Raymond James Financial Increases Common Stock Repurchase Authorization To Up To $1.5B
Portfolio Pulse from Benzinga Newsdesk
Raymond James Financial has increased its common stock repurchase authorization to $1.5 billion, replacing the previous authorization of the same amount announced on December 1, 2022. As of November 30, 2023, about $700 million was remaining from the prior authorization.
November 30, 2023 | 9:48 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
Raymond James Financial has renewed its stock repurchase plan, maintaining the authorization at $1.5 billion, which effectively refreshes the amount available for buybacks to the full sum as the previous plan had $700 million remaining.
The renewal of the stock repurchase program at $1.5 billion, despite $700 million remaining from the previous authorization, indicates a strong commitment to returning value to shareholders. This action is typically viewed positively by the market as it can lead to earnings per share accretion and is often interpreted as a signal that the company believes its stock is undervalued. Therefore, it is likely to have a positive short-term impact on RJF's stock price.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100