RJF

It has been about a month since the last earnings report for Evercore (EVR). Shares have lost about 6.6% in that time frame, underperforming the S&P 500. But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Evercore due for a breakout? Well, first let's take a quick look at the latest earnings report in order to get a better handle on the recent catalysts for Evercore Inc before we dive into how investors and analysts have reacted as of late. Evercore reported second-quarter 2026 adjusted earnings per share of $2.91, missing the Zacks Consensus Estimate of $3.02. However, the bottom line compared favorably with the prior-year quarter’s $2.42. Results were pressured by higher expenses. However, growth in revenues from the Investment Banking & Equities and Investment Management segments helped offset some of the impact. Additionally, the increase in assets under management provided further support to the overall performance. The results include certain non-recurring items. After considering this, net income attributable to common shareholders (GAAP basis) was $95.3 million, down from $97.2 million in the year-ago quarter. In the second quarter of 2026, the company reported record net revenues (adjusted) of $999.5 million, beating the Zacks Consensus Estimate of $993.5 million by 0.6%. The top line increased 19.2% from $838.9 million in the year-ago quarter. Total expenses increased 23.4% year over year to $843.6 million. The rise reflected increases in employee compensation and benefits, and non-compensation costs, along with special charges related to an estimated loss provision for non-U.S. employment taxes for prior periods. The adjusted compensation ratio was 63.5%, down from 65.4% in the prior-year quarter. The adjusted operating margin was 19%, up from 18.7% in the prior-year quarter. Investment Banking & Equities: Net revenues increased 19.1% year over year to $966.9 million. This rise was primarily due to increases in advisory fees, underwriting fees, and commissions and related revenues. However, operating income declined 2.4% to $142.5 million from $146 million in the year-ago quarter. Investment Management: Net revenues were $23.3 million, up 7.7% from the prior-year quarter. Operating income was $4.1 million, down 7.6% year over year. AUM was $16.2 billion as of June 30, 2026, growing 12% year over year. As of June 30, 2026, cash and cash equivalents were $1.3 billion, and investment securities and certificates of deposit were $1.1 billion. Current assets exceeded current liabilities by $1.9 billion as of the same date. Amounts due related to the notes payable were $540 million as of June 30, 2026. In the reported quarter, Evercore repurchased an aggregate of 0.3 million shares at an average price of $339.79 per share. It turns out, fresh estimates have trended downward during the past month. Currently, Evercore has a great Growth Score of A, though it is lagging a bit on the Momentum Score front with a B. Following the exact same course, the stock was allocated a score of B on the value side, putting it in the second quintile for this investment strategy. Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in. Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Interestingly, Evercore has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. Evercore belongs to the Zacks Financial - Investment Bank industry. Another stock from the same industry, Raymond James Financial, Inc. (RJF), has gained 0.7% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026. Raymond James Financial reported revenues of $3.93 billion in the last reported quarter, representing a year-over-year change of +15.6%. EPS of $3.14 for the same period compares with $2.18 a year ago. For the current quarter, Raymond James Financial is expected to post earnings of $3.38 per share, indicating a change of +8.7% from the year-ago quarter. The Zacks Consensus Estimate has changed +0.3% over the last 30 days. Raymond James Financial has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of D. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Evercore Inc (EVR) : Free Stock Analysis Report Raymond James Financial, Inc. (RJF) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Make better investment decisions with Simply Wall St's easy, visual tools that give you a competitive edge. Raymond James Financial stock has more than doubled investors' money over the past five years, yet at around US$169 per share the intrinsic value estimate from the Excess Returns model still points to a sizeable valuation gap while traditional earnings multiples look roughly in line with the market. A 110.7% total return over five years suggests Raymond James Financial has already rewarded long term holders, raising the bar for any new valuation upside to be justified by fundamentals. Expectations around the firm's ability to keep converting its wealth management and capital markets franchise into steady cash flows can support the valuation, but any pressure on profitability or higher capital needs may weigh on what investors are willing to pay. On Simply Wall St's broader checks, Raymond James Financial screens as undervalued in 5 of 6 valuation tests, suggesting the current price still embeds a relatively cautious set of assumptions. The stock's next move may depend on whether the current share price closes more of the gap to the intrinsic value estimate