Raymond James Shares Rise On May Operating Results

BOSTON (AP) — Shares of Raymond James Financial Inc. rose Friday after the financial services company reported positive trends in its May operating results, including rising brokerage commissions, growing client asset totals and increased underwriting activity.

Shares of St. Petersburg, Fla.-based Raymond James rose 40 cents, or 2.4 percent, to $17.10 in afternoon trading.

Fox-Pitt Kelton analyst David Trone wrote in a research note that May operating results Raymond James released after markets closed Thursday "continued the positive trends seen in April. On balance, we view the update as positive for the shares, due to better than expected commissions and investment banking performance."

Commissions and fees that Raymond James earned in May rose about 10 percent compared with April, adjusted for the smaller number of trading days in May.

The value of Raymond James clients' assets rose 6 percent last month to $193.8 billion, "roughly as expected, given the market rebound in May," Trone wrote.

He also cited the 12 investment banking deals in which Raymond James played an underwriting role in May, compared with seven in April.