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Raymond James Financial, Inc.

Raymond James Financial, Inc. (RJF)

Raymond James Financial, Inc. (RJF), incorporated on January 24, 1974, is a financial holding company. The Company's subsidiaries include Raymond James & Associates, Inc. (RJ&A), Raymond James Financial Services, Inc. (RJFS), Raymond James Financial Services Advisors, Inc. (RJFSA), Raymond James Ltd. (RJ Ltd.), Eagle Asset Management, Inc. (Eagle), and Raymond James Bank, N.A. (RJ Bank). The Company operates through five segments: Private Client Group (PCG), Capital Markets, Asset Management, RJ Bank and the Other segment. The Private Client Group segment includes the retail branches of the Company's broker-dealer subsidiaries located throughout the United States, Canada and the United Kingdom. The Capital Markets segment includes institutional sales and trading in the United States, Canada and Europe. The Asset Management segment includes the operations of Eagle, the Eagle Family of Funds, Cougar Global Investments Limited (Cougar), the asset management operations of RJ&A, trust services of RJ Trust, and other fee-based asset management programs. RJ Bank segment provides corporate loans, securities based loans (SB) and residential loans. The Other segment includes principal capital and private equity activities, as well as certain corporate costs of RJF.

The Company's broker-dealer subsidiaries are engaged in various financial services businesses, including the underwriting, distribution, trading and brokerage of equity and debt securities and the sale of mutual funds and other investment products. In addition, other subsidiaries of RJF provide investment management services for retail and institutional clients, corporate and retail banking, and trust services.

Private Client Group

As of September 30, 2016, the Company's Private Client Group segment provided financial planning and securities transaction services to over three million client accounts through the branch office systems of RJ&A, RJFS, RJFSA, RJ Ltd. and in the United Kingdom through Raymond James Investment Services Limited (RJIS). As of September 30, 2016, the Company's two affiliation options for financial advisors are the employee option and the independent contractor option. Employee financial advisors provide services to individual clients. Its independent contractor financial advisor option is designed to allow its advisors build their businesses with as much or as little of its support as they determine they need. With specific approval, they are permitted to conduct, on a limited basis, certain other approved business activities, such as offering insurance products, independent registered investment advisory services, and accounting and tax services. Irrespective of the affiliation choice, its financial advisors offer a range of investments and services, including both third party and proprietary products, and a variety of financial planning services.

The Company's Private Client Group segment provides investment services and investment advisory services. Its United States financial advisors provide insurance and annuity products through its general insurance agency, Raymond James Insurance Group, Inc. The United States financial advisors offer a number of professionally managed load and no-load mutual funds. The Company provides margin loans to clients that are collateralized by the securities purchased or by other securities owned by the client. The Company provides custodial, trading, research and other back office support and services, (including access to clients' account information and the services of the Asset Management segment) to the independent contractor registered investment advisors with whom it is affiliated. It conducts securities lending activities through RJ&A, in which it borrows and lends securities from and to broker-dealers, financial institutions, and other counterparties. Through its Alternative Investments Group, it provides diversification strategies and products to qualified clients of its affiliated financial advisors.

Capital Markets

The Company's Capital Markets segment activities include institutional sales, securities trading, equity research, investment banking, syndicate and the syndication of investments. The Company offers various services under the Capital Markets segment, which include equity capital markets activities, fixed income activities and tax credit fund activities. It provides various investment banking services through activities, including public and private equity financing for corporate clients, and merger and acquisition advisory services. Its investment banking activities provide a range of strategic and financial advisory services. In its syndicate operations, the Company coordinates the marketing, distribution, pricing and stabilization of lead and co-managed equity underwritings. In addition to lead and co-managed offerings, this department coordinates its participation in transactions managed by other investment banking firms. Its domestic research department supports its institutional and retail sales efforts and publishes research on various companies. This research primarily focuses on the United States and Canadian companies in specific industries, including agricultural, consumer, energy, clean energy, energy services, financial services, healthcare, industrial, mining and natural resources, forest products, real estate, technology, and communication and transportation.

The Company earns institutional sales commissions from institutional clients who purchase both taxable and tax-exempt fixed income products, primarily municipal, corporate, government agency and mortgage-backed bonds. The Company carries inventories of taxable and tax-exempt securities to facilitate institutional sales activities. Its taxable and tax-exempt fixed income traders purchase and sell corporate, municipal, government, government agency, and mortgage-backed bonds, asset-backed securities, preferred stock, and certificates of deposit from and to its clients or other dealers. Its fixed income investment banking services include public finance and debt underwriting activities where it serves as a financial advisor, placement agent or underwriter to various issuers, including state and local government agencies (and their political subdivisions), housing agencies, and non-profit entities, including healthcare and higher education institutions.

The Company in order to facilitate client transactions, hedges a portion of its fixed income securities inventories, or to a limited extent for its own account, the Company enters into interest rate swaps and futures contracts. In addition, it conducts a matched book derivatives business where it may enter into derivative transactions, including interest rate swaps, options, and combinations of those instruments, primarily with government entities and not-for-profit counterparties. In this matched book business, for every derivative transaction it enters into with a client, it enters into an offsetting derivative transaction with a credit support provider that is a third party financial institution. The Company through its fixed income public finance operations, enters into forward commitments to purchase Government National Mortgage Association (GNMA) or Federal National Mortgage Association (FNMA) mortgage-backed securities (MBS). Such MBS securities are issued on behalf of various state and local housing finance agencies (HFA) clients and consist of the mortgages originated through their lending programs. In its syndication of tax credit investments, its subsidiaries acts as the general partner or managing member in partnerships and limited liability companies that invest in real estate project entities. The Company earns fees for the origination and sale of these investment products, as well as for the oversight and management of the investments over the statutory tax credit compliance period.