or instead proves to be an accurate reflection of what the market expects Raymond James Financial to deliver. Raymond James Financial delivered 1.8% returns over the last year. See how this stacks up to the rest of the Capital Markets industry. The Excess Returns model starts by comparing what Raymond James Financial earns on shareholder equity to the cost of that equity. On this view, the company is assumed to generate a stable earnings base of $14.71 per share on a book value of $64.56 per share, implying an average return on equity of 19.08% versus a cost of equity of $6.28 per share. That gap translates into an excess return of $8.43 per share, with stable book value projected at $77.10 per share based on analyst estimates. When those excess returns are projected and discounted, the model points to an intrinsic value of about $259.90 per share. Set against the current share price of roughly $169, the Excess Returns framework implies a 34.9% discount, indicating that the market price may not fully reflect the earnings power assumed in these inputs. On this methodology, Raymond James Financial stock appears undervalued relative to its estimated intrinsic value. Our Excess Returns analysis suggests Raymond James Financial is undervalued by 34.9%. Track this in your watchlist or portfolio, or discover 49 more high quality undervalued stocks. Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for Raymond James Financial. For a business like Raymond James Financial that investors often look at through its earnings power, the P/E multiple is a useful cross check on the cash flow valuation work. At around 14.1x trailing earnings, Raymond James Financial trades below the Capital Markets industry average P/E of about 39.3x and also below the peer average of roughly 19.1x. The tailored fair P/E ratio from Simply Wall St's model sits at about 15.3x, only slightly higher than where the stock is now. This suggests the current market price is not far from what that framework implies. The gap to the industry average hints that investors are applying a more conservative earnings multiple than the sector overall. However, the modest difference versus the fair ratio implies that, on earnings alone, the stock is neither clearly cheap nor obviously expensive. On the P/E multiple, Raymond James Financial appears to be priced at roughly a fair level relative to the earnings profile implied by this model. See what the numbers say about this price — find out in our valuation breakdown. Simply Wall St Narratives pick up where the valuation puzzle for Raymond James Financial leaves off by spelling out what future growth, margins and earnings would need to look like for the stock to be worth significantly more or less than the current price, and they sit on the company’s Community page. Rather than relying on a single multiple or model output, each narrative sets out the assumptions behind its fair value so you can compare them with actual results over time. If you have a number driven view on where Raymond James Financial's growth, margins and execution go from here, share a Narrative to add your voice to the Simply Wall St community and spell out the case in your own terms. By setting out your assumptions now, you can track how Raymond James Financial's actual results line up with your thesis over time and refine your approach as the story develops. Do you think there's more to the story for Raymond James Financial? Head over to our Community to see what others are saying! For Raymond James Financial, the Excess Returns intrinsic value estimate points to a sizeable discount, while the P/E view suggests the stock is priced at about the right level on current earnings. Those broader valuation checks still screen as strong overall and this supports the view that the intrinsic value gap may be meaningful rather than a modelling quirk. The key uncertainty from here is whether Raymond James Financial can keep turning its wealth and capital markets platform into resilient cash generation without needing materially higher capital, which could compress returns and narrow that apparent discount. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include RJF. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Make better investment decisions with Simply Wall St's easy, visual tools that give you a competitive edge. Raymond James Financial (RJF) is drawing investor attention after reporting third quarter earnings, with revenue of US$4,362 million and net income of US$595 million, alongside a recently completed share repurchase program. See our latest analysis for Raymond James Financial. Raymond James Financial's latest earnings update and buyback completion come as the stock trades at US$169.30, with a 1 month share price return of 9.37% and a 5 year total shareholder return of 110.72%, suggesting momentum has been building over time. If earnings driven moves at Raymond James Financial have caught your eye, this could be a good moment to broaden your search and uncover 18 top founder-led companies The share price has climbed on the back of record quarterly revenue, higher earnings per share and a completed buyback, but sentiment can move faster than fundamentals. How does Raymond James Financial’s current valuation line up with those results? On the most followed narrative, Raymond James Financial is valued at a fair value of about $182.67 compared