January 19, 2011 / 9:46 PM / 7 years ago

CORRECTED - UPDATE 2-Raymond James fiscal Q1 profit up 90 percent

(Corrects headline to 90 percent instead of 61 percent (the error first occurred in Update 1); corrects paragraph one to 90 percent instead of 61 percent (the error first occurred in Update 1); corrects paragraph two to net income of $81.7 million or 65 cents per share instead of $69 million or 55 cents per share (the error first occurred in Update 1); corrects paragraph three to show that Thomson Reuters I/B/E/S estimate was 53 cents instead of 52 cents; corrects paragraph five to show that total revenue rose 18 percent to $830 million instead of 13 percent to $763 million)

* Q1 EPS of $0.65 vs. $0.35 a year prior

* Total revenue $830 mln vs. $702 mln year ago (Adds details on analyst estimates, revenue, background)

NEW YORK, Jan 19 (Reuters) - Raymond James Financial Inc (RJF.N) on Wednesday reported a 90 percent increase in fiscal first-quarter profit, as rebounding markets last year fueled higher brokerage and investment banking revenue.

The St. Petersburg, Florida, investment bank and brokerage firm said net income rose to $81.7 million, or 65 cents a share, from $43 million, or 35 cents, in the year-earlier period.

Analysts on average had expected Raymond James to earn 53 cents a share in the quarter, according to Thomson Reuters I/B/E/S.

Raymond James is one of the largest independent brokerages still in business since the 2008 banking crisis, with 5,334 financial advisers across the United States, Canada and Britain helping retail investors manage $249 billion of assets under administration.

    Total revenue in the first quarter rose 18 percent to $830 million.

    The results were announced after the New York Stock Exchange closing bell. The bank’s shares fell 1 percent to $33.85 on Wednesday and were slightly up in late trade.

    During the fourth quarter, its ranks of U.S. financial advisers fell by 52 to 4,729 after dropping by 11 advisers in the June quarter.

    Last month Raymond James agreed to buy Chicago-based brokerage Howe Barnes Hoefer & Arnett Inc — a deal that will add $1.9 billion in assets to its wealth management business. (Reporting by Joseph A. Giannone and Joe Rauch in Charlotte, North Carolina; Editing by Bernard Orr)

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