Updated 3/13/25
Raymond James Financial may not always steal the spotlight, but beneath the surface lies a company built on decades of steady, deliberate growth. Headquartered in St. Petersburg, Florida, RJF operates across wealth management, investment banking, asset management, and commercial banking. Over the years, the firm has quietly cemented its place as one of the most stable regional financial players in the country.
For dividend-focused investors, the appeal of RJF lies in its consistency. The business avoids risky bets, maintains a strong financial position, and rewards shareholders in a sustainable way. It’s the kind of stock you might not talk about often—but one you’re glad to own when the market gets rough.
Recent Events
Raymond James turned in an impressive performance recently. Revenue for the trailing twelve months reached $13.24 billion, a 14.6% increase from the prior year. Net income rose sharply as well, up 20.5%, bringing full-year earnings per share to $10.23.
That kind of momentum doesn’t go unnoticed. The stock has climbed over 15% in the past 12 months, outpacing the broader market. Investors are paying attention to RJF’s ability to thrive in a higher interest rate environment without taking undue risks.
Key Dividend Metrics
📅 Forward Dividend Yield: 1.38%
💰 Annual Dividend: $2.00 per share
📈 5-Year Average Yield: 1.43%
🔁 Payout Ratio: 18.07%
🚀 Dividend Growth Status: Active
📆 Ex-Dividend Date: April 1, 2025
📅 Payment Date: April 15, 2025
Dividend Overview
RJF’s dividend might not grab headlines, but it reflects a disciplined and shareholder-friendly approach. At 1.38%, the yield is modest, especially when compared to some high-yield peers. But the story here is quality over quantity. The current payout ratio is just over 18%, giving the company plenty of room to reinvest in the business or boost payouts in the future.
What’s more important is that RJF doesn’t overextend itself. The dividend isn’t just safe—it’s built on a foundation of conservative financial management. This approach appeals to investors who care about steady growth and sustainable income.
Dividend Growth and Safety
Raymond James has consistently raised its dividend over the years, though it doesn’t have the long streak that some dividend aristocrats boast. Still, it’s earned a reputation for reliability. With strong earnings growth and a conservative payout ratio, the company has the room and the resources to keep growing that dividend.
Its return on equity sits at a solid 19.11%, with return on assets at 2.67%. Combined with $15.64 billion in cash and relatively low debt, this gives RJF a rock-solid base. The company’s management clearly prioritizes financial strength—something dividend investors should appreciate.
Chart Analysis
Market Phase Breakdown
Raymond James Financial (RJF) is currently navigating a late-stage markdown phase that appears to be slowing down, potentially heading into early accumulation. Looking at the structure, the stock saw a clear markup starting in late October and accelerating sharply through December 2024. This bullish phase pushed the price from roughly 115 up to above 170—strong evidence of demand and upward momentum, confirmed by a steep rise in the 50-day moving average.
By January 2025, the chart began showing signs of distribution. Price action became choppy, and while it attempted to climb higher, those pushes were met with selling pressure, leading to a series of lower highs. What followed through February and into March was a decisive markdown, where the 50-day moving average curved downward, and price dropped through prior support zones with increased volume.
Now, as of mid-March, the stock appears to have found temporary footing just above the 200-day moving average. This could be an early sign of a secondary test in Phase B of Wyckoff accumulation, though it’s too early to confirm full transition. The current behavior looks like a possible support test and initial stabilization following the markdown.
Volume Clues
Volume activity adds more color. During the markdown, volume gradually increased on red days—especially during sharp drops—indicating heavier institutional or panic selling. But over the last several sessions, we’re seeing a volume taper, suggesting that the aggressive selling may be exhausting.
Interestingly, there’s no sharp spike in green volume yet, which would typically confirm that strong hands are stepping back in. For now, the lack of major green bars suggests any shift into accumulation is still early and unconfirmed. It’s more of a slowing of the decline than a full reversal.
RSI Behavior
The Relative Strength Index (RSI) dropped steadily throughout the markdown and is now hovering just above oversold territory, around the 30 mark. That tells us selling pressure has been dominant but might be bottoming out.
From a momentum standpoint, the RSI shows the stock is stretched to the downside but not yet flashing a clear reversal. It’s in a watch zone—where buyers might start nibbling but aren’t jumping in full force yet.
Recent Candle Activity
Looking at the most recent five candles, there’s a noticeable struggle between buyers and sellers. Each candle features long lower wicks, especially the most recent two. That suggests buyers are stepping in at lower levels, absorbing selling pressure and keeping the stock from sliding further.
However, the upper wicks show there’s still overhead resistance. Buyers are showing interest, but sellers are not completely out of the way. It’s a tug-of-war. That price action, combined with decreasing volume, points toward a short-term equilibrium trying to form.
Moving Averages
The 50-day moving average has turned lower and is now acting as a potential dynamic resistance line. The 200-day, however, is still rising and just below current price levels. This convergence of price and the longer-term moving average could act as a battleground. If price holds above the 200-day and stabilizes here, it would support the idea of early accumulation or base-building.
If it fails, and breaks below the 200-day on volume, that would invalidate the support test and suggest continuation of markdown.
Analyst Ratings
📊 Analysts have recently weighed in on Raymond James Financial (RJF), offering mixed but generally steady perspectives on the stock’s outlook. As of late March 2025, the consensus rating remains a Hold, based on input from a group of 12 analysts. Within that group, 8 suggest holding the stock, 3 lean toward a buy, and 1 backs it with a strong buy.
🎯 The average 12-month price target currently sits at $167.55, implying roughly 15% upside from the recent trading price of around $145.03. The consensus reflects cautious optimism, acknowledging RJF’s financial strength while also noting the broader market’s uncertainties.