with the last close at $169.30. This puts the current share price below that narrative estimate and raises questions about what is driving the gap. Read the complete narrative. Read the complete narrative. Curious what sits behind that fair value for Raymond James Financial? The narrative leans heavily on compounding revenue, thicker margins, and a lower earnings multiple than many peers. The mix of growth and discipline in those assumptions is where the real story sits. Result: Fair Value of $182.67 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, there are still questions around market and interest rate uncertainty, as well as whether heavier technology spending at Raymond James Financial could pressure margins if conditions change. Find out about the key risks to this Raymond James Financial narrative. With the Raymond James Financial narrative leaning optimistic, this is a moment to act quickly, test the thesis against the underlying data, and weigh up the 4 key rewards. If Raymond James Financial has sharpened your focus, do not stop here. Broaden your watchlist with fresh ideas that match different goals and risk levels. Target powerful cash generation and balance sheet strength by scanning companies in the solid balance sheet and fundamentals stocks screener (49 results). Hunt for pricing gaps where quality and valuation line up using the 49 high quality undervalued stocks. Prioritize resilience and capital preservation by reviewing companies flagged in the 81 resilient stocks with low risk scores. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include RJF. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Record quarterly revenues of $3.93 billion were driven by market appreciation and strong retention in the Private Client Group (PCG). Domestic net new assets reached $21.7 billion this quarter, contributing to a fiscal year-to-date total of $75 billion, a 119% increase over the prior year's record. Recruiting success is attributed to a differentiated value proposition where advisers do not have to choose between culture and high-end technical capabilities. The firm maintains a 97% adviser satisfaction rate, which management views as the essential foundation for high retention and organic growth. Capital Markets results improved due to stronger investment banking activity, though management notes levels remain below a normalized environment, particularly in middle-market segments. The Bank segment achieved record loans of $56.2 billion, primarily fueled by a 34% year-over-year increase in securities-based lending balances. Management completed the acquisition of Clark Capital, adding $47 billion in assets to the platform to enhance wealth-focused investment solutions. Fiscal fourth quarter asset management fees are expected to increase approximately 11% sequentially, driven by record fee-based assets at the end of the third quarter. Aggregate Net Interest Income (NII) and third-party bank fees for the fourth quarter are projected to be approximately flat compared to the third quarter level. Investment banking pipelines are described as encouraging, with significant pent-up demand from financial sponsors awaiting valuation alignment and macro stability. The firm remains on track for a fiscal year non-compensation expense target of approximately $2.3 billion, despite absorbing costs from recent acquisitions. Management expects to continue disciplined capital deployment, prioritizing organic growth and strategic M&A while managing regulatory capital through share repurchases. Professional fees were elevated due to defense costs associated with a putative class action lawsuit regarding cash sweep programs; management intends to defend the action vigorously. A loan loss reserve release occurred in the Bank segment, reflecting a shift toward lower-risk securities-based and residential mortgage loans. The firm deployed $400 million in share repurchases during the quarter, totaling $1.6 billion over the past 12 months to manage capital levels. The enterprise rollout of 'Raymond,' a proprietary AI assistant, was completed to improve institutional knowledge access and operational efficiency for associates and advisers. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management attributes the 119% year-over-year growth in net new assets to high adviser satisfaction and a diverse pipeline across all affiliation options. The firm remains agnostic to how advisers affiliate, focusing instead on being a 'destination of choice' through culture and platform capabilities. Recovery depends on closing valuation gaps between buyers and sellers and resolving industry-specific concerns, such as AI's impact on the tech and fintech sectors. Management noted significant dry powder and portfolio companies held beyond typical dates as indicators of future deal-flow potential. The 'Raymond' AI tool reached 6,500 unique users within a month of rollout with a 99.5% satisfaction rate. Management believes AI will increase the competitive 'moat' for larger firms, as smaller competitors may struggle to match the $1.1 billion annual technology spend required for such tools. The current focus is on stabilizing the client and employee base rather than immediate cross-selling. Management expects to explore broader revenue synergies and cross-pollination of investment solutions starting approximately one year post-acquisition.