Asset Management

The Company's Asset Management segment provides investment advisory and asset management services to individual and institutional investment portfolios, and sponsors mutual funds under the name Eagle (Eagle Funds). The Company also provides services to its Private Client Group (PCG) clients and through Raymond James Trust, N.A. (RJ Trust). The Company earns advisory fees on both managed and non-discretionary asset-based accounts. In managed programs, it makes decisions on how to invest the assets in accordance with, such programs objectives. In non-discretionary asset-based programs, it provides administrative support to each plan, which may include trade execution, record-keeping and periodic investor reporting.

RJ Bank

The Company's RJ Bank segment (RJ Bank) provides corporate loans, securities based loans (SBL) and residential loans. RJ Bank is active in corporate loan syndications and participations. RJ Bank also provides Federal Deposit Insurance Corporation (FDIC) insured deposit accounts to clients of its broker-dealer subsidiaries and to the general public. RJ Bank generates net interest revenue principally through the interest income earned on loans and investments, which is offset by the interest expense it pays on client deposits and on its borrowings. RJ Bank operates from a branch location adjacent to RJF's corporate office complex in St. Petersburg, Florida. Access to RJ Bank's products and services is available nationwide through the offices of its affiliated broker-dealers, as well as through electronic banking services. RJ Bank's assets include commercial and industrial (C and I) loans, commercial and residential real estate loans, tax-exempt loans, as well as loans collateralized by marketable securities. As of September 30, 2016, Corporate loans represented approximately 70% of RJ Bank's loan portfolio, of which 95% are the United States and Canadian syndicated loans. Residential mortgage loans are originated or purchased and held for investment or sold in the secondary market.

Other

The Company's Other segment includes its principal capital and private equity activities, as well as certain corporate overhead costs of RJF, such as the interest cost on its senior notes payable, and the acquisition and integration costs associated with certain acquisitions. Its principal capital and private equity activities include various direct and third party private equity investments; employee investment funds (the Employee Funds), and various private equity funds, which it sponsors.

Fundamentals

Optimized Dividends

Annual Dividends

Year Amount Change
2006 0.0c
2007 0.0c 0%
2008 0.0c 0%
2009 0.0c 0%
2010 0.0c 0%
2011 13.0c 100%
2012 54.0c 315.4%
2013 28.0c (48.1%)
2014 64.0c 128.6%
2015 72.0c 12.5%
2016 80.0c 11.1%
2017 88.0c 10.0%
2018 110.0c 25.0%
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Dividends

Ex-Div Date Pay Date Year Type Frequency Status Amount
29 Mar 2012 16 Apr 2012 2011 Interim Quarterly Paid 13c
28 Jun 2012 17 Jul 2012 2012 Interim Quarterly Paid 13c
27 Sep 2012 15 Oct 2012 2012 Interim Quarterly Paid 13c
28 Dec 2012 16 Jan 2013 2012 Interim Quarterly Paid 14c
27 Mar 2013 15 Apr 2013 2012 Interim Quarterly Paid 14c
27 Jun 2013 15 Jul 2013 2013 Interim Quarterly Paid 14c
27 Sep 2013 15 Oct 2013 2013 Final Quarterly Paid 14c
30 Dec 2013 16 Jan 2014 2014 Interim Quarterly Paid 16c
28 Mar 2014 15 Apr 2014 2014 Interim Quarterly Paid 16c
27 Jun 2014 15 Jul 2014 2014 Interim Quarterly Paid 16c
29 Sep 2014 15 Oct 2014 2014 Final Quarterly Paid 16c
30 Dec 2014 15 Jan 2015 2015 Interim Quarterly Paid 18c
30 Mar 2015 15 Apr 2015 2015 Interim Quarterly Paid 18c
29 Jun 2015 15 Jul 2015 2015 Interim Quarterly Paid 18c
29 Sep 2015 15 Oct 2015 2015 Final Quarterly Paid 18c
30 Dec 2015 15 Jan 2016 2016 Interim Quarterly Paid 20c
30 Mar 2016 15 Apr 2016 2016 Interim Quarterly Paid 20c
29 Jun 2016 15 Jul 2016 2016 Interim Quarterly Paid 20c
29 Sep 2016 17 Oct 2016 2016 Final Quarterly Paid 20c
29 Dec 2016 17 Jan 2017 2017 Interim Quarterly Paid 22c
30 Mar 2017 17 Apr 2017 2017 Interim Quarterly Paid 22c
29 Jun 2017 17 Jul 2017 2017 Interim Quarterly Paid 22c
29 Sep 2017 16 Oct 2017 2017 Final Quarterly Paid 22c
02 Jan 2018 17 Jan 2018 2018 Interim Quarterly Paid 25c
29 Mar 2018 16 Apr 2018 2018 Interim Quarterly Paid 25c
29 Jun 2018 16 Jul 2018 2018 Interim Quarterly Paid 30c
28 Sep 2018 15 Oct 2018 2018 Final Quarterly Paid 30c
02 Jan 2019 17 Jan 2019 2019 Interim Quarterly Paid 34c
29 Mar 2019 15 Apr 2019 2019 Interim Quarterly Paid 34c
28 Jun 2019 15 Jul 2019 2019 Interim Quarterly Paid 34c
30 Sep 2019 15 Oct 2019 2019 Final Quarterly Paid 34c
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