Raymond James Financial
RJF
$168.36
-0.79%
Raymond James Financial is a diversified financial services firm offering wealth management, investment banking, asset management, and capital markets services to individuals, corporations, and municipalities. It is a leading player in the U.S. wealth management industry, with a vast network of over 8,900 advisors managing more than $1.7 trillion in client assets, distinguishing it as a top-tier independent brokerage. The current investor narrative centers on the company's resilient revenue growth driven by its wealth management franchise, though recent market volatility and AI disruption fears have weighed on the stock, creating debate about its near-term growth trajectory and valuation.…
RJF
Raymond James Financial
$168.36
Related headlines
RJF 12-Month Price Forecast
Wall Street consensus
Most Wall Street analysts maintain a constructive view on Raymond James Financial's 12-month outlook, with a consensus price target around $182.67 and implied upside of +8.5% versus the current price.
Average Target
$182.67
0 analysts
Implied Upside
+8.5%
vs. current price
Analyst Count
—
covering this stock
Price Range
$160 - $205
Analyst target range
Raymond James is covered by 12 analysts, with a consensus recommendation of 'Buy' (mean rating 2.43 on a 1-5 scale where 1 is Strong Buy). The average price target is $182.67, implying approximately 8.5% upside from the current price of $168.36. The distribution shows 5 Buy, 4 Hold, and 3 Sell ratings, indicating a moderately bullish consensus. The target range spans from a low of $160.00 to a high of $205.00. The high target of $205 assumes continued strong wealth management growth and potential margin expansion, while the low target of $160 reflects risks from market volatility and regulatory pressures. Recent ratings from major firms (Morgan Stanley, Barclays, UBS) have been maintained at Equal Weight, Overweight, and Neutral respectively, with no recent downgrades, suggesting stability in analyst sentiment. The spread between low and high targets is 28%, indicating moderate uncertainty about the stock's future performance.
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RJF Technical Analysis
Raymond James is in a recovery uptrend after a sharp decline, with the stock up 5.6% over the past year but still trading 5.2% below its 52-week high of $177.66. The current price of $168.36 sits at 82% of the 52-week range (from low $138.82 to high $177.66), indicating a rebound from the lows but not yet challenging resistance. The 1-year price change of +5.6% underperforms the S&P 500's +18.4%, reflecting sector-specific headwinds. Short-term momentum is strong: the 1-month change is +6.0% and the 3-month change is +10.9%, both outpacing the S&P 500's 0.3% and 4.7% respectively. This acceleration suggests a potential trend reversal from the prior 6-month decline of -2.0%, though the relative strength versus the S&P 500 over 1 year remains negative at -12.8%, indicating the stock is still playing catch-up. The 52-week low of $138.82 provides key support, while the 52-week high of $177.66 is the immediate resistance. A breakout above $177.66 would signal a resumption of the longer-term uptrend, while a breakdown below $138.82 could trigger further downside. The stock's beta of 0.94 indicates it is slightly less volatile than the overall market, making it a relatively defensive holding within the financial sector.
Beta
0.94
0.94x market volatility
Max Drawdown
-20.1%
Largest decline past year
52-Week Range
$139-$178
Price range past year
Annual Return
+5.6%
Cumulative gain past year
| Period | RJF Return | S&P 500 |
|---|---|---|
| 1m | +6.0% | -0.5% |
| 3m | +10.9% | +4.9% |
| 6m | -2.0% | +9.7% |
| 1y | +5.6% | +18.4% |
| ytd | +2.9% | +9.0% |
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RJF Fundamental Analysis
Revenue growth has been solid, with the most recent quarter (Q2 2026) reporting $4.262 billion, up 12.4% year-over-year from $3.791 billion in the prior-year quarter. This marks an acceleration from the 9.1% growth seen in Q3 2025 and the 4.7% growth in Q4 2024, driven primarily by the Private Client Group segment ($2.827 billion) and RJ Bank ($816 million). The wealth management franchise remains the core growth engine, contributing over 66% of total revenue. Profitability is robust: net income for Q2 2026 was $544 million, with a net margin of 12.8%, while gross margin stood at a very high 90.5%. Operating margin was 17.2%, reflecting efficient cost management despite rising SG&A expenses of $3.124 billion. The company has been consistently profitable, with EPS of $2.76 in Q2 2026 versus $2.16 in the year-ago quarter, demonstrating margin expansion. The balance sheet is healthy: debt-to-equity is low at 0.36, and the current ratio of 0.32 is typical for a financial firm with high cash flows. Free cash flow over the trailing twelve months was $2.384 billion, providing ample liquidity for dividends and share buybacks. ROE stands at a solid 17.1%, indicating strong capital efficiency.
Quarterly Revenue
$4.3B
2026-03
Revenue YoY Growth
+12.4%
YoY Comparison
Gross Margin
90.5%
Latest Quarter
Free Cash Flow
$2.4B
Last 12 Months
Revenue & Net Income Trends (2 Years)
Revenue Breakdown
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Valuation Analysis: Is RJF Overvalued?
Since net income is positive, the primary valuation metric is the P/E ratio. The trailing P/E is 16.4x, while the forward P/E is 11.9x, implying that earnings are expected to grow significantly—the forward discount suggests the market is pricing in a 27% earnings increase. Compared to the industry average (not provided explicitly, but typically for capital markets firms around 15-18x), Raymond James trades at a slight discount on a trailing basis but a premium on a forward basis, reflecting growth expectations. The PEG ratio of 2.76x indicates the stock is priced above its earnings growth rate, suggesting it may be slightly overvalued relative to growth. Historically, the stock's trailing P/E has ranged from roughly 11x to 18x over the past five years. At 16.4x, it is near the higher end of that range, implying that the market is pricing in optimistic future earnings growth. The P/B ratio of 2.79x is also elevated versus historical averages near 2.2x, further suggesting a premium valuation.
PE
16.4x
Latest Quarter
vs. Historical
High-End
5-Year PE Range 10x~18x
vs. Industry Avg
N/A
Industry PE ~N/A*
EV/EBITDA
5.9x
Enterprise Value Multiple