📈 On January 6, 2025, Goldman Sachs raised its rating on RJF from neutral to buy and increased its price target from $161 to $185. The upgrade was based on accelerating earnings momentum, improving net interest income, and solid client asset growth. They also pointed to RJF’s strong positioning among regional wealth managers, especially in a rising rate environment.
⚠️ Just a day later, on January 7, JPMorgan shifted its rating from buy to hold, nudging its price target from $151 to $166. Their adjustment was more about short-term caution than any concern with the business itself. They cited expectations of market volatility and a tougher environment for capital markets activity, which could pressure near-term results.
🚀 On January 30, Bank of America reiterated its buy rating and pushed the price target higher, from $198 to $201. The move was driven by RJF’s consistently strong earnings growth and continued success in expanding fee-based assets, which are helping diversify revenue streams.
🔄 Most recently, on March 4, Morgan Stanley maintained an equal-weight rating while lifting the price target slightly from $149 to $161. While they acknowledged the company’s solid fundamentals, their view was that the stock is currently trading close to fair value and may need a fresh catalyst for a more aggressive upside move.
Overall, while analyst opinions differ slightly in tone, the shared thread is clear—Raymond James is financially sound, operating effectively, and poised for long-term growth. The near-term hesitations seem to stem more from broader market dynamics than from anything structurally wrong with the company.
Earning Report Summary
Raymond James kicked off its fiscal year with a strong first quarter, showing that its steady, client-focused approach continues to pay off. Revenue came in at $3.54 billion, which marked a 17 percent jump from the same quarter last year and a slight bump from the previous quarter. The key drivers here were higher fees from asset management and strong activity in investment banking—both areas where Raymond James has been quietly building momentum.
Net income available to common shareholders landed at $601 million, or $2.93 per diluted share. That number came in better than expected and showed healthy growth compared to the $2.32 per share they reported a year ago. What stood out even more was the return on common equity at 20.4 percent, with a nearly 25 percent adjusted return on tangible equity. That kind of efficiency in capital use is exactly what long-term investors like to see.
The firm also saw solid traction with client assets, hitting $1.56 trillion under administration, up 14 percent from a year ago. A lot of that was driven by favorable markets, but also by strong inflows—particularly into the Private Client Group, which brought in $14 billion in new assets. That division posted record revenue at $2.55 billion, up double digits year-over-year.
Capital Markets was another standout. That segment pulled in $480 million in revenue, up 42 percent from the same quarter last year. A good portion of that came from M&A activity, where the firm has been quietly building its reputation as a reliable advisor in complex deals.
On the financial side, the company continues to operate with a strong balance sheet. Total assets now sit just under $83 billion, with equity of $11.67 billion. There’s still a clear focus on growth, with continued investments in recruiting financial advisors and some talk of potential acquisitions to broaden their reach.
The quarter also marked a leadership change. Paul Shoukry is stepping in as CEO, taking over from Paul Reilly, who will move into the executive chair role. It’s a smooth handoff, planned in advance, and the kind that signals stability rather than disruption.
All in all, the report painted a picture of a firm that’s running on all cylinders—growing, staying disciplined, and continuing to deliver for both clients and shareholders.
Financial Health and Stability
One of RJF’s biggest strengths is its balance sheet. The company holds more than $15 billion in cash compared to $4.7 billion in debt. The current ratio is a healthy 2.13, suggesting strong liquidity and an ability to weather economic ups and downs.
Profit margins look strong, with an operating margin of 20.05% and a net margin of 16.39%. Those numbers reflect efficient operations and careful expense control—critical traits in a sector where small inefficiencies can erode profits.
Also worth noting is the level of institutional ownership. With over 76% of shares held by institutions, the stock benefits from a base of long-term investors who tend to focus on fundamentals rather than short-term price action.
Valuation and Stock Performance
Right now, RJF is trading at a trailing price-to-earnings ratio of 14.16, with a forward P/E of 13.61. That’s a reasonable valuation for a company with strong earnings and reliable growth. The PEG ratio stands at 1.77, suggesting the stock is fairly priced in relation to its expected growth.
From a technical perspective, RJF has been climbing steadily. Shares are currently around $145, still below the 52-week high of $174.32. This gives the stock room to run if momentum continues. The stock’s beta is 1.05, which means it generally moves in line with the broader market—not too volatile, but not entirely insulated either.
The price-to-book ratio is 2.51, slightly above average, but that premium reflects the market’s confidence in the company’s long-term earning power and stability.
Risks and Considerations
No stock is without risks, and RJF is no exception. Changes in interest rates, new regulations, or a broad market downturn could affect profitability. While the company has proven it can manage through tough cycles, it isn’t immune to the broader macro environment.
The financial services landscape is also evolving. Competitors—from large Wall Street firms to fast-moving fintech players—are always pushing the boundaries. RJF will need to keep adapting to protect its market share and margins.
One last thing for income-focused investors: the yield may not be high enough to satisfy those seeking immediate income. At just over 1%, the dividend won’t turn heads. But what it lacks in current yield, it makes up for in safety and the potential for long-term growth.
Final Thoughts
Raymond James is one of those stocks that doesn’t demand attention—but rewards those who stick around. It’s a well-run, disciplined firm with a strong balance sheet, growing earnings, and a reliable dividend. While it won’t deliver eye-popping yields, it offers something just as valuable: consistency.
For investors who prioritize sustainable dividends and financial strength over headline-grabbing numbers, RJF makes a compelling case. It’s the kind of stock you can hold quietly in a diversified portfolio, watching your income grow steadily over time.