Raymond James Financial (RJF)
Advisor-led wealth management supported by capital markets, asset management, and banking.
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Provides wealth management through employee and independent advisors, alongside investment banking, institutional brokerage, asset management, and banking. Its largest business earns mainly asset-based and administrative fees, while results also depend on capital-markets activity, interest rates, client cash allocations, and credit conditions.
Connects individual investors with employee and independent financial advisors through Private Client Group, its largest business. Capital Markets provides investment banking, advisory, brokerage, research, and institutional sales and trading. Asset Management runs multi-boutique investment strategies and fee-based programs, including Clark Capital, while the Bank segment provides deposits and lending through Raymond James Bank and TriState Capital Bank.
Operates predominantly in the United States, with smaller businesses in Canada, the United Kingdom, and continental Europe. The dual advisor model gathers client assets that support recurring asset-management and administrative fees, while capital markets and banking add transaction and interest income. Results are tied to market levels, client cash allocations, interest rates, credit conditions, and investment-banking activity. Broker-dealers, investment advisers, and bank subsidiaries operate under distinct securities and banking regimes.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 1, 2026 | Raymond James | Initiate | Rating: —Target: $179 | Target: $160 |
| Sep 1, 2026 | Truist Financial | Target | Target: — | Target: $188 |
| Jul 27, 2026 | UBS | Reiterate | Rating: —Target: $175 | Target: $184 |
| Jul 23, 2026 | Raymond James | Reiterate | Rating: —Target: $175 | Target: $179 |
| Jul 10, 2026 | Raymond James | Target | Target: $192 | Target: $174 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $19.70B · Total debt $5.30B · Total assets $94.20B · Shareholders' equity $12.70B
- Revenue
- $4.36B
- Operating income
- $750.0M
- Net income
- $595.0M
HistoryDividendAnnual yieldUpcoming
| Institutions | 79.50% | 152.93M shares | |
|---|---|---|---|
| 929 holders · as of Jun 30, 2026 | |||
| Insiders | 10.63% | 20.44M shares | |
| 29 holders · as of Aug 31, 2026 | |||
| Other | 9.87% | 18.98M shares | |
| remainder | |||
192.36M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Thomas A. James1Insider10 percent owner | 10.05% | 19.99M | filed Dec 18, 2023 |
BlackRock, Inc.Institution | 7.46% | 14.34M | as of Jun 30, 2026 |
PRIMECAP Management CompanyInstitution | 6.79% | 13.06M | filed Feb 9, 2023 |
Vanguard Capital Management LLCInstitution | 5.84% | 11.24M | as of Jun 30, 2026 |
Wellington Management Group LLPInstitution | 4.91% | 9.45M | as of Jun 30, 2026 |
- Thomas A. James's transaction reports restate only vehicles that traded; the 2022 ownership statement (19.99M) less the 661.5K net shares sold since is used instead.
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 28, 2026 | Bella Loykhter Allaire | officer: Chief Admin Officer | −7,500 | $177.60 |
| Jul 28, 2026 | Tashtego S. Elwyn | officer: President, PCG | −10,000 | $176.06 |
| Jul 27, 2026 | Steven M. Raney | officer: Executive Chair RJBank | −5,770 | $172.97 |
| Mar 19, 2026 | Bella Loykhter Allaire | officer: Chief Admin Officer | −29,551 | $142.34 |
| Feb 4, 2026 | Jonathan N. Santelli | officer: EVP, General Counsel | −4,500 | $170.46 |
- LPL Financial
Largest US independent BD; contests RJF's IC-advisor channel directly.
- Morgan Stanley
Wirehouse giant; $6.2T wealth AUA, competes for FAs and UHNW clients.
- Ameriprise Financial
Mirror-image advisor + multi-boutique AM model; 10,000+ FAs, $1.5T AUMA.
- Stifel Financial
Non-NYC full-service regional; direct wealth mgmt + middle-market IB overlap.
- Piper Sandler
Middle-market IB specialist; overlapping sector M&A mandates.
- Houlihan Lokey
Mid-market M&A and restructuring leader; contests RJF capital markets mandates.
- Affiliated Managers Group
Multi-boutique AM holding company; mirrors RJIM's model at $680B+ AUM.
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Raymond James Financial | $158.76 | −3.89% | $31.73B | 14.4 | 11.5 | 1.9 | +3.8% |
| LPL Financial | $308.78 | −7.07% | $26.58B | 26.5 | 11.4 | 1.4 | +35.2% |
| Morgan Stanley | $200.20 | −2.87% | $325.12B | 16.8 | 15.1 | 2.6 | +36.8% |
| Ameriprise Financial | $511.86 | −4.45% | $48.16B | 12.9 | 10.4 | 2.4 | +14.6% |
| Stifel Financial | $73.74 | −2.61% | $11.48B | 8.9 | 10.6 | 1.7 | +13.2% |
| Piper Sandler | $73.00 | −1.18% | $4.99B | 17.1 | 14.7 | 2.4 | +22.2% |
| Houlihan Lokey | $131.47 | −0.86% | $9.27B | 22.3 | 17.3 | 3.7 | −15.6% |
| Affiliated Managers Group | $359.76 | −1.34% | $9.63B | 12.6 | 9.1 | 3.8 | +29.9% |
| Median | 16.8 | 11.4 | 2.4 | +22.2% |