Analyst Consensus ?
ConsensusHold27 ratings
Bullish1244.4%
Neutral1555.6%
Bearish00.0%
Raymond James Financial, Inc. · RJF · FY2024 Q4 · Calendar Q4 2024
Raymond James: Recruiting and M&A Support FY2025 Outlook
The analysis supports a constructive but conditional view: advisor recruiting, fee-based asset growth and a recovering M&A pipeline support the business outlook, while execution, loan demand and expense control remain important tests.
Reported After market closeNYSEFinancial Services
$30.12B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$2.95
Consensus $2.41
EPS surprise
+22.4%
Reported versus consensus
Reported revenue
$561.0M
Consensus $3.32B
Revenue surprise
-83.1%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
+7.3%
Event window
SPY move
+0.2%
Same window
Abnormal move
+7.1%
Stock minus SPY
Volume
2.0×
Versus trailing sessions
Subsequent drift
+11.1%
Up to 20 sessions
RJFSPY benchmark
Ask FN2 about RJF FY2024 Q4
Transcript, numbers and history already loaded
Why did RJF rise 7.3% after beating EPS estimates in FY2024 Q4?What changed in RJF's guidance and outlook in FY2024 Q4?Give me the bull and bear case for RJF after FY2024 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Relative to the prior-quarter analysis, the current call emphasized a stronger recruiting contribution, improving M&A revenue and continued technology investment. It also identified expected asset transfers from departing OSJs and continued sensitivity to rates and loan demand.
Guidance delta
Management maintained its guidance stance; the analysis does not identify a quantified change.
Key takeaways
- Management described record fiscal-year results and strong client-asset growth.
- Advisor recruiting and large book integrations remain central growth drivers.
- M&A activity improved, while loan demand and technology spending remain watch items.
Management priorities
- Maintain advisor recruiting and pursue large-team additions.
- Invest in technology and platform enhancements.
- Pursue selective acquisitions and continue share repurchases as capital permits.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$153.44Current
$123Low
$160.94Average
$205High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 19, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Truist Securities | Hold | Hold | Maintain | Oct 13, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Oct 9, 2026 |
| UBS | Neutral | Neutral | Maintain | Oct 7, 2026 |
| Barclays | Overweight | Overweight | Maintain | Oct 7, 2026 |
| BMO Capital | Market Perform | Market Perform | Maintain | Oct 6, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Oct 5, 2026 |
| B of A Securities | Neutral | Neutral | Maintain | Oct 5, 2026 |
| TD Cowen | Hold | Hold | Maintain | Sep 1, 2026 |
| Argus Research | Buy | Buy | Maintain | Jul 30, 2026 |
| Citizens | Market Outperform | Market Outperform | Maintain | Jul 23, 2026 |
| Jefferies | Hold | Hold | Maintain | Apr 6, 2026 |
| Keefe, Bruyette & Woods | Market Perform | Market Perform | Maintain | Oct 23, 2025 |
| JMP Securities | Market Outperform | Market Outperform | Maintain | Oct 23, 2025 |
| Citigroup | Neutral | Neutral | Maintain | Sep 22, 2025 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Jul 11, 2025 |
| Goldman Sachs | Buy | Buy | Maintain | Apr 3, 2025 |
| Wolfe Research | Peer Perform | Outperform | Downgrade | Jul 8, 2024 |
| Credit Suisse | Neutral | Neutral | Maintain | Apr 27, 2023 |