Raymond James’ RJF third-quarter fiscal 2026 (ended June 30) adjusted earnings of $3.14 per share beat the Zacks Consensus Estimate of $2.91. The bottom line increased 44% from the prior-year quarter.Results benefited primarily from an increase in revenues to record levels. Robust growth in assets under administration balances and a benefit from credit losses on bank loans further supported results. However, higher expenses were a headwind.Net income available to common shareholders (GAAP basis) was $595 million or $3.01 per share, up from $435 million or $2.12 in the prior-year quarter. Net revenues were a record $3.93 billion, up 16% year over year. The top line beat the Zacks Consensus Estimate of $3.86 billion.Asset management and related administrative fees increased 20% year over year to $2.08 billion. Brokerage revenues rose 13% to $629 million, while account and service fees increased 5% to $316 million. Investment banking (IB) revenues jumped 37% to $291 million. Interest income was relatively stable at $994 million.Segment-wise, in the reported quarter, the Private Client Group recorded 14% year-over-year growth in net revenues. Asset Management’s net revenues rose 24%, while Capital Markets’ top line increased 25%. Bank registered a rise of 7% from the prior year’s net revenues, while Other recorded negative revenues.Non-interest expenses increased 12% from the prior-year quarter to $3.18 billion. The increase was mainly due to a rise in compensation, commissions and benefits, communications and information processing, occupancy and equipment, business development, investment sub-advisory fees and professional fees. This was partly offset by lower other expenses and a $26-million bank loan benefit for credit losses. As of June 30, 2026, client assets under administration were a record $1.92 trillion, up 17% from the prior-year period. Financial assets under management of $345 billion grew 31% year over year. As of June 30, 2026, Raymond James had total assets of $94.2 billion, up 3% from the prior-quarter end. Total common equity was $12.7 billion, up 1% from the previous quarter.Book value per share was $66.11, up from $60.90 as of June 30, 2025.As of June 30, 2026, the total capital ratio was 22.5%, down from 24.2% as of June 30, 2025. The Tier 1 capital ratio was 21.6% compared with 22.9% as of June 30, 2025.Return on common equity (annualized basis) was 18.8% at the end of the reported quarter compared with 14.3% a year ago. In the reported quarter, RJF repurchased shares worth $400 million at an average price of $152 per share.As of June 30, 2026, $1.1 billion remained available under the buyback authorization. Raymond James’ diversified business model and continued strength in the Private Client Group are expected to support results. Record fee-based assets, robust financial advisor recruiting, strong investment banking pipelines and ample capital and liquidity are positives for the company. Also, the completion of the Clark Capital acquisition supported financial assets under management. However, elevated operating expenses remain a concern. Raymond James Financial, Inc. price-consensus-eps-surprise-chart | Raymond James Financial, Inc. Quote Currently, Raymond James carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Charles Schwab’s SCHW second-quarter 2026 adjusted earnings of $1.62 per share outpaced the Zacks Consensus Estimate of $1.53. The bottom line soared 42% year over year.Schwab’s results benefited from the robust performance of the asset management business and record trading revenues. Higher net interest revenues and solid brokerage account numbers were other positives. However, an increase in expenses was the undermining factor.Jefferies Financial Group’s JEF second-quarter fiscal 2026 (ended May 31) adjusted earnings per share from continuing operations of $1.03 missed the Zacks Consensus Estimate of $1.09. However, the bottom line increased significantly from the prior-year quarter.Results were primarily aided by record IB advisory and underwriting net revenues, as well as record equities net revenues. However, a rise in expenses hurt Jefferies’ results to an extent. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Raymond James Financial, Inc. (RJF) : Free Stock Analysis Report The Charles Schwab Corporation (SCHW) : Free Stock Analysis Report Jefferies Financial Group Inc. (JEF) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

