Company Reports

We view Raymond James' strategy as appropriate. The firm is wisely focusing on its wealth management franchise, using its strength to fuel growth across its other segments.

Raymond James posted solid fiscal third-quarter earnings results, generating revenue of $3.93 billion (up 16% annually) and adjusted EPS of $3.14 (up 44%). Shares were roughly flat in July 22 aftermarket trading.

We view Raymond James' strategy as appropriate. The firm is judiciously focusing on its wealth management franchise, utilizing its strength to fuel growth across the firm's other segments.

We view Raymond James' strategy as appropriate. The firm is judiciously focusing on its wealth management franchise, utilizing its relative strength to fuel growth across its other segments.

Raymond James reported fiscal second-quarter 2026 earnings, with revenue of $3.86 billion and adjusted EPS of $2.83, representing 13% and 17% growth relative to the year-ago period, driven by strong $23 billion in organic net asset growth, a self-reported 5.8% annualized rate.

Shares in many public wealth management firms fell significantly during Feb. 10 trading as fears regarding AI disruption continue to spread, pushing beyond software and financial data companies into areas like wealth management, where disruptive risk remains significantly less clear.

We view Raymond James' strategy as appropriate. The firm is judiciously focusing on its wealth management franchise, utilizing its relative strength to fuel growth across its other segments.

Raymond James reported fiscal first-quarter 2026 earnings, with analysts focusing on softer investment banking results and elevated compensation costs, as operating income fell 3% from the year-ago period despite solid 6% revenue growth.

Raymond James reported solid fiscal fourth-quarter earnings, generating record annual revenue and earnings per share growth on the back of strong organic asset growth.

We view Raymond James' strategy as appropriate. The firm is judiciously focusing on its wealth management franchise, utilizing its relative strength to fuel growth across its other segments.

Raymond James reported fiscal third-quarter 2025 earnings, with investors homing in on net new asset growth and the recruiting environment for financial advisors.

We view Raymond James’ strategy as appropriate. The firm is judiciously focusing on its wealth management franchise, utilizing its relative strength to fuel growth across its other business segments.

We're transferring coverage of Raymond James Financial, a diversified financial services firm that predominately operates in the US wealth management industry.

We view Raymond James’ strategy as appropriate. The firm is judiciously focusing on its wealth management franchise, utilizing its relative strength to fuel growth across its other business segments.

Narrow-moat-rated Raymond James Financial reported decent fiscal second-quarter results, highlighted by continued net new client assets despite declining market sentiment. The company reported net income to common shareholders of $493 million, or $2.36 per diluted share, on $3.4 billion of net revenue. Net revenue sequentially declined 4%, driven chiefly by investment banking weakness as heightened economic uncertainty pared deal activity. Upon incorporating these results, we view shares as modestly undervalued following the recent selloff alongside broader equity markets and will maintain our $147 fair value estimate.

Raymond James’ results in recent years outperformed many of its peers’ due to its relatively large and steady wealth management business, recent acquisitions and higher net interest income as the US federal-funds rate rose. We continue to expect steady growth for the foreseeable future.

Narrow-moat Raymond James Financial reported record quarterly net revenue, and moderating interest-rate headwinds should allow its business lines to shine. The company reported net income to common shareholders of $599 million, or $2.86 per diluted share, on $2.5 billion of net revenue for its fiscal first quarter ended in December. Net revenue increased 17% from the previous year and 2% sequentially, with gains in asset management and investment banking revenue offsetting modest declines in interest-rate-related revenue. We are maintaining our $147 fair value estimate and assess the shares as slightly overvalued after the runup in price since October.

Raymond James’ results in recent years outperformed many of its peers’, as it has a relatively large and steady wealth management business, made multiple acquisitions in recent years, and booked higher net interest income as the US federal-funds rate rose. We continue to expect steady growth for the foreseeable future.

We are increasing our fair value estimate to $147 per share from $132 for narrow-moat-rated Raymond James Financial, which implies a forward price/earnings ratio of about 11.5 times and a price/book ratio of 2.5 times. Of the $15 increase in our fair value estimate, about $4 is from earnings since our previous valuation update, $8 is from increasing our normalized operating margin forecast, and the remaining $3 is from miscellaneous adjustments.

We believe the election of Donald Trump as president and Republican control of the US Senate and House will be largely positive for capital markets and investment-services firms. We will adjust our valuation models as government policies solidify, but with a rally of over 10% for multiple capital markets companies after the election, we believe potential tailwinds have largely been incorporated into share prices. We view most capital markets and investment-services firms as fairly valued to slightly overvalued.