| Seaport Global | Buy | Neutral | Upgrade | Jan 28, 2022 |
| Compass Point | Neutral | Buy | Downgrade | May 1, 2020 |
| Buckingham Research | Buy | Buy | Maintain | Oct 26, 2018 |
| Buckingham | Buy | Buy | Maintain | Oct 26, 2018 |
| Keefe Bruyette & Woods | Outperform | Market Perform | Upgrade | Feb 27, 2018 |
| Nomura | Buy | Buy | Maintain | Jul 13, 2017 |
| Macquarie | Neutral | Neutral | Maintain | Jan 22, 2016 |
| Susquehanna | Positive | Positive | Maintain | Jul 15, 2015 |
| S&P Capital IQ | Strong Buy | Buy | Upgrade | Jul 9, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $153.44. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Truist Financial | David Smith | $166 | $156.58 | +8.2% | Oct 13, 2026 |
| Raymond James | Analyst unavailable | $197 | $159.53 | +28.4% | Oct 7, 2026 |
| UBS | Analyst unavailable | $179 | $159.53 | +16.7% | Oct 7, 2026 |
| Wells Fargo | Daniel Welden | $172 | $159.76 | +12.1% | Oct 1, 2026 |
| Raymond James | Analyst unavailable | $160 | $178.17 | +4.3% | Sep 1, 2026 |
| Truist Financial | David Smith | $188 | $178.17 | +22.5% | Sep 1, 2026 |
| UBS | Analyst unavailable | $184 | $172.75 | +19.9% | Jul 27, 2026 |
| Raymond James | Michael Cho | $179 | $164.91 | +16.7% | Jul 23, 2026 |
| Raymond James | Brennan Hawken | $175 | $165.16 | +14.1% | Jul 23, 2026 |
| Raymond James | Devin Ryan | $205 | $168.01 | +33.6% | Jul 23, 2026 |
| Raymond James | Analyst unavailable | $174 | $169.45 | +13.4% | Jul 10, 2026 |
| Raymond James | Analyst unavailable | $192 | $169.9 | +25.1% | Jul 9, 2026 |
| Raymond James | Analyst unavailable | $200 | $165.35 | +30.3% | Jul 9, 2026 |
| UBS | Michael Brown | $175 | $166.58 | +14.1% | Jul 8, 2026 |
| Raymond James | Analyst unavailable | $155 | $143.22 | +1.0% | May 28, 2026 |
| UBS | Analyst unavailable | $166 | $156.16 | +8.2% | Apr 23, 2026 |
| Raymond James | Analyst unavailable | $172 | $155.91 | +12.1% | Apr 23, 2026 |
| Raymond James | Michael Cyprys | $171 | $145.35 | +11.4% | Apr 10, 2026 |
| Raymond James | Analyst unavailable | $156 | $148.14 | +1.7% | Apr 9, 2026 |
| Raymond James | Analyst unavailable | $165 | $147.82 | +7.5% | Apr 8, 2026 |
| UBS | Analyst unavailable | $158 | $147.82 | +3.0% | Apr 8, 2026 |
| Raymond James | Analyst unavailable | $198 | $165.86 | +29.0% | Feb 1, 2026 |
| Raymond James | Analyst unavailable | $191 | $169.02 | +24.5% | Jan 28, 2026 |
| Raymond James | Michael Cyprys | $187 | $163.01 | +21.9% | Dec 22, 2025 |
| UBS | Michael Brown | $176 | $166.94 | +14.7% | Dec 11, 2025 |
| Raymond James | Analyst unavailable | $196 | $165.79 | +27.7% | Dec 10, 2025 |
| Raymond James | Analyst unavailable | $194 | $164.98 | +26.4% | Oct 23, 2025 |
| Raymond James | Brennan Hawken | $182 | $166.04 | +18.6% | Oct 23, 2025 |
| Raymond James | Analyst unavailable | $181 | $166.04 | +18.0% | Oct 23, 2025 |
| Raymond James | Devin Ryan | $190 | $162.06 | +23.8% | Oct 23, 2025 |
| Raymond James | Devin Ryan | $185 | $165.15 | +20.6% | Oct 9, 2025 |
| Raymond James | Analyst unavailable | $178 | $167.64 | +16.0% | Oct 7, 2025 |
| Raymond James | Analyst unavailable | $173 | $165.9 | +12.7% | Oct 2, 2025 |
| Raymond James | Analyst unavailable | $184 | $168.6 | +19.9% | Oct 1, 2025 |
| Raymond James | Devin Ryan | $180 | $159.31 | +17.3% | Jul 14, 2025 |
| Raymond James | Craig Siegenthaler | $159 | $137.26 | +3.6% | Apr 24, 2025 |
