Shares of Raymond James Financial, Inc. RJF have gained 1.5% since its announcement of enhanced capital deployment plans, including a dividend hike and a new share buyback program, last week. RJF's board of directors has announced a quarterly cash dividend of 42 cents per share, representing an increase of 24% from the prior payout. The new dividend will be paid out on Jan 17, 2023, to shareholders on record as of Jan 3, 2023.Based on the increased rate, the annual dividend came to $1.48 a share, resulting in an annualized yield of 1.41%, considering Raymond James' closing price of $119.16 as of Dec 2. This yield is attractive for income investors and offers a steady source of income.Raymond James has a track record of regularly raising dividends over the last decade. Prior to the recent hike, the company had announced a 31% increase in its quarterly dividend to 34 cents in December 2021.RJF raised its quarterly dividend six times in the last five years. Also, it has a five-year annualized dividend growth rate of 14.5%. Currently, the company's payout ratio is 18% of earnings.Also, Raymond James' board authorized the repurchase of its shares of common stock, aggregating to $1.5 billion, with no expiration date. The authorization is higher and replaces the previous buyback authorization of $1 billion announced last December. Under the previous program, around $800 million remained as of Dec 1, 2022.Given a robust capital position and lower dividend payout ratio compared with its peers, the company is expected to sustain efficient capital deployment activities. Such moves are likely to drive shareholder confidence in the stock.Further, RJF remains focused on inorganic growth moves, supported by its strong liquidity position. This July, it acquired SumRidge Partners, which will boost its fixed-income capabilities. In June, it concluded the acquisition of TriState, while in January, it closed the acquisition of U.K.-based Charles Stanley Group PLC. These deals, along with several past ones, poise Raymond James well for future growth.The volatile nature of the investment banking business makes us apprehensive about Raymond James' prospects, as the performance of the business depends on market developments, client volumes and several geopolitical factors, which are subject to changes. Mounting expenses are expected to hurt the company's bottom line.So far this year, shares of Raymond James have rallied 18.7% against a 4.4% decline of its industry. Image Source: Zacks Investment ResearchCurrently, Raymond James carries a Zacks Rank #4 (Sell).You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Other Finance Stocks That Raised Dividends RecentlyFarmers National Banc Corp.’s FMNB board of directors approved a hike in the quarterly cash dividend. The new dividend of 17 cents per share represents an increase of 6.3% from the prior payout. The dividend will be paid out on Dec 30 to shareholders on record as of Dec 9.FMNB has a record of continuously raising dividends. Prior to this hike, the company increased the dividend from 14 cents per share to 16 cents in February 2022.Bank7 Corp.’s BSVN board of directors approved a hike in the quarterly dividend. The new dividend of 16 cents per share represents a hike of 33.3% from the prior payout. The dividend will be paid out on Jan 5, 2023, to shareholders of record as of Dec 23, 2022.This is the third consecutive annual increase in BSVN’s quarterly cash dividend. Prior to this hike, the company increased its dividend by 10% to 12 cents per share in December 2021. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Raymond James Financial, Inc. (RJF): Free Stock Analysis Report Farmers National Banc Corp. (FMNB): Free Stock Analysis Report Bank7 Corp. (BSVN): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research