This article first appeared on GuruFocus. Revenue: Record quarterly revenues of $3.93 billion, up 16% year-over-year. Pre-Tax Income: $750 million, a 33% increase from the prior-year quarter. Net Income: $595 million available to common shareholders. Earnings Per Share (EPS): Record EPS of $3.01; adjusted EPS of $3.14. Pre-Tax Margin: 19.1%; adjusted pre-tax margin of 19.9%. Return on Common Equity: 18.8%; adjusted return on tangible common equity of 23.5%. Client Assets Under Administration: $1.86 trillion, up 9% sequentially and 18% year-over-year. Net New Assets: $21.7 billion, representing a 5.5% annualized growth rate. Loans: Record $56.2 billion, with securities-based lending balances up 34% year-over-year. Share Repurchases: $400 million during the quarter; $1.6 billion over the past 12 months. Tier 1 Leverage Ratio: 11.7%. Asset Management Fees: $2.08 billion, up 20% year-over-year. Cash Sweep Balances: $58.8 billion, up 2% sequentially and 7% year-over-year. Net Interest Income and RJBDP Fees: $658 million, up 1% from the prior quarter. Compensation Expense: $2.58 billion with a compensation ratio of 65.7%. Non-Compensation Expenses: $599 million, down 5% year-over-year. Total Assets: $94.2 billion, up 3% sequentially. Warning! GuruFocus has detected 4 Warning Sign with RJF. Is RJF fairly valued? Test your thesis with our free DCF calculator. Release Date: July 22, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Raymond James Financial Inc (NYSE:RJF) reported record quarterly revenues of $3.93 billion, a 16% increase over the prior-year quarter. The company achieved a record pre-tax income of $750 million, marking a 33% increase compared to the year-ago quarter. The Private Client Group ended the quarter with a record $1.86 trillion of client assets under administration, up 18% year over year. Raymond James Financial Inc (NYSE:RJF) successfully recruited financial advisors with trailing 12-month production totaling $393 million and more than $56 billion of client assets. The company completed the acquisition of Clark Capital, adding approximately $47 billion in combined assets under management and non-discretionary assets. The Capital Markets segment's activity levels remain below what is considered a normalized environment, particularly in the middle market and sponsor-driven client segments. Legal expenses increased due to defense costs associated with a putative class action lawsuit related to cash sweep programs. Non-compensation expenses rose by 3% sequentially, driven by higher professional fees and business development expenses. The Asset Management segment's margin was impacted by acquisition-related expenses from the Clark Capital acquisition. The company faces challenges in predicting the timing of transaction activity in the Capital Markets segment. Q: Paul, could you expand on the robust recruiting backlog and whether it gives you confidence in maintaining current levels of organic growth? A: We consistently lead in recruiting financial advisors, focusing on high retention and advisor satisfaction, which is at 97%. Our diverse affiliation options and advisor-centric culture drive our strong recruiting results. The pipeline is broad-based, not reliant on one firm or catalyst, and net new asset growth is up 119% year-to-date. Q: What will it take for investment banking to reach a more normalized level? A: There's pent-up demand among financial sponsors to complete deals, but industry-specific concerns, like AI in technology sectors, need resolution. Once valuation gaps between buyers and sellers close, we expect significant upside in investment banking. Q: Can you provide more details on the AI adoption, particularly Raimond, and its potential impact on productivity and expenses? A: Raimond's adoption has been fantastic, with 6,500 unique users and a 99.5% satisfaction rate. We launched an AI academy to educate advisors on AI capabilities. AI will help advisors focus on relationship-building, and while there are costs, we expect long-term ROI to exceed these expenses. Q: How do you see AI impacting advisor affiliation preferences and the overall value proposition? A: AI will differentiate