St James's Place PLC (LSE:STJ) shares dropped 4% as investors took profits following a strong rally, with the stock more than doubling from last year’s lows.
Despite robust full-year results, the lack of fresh catalysts led some to cash in.
The wealth manager swung to a £398.4 million pre-tax profit, reversing a £9.9 million loss from the previous year.
Gross inflows rose to £18.4 billion, up from £15.4 billion, while assets under management reached £194.9 billion. The firm also surpassed the 1 million client milestone.
Analysts noted that underlying cash profits slightly exceeded expectations and that St James’s Place remains on track with its pricing overhaul and past business review.
CEO Mark FitzPatrick highlighted the company’s progress, stating that restructuring efforts and a refreshed strategy position it for further growth.
In early exchanges, the stock was off 50p at 1,081p. Peel Hunt restated its 'buy' advice.