As the craze of earnings season draws to a close, here’s a look back at some of the most exciting (and some less so) results from Q3. Today, we are looking at investment banking & brokerage stocks, starting with Raymond James (NYSE: RJF).

Investment banks and brokerages facilitate capital raises, mergers and acquisitions, and securities trading. The sector benefits from corporate activity during economic expansion, increased retail trading participation, and advisory opportunities in emerging sectors. Headwinds include economic cycle vulnerability affecting deal flow, compressed trading commissions due to electronic platforms, and regulatory capital requirements constraining certain higher-risk activities.

The 16 investment banking & brokerage stocks we track reported a very strong Q3. As a group, revenues beat analysts’ consensus estimates by 3.9% while next quarter’s revenue guidance was in line.

In light of this news, share prices of the companies have held steady as they are up 1.4% on average since the latest earnings results.

Raymond James (NYSE: RJF)

Founded in 1962 and headquartered in St. Petersburg, Florida, Raymond James Financial (NYSE: RJF) is a diversified financial services company that provides wealth management, investment banking, asset management, and banking services to individuals and institutions.

Raymond James reported revenues of $3.73 billion, up 7.7% year on year. This print exceeded analysts’ expectations by 2.7%. Overall, it was a very strong quarter for the company with a beat of analysts’ EPS and revenue estimates.

Unsurprisingly, the stock is down 3.3% since reporting and currently trades at $160.61.

We think Raymond James is a good business, but is it a buy today? Read our full report here, it’s free for active Edge members.

Best Q3: Morgan Stanley (NYSE: MS)

Founded in 1924 during the post-WWI economic boom by former JP Morgan partners, Morgan Stanley (NYSE: MS) is a global financial services firm that provides investment banking, wealth management, and investment management services to corporations, governments, institutions, and individuals.

Morgan Stanley reported revenues of $18.22 billion, up 18.5% year on year, outperforming analysts’ expectations by 9.2%. The business had an incredible quarter with a beat of analysts’ EPS estimates and a solid beat of analysts’ revenue estimates.

The market seems happy with the results as the stock is up 13.2% since reporting. It currently trades at $177.65.

Is now the time to buy Morgan Stanley? Access our full analysis of the earnings results here, it’s free for active Edge members.

Weakest Q3: Perella Weinberg (NASDAQ: PWP)

Founded in 2006 by veteran investment bankers Joseph Perella and Peter Weinberg during a wave of boutique advisory firm launches, Perella Weinberg Partners (NASDAQ: PWP) is a global independent advisory firm that provides strategic and financial advice to corporations, financial sponsors, and government institutions.

Perella Weinberg reported revenues of $164.6 million, down 40.8% year on year, falling short of analysts’ expectations by 8.4%. It was a disappointing quarter as it posted a significant miss of analysts’ revenue estimates and a significant miss of analysts’ EPS estimates.

Perella Weinberg delivered the weakest performance against analyst estimates and slowest revenue growth in the group. As expected, the stock is down 8.2% since the results and currently trades at $17.30.

Read our full analysis of Perella Weinberg’s results here.

Piper Sandler (NYSE: PIPR)

Tracing its roots back to 1895 and rebranded from Piper Jaffray in 2020, Piper Sandler (NYSE: PIPR) is an investment bank that provides advisory services, capital raising, institutional brokerage, and research for corporations, governments, and institutional investors.

Piper Sandler reported revenues of $455.3 million, up 29.4% year on year. This result topped analysts’ expectations by 7.5%. Overall, it was a stunning quarter as it also put up a solid beat of analysts’ revenue estimates and a solid beat of analysts’ Investment Banking segment estimates.

The stock is up 3.9% since reporting and currently trades at $339.74.

Read our full, actionable report on Piper Sandler here, it’s free for active Edge members.

Jefferies (NYSE: JEF)

Tracing its roots back to 1962 and rebranded from Leucadia National Corporation in 2018, Jefferies Financial Group (NYSE: JEF) is a global investment banking and capital markets firm that provides advisory services, securities trading, and asset management to corporations, institutions, and wealthy individuals.

Jefferies reported revenues of $2.05 billion, up 21.6% year on year. This print beat analysts’ expectations by 8.4%. It was an incredible quarter as it also produced a beat of analysts’ EPS estimates and an impressive beat of analysts’ revenue estimates.

The stock is down 7.1% since reporting and currently trades at $61.99.

Read our full, actionable report on Jefferies here, it’s free for active Edge members.

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