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ST. PETERSBURG — Raymond James Financial Inc. announced it will sell 10.5 million shares of common stock for $34 per share to help pay for its purchase of Morgan Keegan & Co.
The stock offering includes 1 million shares from stockholders selling their holdings, the company says. Shares of the firm (symbol: RJF) fell slightly after the company released a statement about the offering. The firm closed at $34.68 a share Feb. 14, down from $34.91 a share Feb. 13. Trading volume, however, increased sharply, from 540,008 shares Feb. 13 to 2.097 shares million Feb. 14.
Raymond James, an investment bank and wealth management firm, acquired Morgan Keegan & Co. for $930 million last month. Morgan Keegan was a subsidiary of Regions Financial Corp. The deal is expected to close by April.
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