and a 210% year-over-year jump in net interest income due to interest rate increases. Net interest margin increased 99 basis points from the third quarter of 2021 to 2.91%. It got a boost from the recent acquisition of TriState Capital Bank.
Source Fool.com
