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RJF · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Raymond James Financial, Inc. (RJF) stock moving?
RJF closed at $168.11 on Nov 10, up about 5.6% from $159.19 on Oct 22, after an intraday high of $172.87 on Nov 5 that reversed to a $164.82 close the same day. The stock is trading near its recent VWAP and at or above the two most recent price targets (Wells Fargo $169, Truist $165), which both carry neutral ratings and limit the case for upside from sell-side views. The Oct 29 session carried the heaviest volume in the window (about 1.84M shares) alongside the Oct 28 fiscal Q4 results filing and the Wells Fargo target cut, but the provided filing text does not include the reported figures, so earnings quality cannot be judged. Company-specific news skews positive: three recruiting moves add $3.4B in client assets, Raymond James advised on the Embark Student and Wealthgate transactions, and a Total Family relationship adds advisor tools. These items are individually small and their revenue impact is not quantified. Volume on Nov 10 (about 953K shares) was below the recent average near 1.2M, so the latest up-move is not confirmed by heavier trading.
News behind the analysis
- Raymond James Announces Trio of Recruiting Moves Adding $3.4 Billion in Client AssetsRaymond James recruited three new practices managing a combined $3.4 billion in client assets, expanding its advisor network.
- Raymond James Financial Advisory Role in National Bank of Canada's Acquisition of Embark Student Corp.Raymond James Ltd. served as financial advisor to Embark Student Corp. in its acquisition by National Bank of Canada.
- Total Family Announces Strategic Relationship with Raymond JamesTotal Family will provide its family legacy software and advisor training to Raymond James financial advisors.
- Raymond James & Associates Serves as Financial Advisor to WealthgateRaymond James & Associates acted as financial advisor to Wealthgate in a recent corporate transaction.
- Truist Securities Maintains Hold on Raymond James Finl, Lowers Price Target to $165Truist kept its Hold rating on Raymond James and cut its price target to $165, below the current share price.
- Wells Fargo Lowers Price Target on Raymond James FinancialWells Fargo kept its Equal-Weight rating and reduced its price target on Raymond James from $172 to $169.
- If You Invested $1000 In Raymond James Finl Stock 10 Years Ago, You Would Have This Much TodayRaymond James has outperformed the market over 10 years by 1.28% annualized, with an average annual return of 14.7%.
About Raymond James Financial, Inc.
Raymond James Financial is a diversified financial services firm based in St. Petersburg, Florida. It is best known for its large network of financial advisors, including many independent ones, who look after about $1.9 trillion of client assets. It also runs an investment bank, asset managers and banks such as Raymond James Bank and TriState Capital. In fiscal 2026, which ended in September, it posted its sixth straight year of record results, with net revenue of about $15.8 billion.
How it makes money
The Private Client Group, its wealth management business, is the biggest unit and brings in roughly 70% of net revenue. Most of that comes from asset management and administrative fees on fee-based accounts, which run about $2 billion a quarter, plus commissions and interest it earns on client cash. The Capital Markets unit adds investment banking fees (over $1.1 billion in fiscal 2026) and fixed-income and equity trading. The Bank segment earns interest on about $57 billion of loans, many of them backed by securities or residential mortgages. The Asset Management segment earns fees on managed funds.
What usually moves RJF
- Stock and bond market levels, which set fee-based asset values
- Interest rates and client cash balances
- Advisor recruiting and net new assets
- Investment banking and M&A deal activity
- Acquisitions and share buybacks