Raymond James Financial

(RJF) - Get Report

completed the acquisition of Canadian investment firm

Goepel McDermid

for $48 million in cash and 1 million common shares.

Based on the current stock price of Raymond James, the acquisition is valued at about $84.25 million. Goepel McDermid, which is based in Vancouver, will change its name to Raymond James Ltd. in January.

Shares of Raymond James, St. Petersburg, Fla., recently traded at $36.25, down $1.69, or 4.5%, in

New York Stock Exchange

composite trading.