Raymond James Financial Inc: F3Q26 Earnings: Good Quarter, Little Change to the Thesis

Research evidence excerpt

Raymond James Financial Inc: F3Q26 Earnings: Good Quarter, Little Change to the Thesis

Global Research

27 July 2026ab

Raymond James Financial Inc Equities

United StatesF3Q26 Earnings: Good Quarter, Little Change to

the Thesis Diversified Financial

12-month rating Neutral

12m price target US$184.00RJF's F3Q26 Adj. EPS of $3.14 beat UBSe and consensus

Prior : US$175.00

Raymond James reported F3Q results last week, with EPS above UBS and consensus.

Beat predominately came from investment banking (+$0.18), which benefitted from Price (24 Jul 2026) US$169.30

debt underwriting and advisory. A lower provision (+$0.15) and a tax benefit (+$0.15) RIC: RJF.N BBG: RJF US

contributed to result as well, but we see those as lower quality (for more see our first

look). Despite this, the quarter exhibited positive asset metrics with client asset growth Trading data and key metrics

of 22% y/y and 5.5% annualized NNA growth. Still, we see limited upside potential to 52-wk range US$176.43-140.89

our price target and thus reiterate our Neutral rating. Market cap. US$33.4b

Shares o/s 197m (COM)

Recruiting Moderates Yet Continues at a Healthy Pace Free float 90%

During the quarter, the firm recruited advisors representing $156 million of trailing-12- Avg. daily volume ('000) 542

month production and nearly $23 billion of client assets. This positions RJF ahead of the Avg. daily value (m) US$84.5

record pace set during recruiting year FY25. While recruiting success is not from any Common s/h equity (09/26E) US$12.8b

single source or channel, it is broad based and supported by RJF’s affiliation options. The P/BV (09/26E) 2.5x

pipeline remains strong and RJF is confident it can continue attracting new advisors Tier 1 ratio 23%

through both the independent and employee channels.