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Saint Petersburg, Florida-based Raymond James Financial, Inc. (RJF) provides private client group, capital markets, asset management, banking, and other services. Valued at $31.1 billion by market cap, the company offers its services to individuals, corporations, and municipalities in the U.S., Canada, and Europe.
Shares of this leading diversified financial services company have outperformed the broader market over the past year. RJF has gained 27.9% over this time frame, while the broader S&P 500 Index ($SPX) has rallied nearly 17.6%. However, in 2025, RJF stock is down 2.4%, compared to SPX’s 1.7% rise on a YTD basis.
Zooming in further, RJF’s outperformance is also apparent compared to the Financial Select Sector SPDR Fund (XLF). The exchange-traded fund has gained about 26.5% over the past year. However, the ETF’s 5.5% gains on a YTD basis outshine the stock’s losses over the same time frame.
RJF has been outperforming due to strategic acquisitions that enhance its product offerings and diversify its revenue streams. The company's solid liquidity position allows for sustainable capital distribution activities. The revival of the investment banking business is expected to drive fee growth. Moreover, results have been strong, with robust performance in capital markets and solid performance in other segments. Overall, RJF’s global diversification, strategic acquisitions, and high rates are set to support continued top-line growth.
On Jan. 29, RJF shares closed up marginally after reporting its Q1 results. Its adjusted EPS of $2.93 surpassed Wall Street estimates of $2.75. The company’s revenue was $3.54 billion, outpacing Wall Street forecasts of $3.48 billion.
For the current fiscal year, ending in September, analysts expect RJF’s EPS to grow 11.1% to $11.17 on a diluted basis. The company’s earnings surprise history is mixed. It beat the consensus estimate in three of the last four quarters while missing the forecast on another occasion.
Among the 15 analysts covering RJF stock, the consensus is a “Moderate Buy.” That’s based on six “Strong Buy” ratings, and nine “Holds.”
This configuration is more bullish than two months ago, with five analysts suggesting a “Strong Buy.”
On Feb. 20, TD Cowen analyst William Katz maintained a “Hold” rating on RJF with a price target of $172, implying a potential upside of 13.4% from current levels.
The mean price target of $175.43 represents a 15.7% premium to RJF’s current price levels. The Street-high price target of $201 suggests an ambitious upside potential of 32.5%.