| Raymond James | Analyst unavailable | $161 | $144.19 | +4.9% | Mar 4, 2025 |
| Raymond James | Christopher Allen | $170 | $154.21 | +10.8% | Jan 10, 2025 |
| Raymond James | William Kirk | $150 | $149.05 | -2.2% | Oct 30, 2024 |
| Raymond James | Michael Cyprys | $132 | $136.51 | -14.0% | Oct 17, 2024 |
| Raymond James | Devin Ryan | $146 | $124.9 | -4.8% | Oct 9, 2024 |
| Wells Fargo | Christopher Harris | $138 | $115.95 | -10.1% | Sep 11, 2024 |
| Raymond James | Daniel Fannon | $123 | $119.51 | -19.8% | Jul 8, 2024 |
| Raymond James | William Kirk | $130 | $125.36 | -15.3% | May 24, 2024 |
| Raymond James | Bill Katz | $126 | $123.39 | -17.9% | May 24, 2024 |
| Seaport Global | Jim Mitchell | $139 | $129.61 | -9.4% | Apr 4, 2024 |
| Raymond James | Mark McLaughlin | $145 | $128.43 | -5.5% | Apr 2, 2024 |
| Raymond James | Mark McLaughlin | $122 | $106.83 | -20.5% | Sep 11, 2023 |
| UBS | Analyst unavailable | $125 | $110.71 | -18.5% | Jan 9, 2023 |
| Raymond James | Analyst unavailable | $130.07 | $67.71 | -15.2% | Apr 29, 2022 |
| Morgan Stanley | Manan Gosalia | $128 | $98.45 | -16.6% | Mar 14, 2022 |
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Start freeCompany context
Snapshot as of publicationRaymond James Financial, Inc. operates as a comprehensive financial services firm, extending a wide array of services to individuals, businesses, and governmental entities throughout the United States, Canada, and Europe. Its diverse operations are categorized into several key segments: Private Client Group, Capital Markets, Asset Management, Banking, and an "Other" category. The Private Client Group division equips clients with various investment solutions, personalized portfolio management, a selection of insurance and annuity products, and mutual funds. This segment also provides essential backing to third-party product partners, covering aspects like sales and marketing support, distribution, accounting, and general administrative assistance. Additionally, it facilitates margin loans and offers securities borrowing and lending services.…
Historical context
All RJF earningsFinancial Services peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| FITB Fifth Third Bancorp | FY2026 Q3 · Calendar Q4 2026 | — | +0.8% | Fifth Third completes Comerica integration as deposits and PPNR grow |
| IBN ICICI Bank Limited | FY2027 Q2 · Calendar Q4 2026 | +1.0% | — | ICICI Bank sustains strong growth, but funding weighs on margins |
| HDB HDFC Bank Limited | FY2027 Q2 · Calendar Q4 2026 | -2.0% | — | HDFC Bank: Strong deposits and asset quality, margins under pressure |
| MTB-PH M&T Bank Corporation | FY2026 Q3 · Calendar Q4 2026 | +2.2% | — | M&T Bank: Loan Growth Holds Up as Rates Pressure Margins |
| MTB-PJ M&T Bank Corporation | FY2026 Q3 · Calendar Q4 2026 | +2.2% | — | M&T: Deposit growth supports margins as AI use expands |
| RF-PE Regions Financial Corporation | FY2026 Q3 · Calendar Q4 2026 | +10.3% | — | Regions Financial: Fee Growth and Credit Quality Support Q3 |
Latest beats and misses
Who reports nextBeat on EPS
Missed on EPS
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One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2024-11-10T18:38:36.707185+00:00
- Polygon adjusted daily market bars · 2026-10-19T22:30:40.926559+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-19T22:30:40.923777+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-19. For educational purposes only; not investment advice.