Raymond James Financial, Inc. (RJF, Financial) has announced significant developments in its financial strategy, as detailed in a recent press release dated December 3, 2024. The company's Board of Directors has declared a quarterly cash dividend of $0.50 per share for its common stockholders. This dividend is scheduled for payment on January 16, 2025, to shareholders who are recorded as of January 2, 2025.
In addition to the common stock dividend, the Board has also declared a quarterly cash dividend of $0.3984375 per depositary share for its 6.375% Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock (NYSE: RJF PrB). This dividend will be payable on January 2, 2025, to shareholders of record on December 16, 2024.
Furthermore, Raymond James Financial has authorized a new share repurchase program, allowing the company to buy back up to $1.5 billion of its common stock. This new authorization replaces the previous repurchase program announced on November 30, 2023, under which approximately $644 million remained available as of December 3, 2024. The repurchases will be conducted at the company's discretion, based on market conditions and other relevant factors, and may occur in the open market, through privately negotiated transactions, or otherwise, including under a Rule 10b5-1 plan.
The Board's authorization does not specify an expiration date, providing flexibility for the company to manage its capital structure effectively. All repurchased shares will be held as treasury shares, and the company is not obligated to repurchase any specific amount or number of shares, with the option to suspend or discontinue the program at any time.
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