Raymond James Financial Inc., the Florida brokerage with 2,300 U.S. offices, rose the most since October 2009 in New York trading after its quarterly profit beat analysts’ estimates.
The shares advanced $2.38, or 7.1 percent, to $35.98 at 10:19 a.m. in New York. The stock was the biggest gainer in the Standard and Poor’s Midcap Financials Index.
Fiscal first-quarter net income jumped 90 percent to $81.7 million, or 65 cents a share, from $42.9 million, or 35 cents, in the year-earlier period, the St. Petersburg-based firm said in a statement after yesterday’s close of trading. That compares with the 53-cent average estimate of seven analysts surveyed by Bloomberg. Net revenue for the three months that ended Dec. 31 increased 18 percent to $814 million.
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