firms by enhancing productivity and capabilities. While it's too early to determine its impact on affiliation preferences, AI will likely increase the moat in our industry, as smaller competitors may struggle to keep up with necessary investments. Q: Can you discuss the impact of Clark Capital's acquisition on your platform and any early indications of advisor interest? A: Clark Capital is a great cultural fit, and we're focused on stabilizing their client base and team. While it's early, we're discussing revenue synergy opportunities. Success will be measured by retaining their clients and team before exploring cross-pollination opportunities. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Raymond James Financial, Inc. (RJF) came out with quarterly earnings of $3.14 per share, beating the Zacks Consensus Estimate of $2.91 per share. This compares to earnings of $2.18 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +7.90%. A quarter ago, it was expected that this company would post earnings of $2.76 per share when it actually produced earnings of $2.83, delivering a surprise of +2.54%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. Raymond James Financial, which belongs to the Zacks Financial - Investment Bank industry, posted revenues of $3.93 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 1.69%. This compares to year-ago revenues of $3.4 billion. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Raymond James Financial shares have added about 4.6% since the beginning of the year versus the S&P 500's gain of 9.7%. While Raymond James Financial has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Raymond James Financial was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $3.33 on $4.15 billion in revenues for the coming quarter and $11.84 on $15.58 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Investment Bank is currently in the top 12% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. BGC Group (BGC), another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on July 30. This brokerage company is expected to post quarterly earnings of $0.34 per share in its upcoming report, which represents a year-over-year change of +9.7%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. BGC Group's revenues are expected to be $814.9 million, up 3.9% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Raymond James Financial, Inc. (RJF) : Free Stock Analysis Report BGC Group, Inc. (BGC) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

ST. PETERSBURG, Fla., July 22, 2026 (GLOBE NEWSWIRE) -- Record quarterly net revenues of $3.93 billion, up 16% over the prior year’s fiscal third quarter and 2% over the preceding quarter Quarterly net income available to common shareholders of $595 million, or record $3.01 per diluted share, up 42% over the prior year’s fiscal third quarter and 11% over the preceding quarter; quarterly adjusted net income available to common shareholders of $620 million(1), or record $3.14 per diluted share(1) Domestic Private Client Group net new assets(2) of $21.7 billion for the fiscal third quarter, or annualized growth from beginning of quarter assets of 5.5% Record client assets under administration of $1.92 trillion, up 17% over June 2025 and 9% over March 2026 Record quarter-end Private Client Group assets in fee-based accounts of $1.15 trillion, up 22% over June 2025 and 11% over March 2026 Record net bank loans of $56.2 billion, up 13% over June 2025 and 3% over March 2026; Securities-based loans of $24.8 billion, up 34% over June 2025 and 8% over March 2026 Annualized return on common equity and annualized adjusted return on tangible common equity of 18.8% and 23.5%(1), respectively, for the fiscal third quarter Raymond James Financial, Inc. (NYSE: RJF) today reported net revenues of $3.93 billion and net income available to common shareholders of $595 million, or $3.01 per diluted share, for the fiscal third quarter ended June 30, 2026. Quarterly adjusted net income available to common shareholders, which excluded $25 million of acquisition-related expenses, net of tax, was $620 million(1), or $3.14 per diluted share(1). “Results through the first nine months of the fiscal year were strong, with records set for net revenues, pre-tax income, net income and earnings per share, reflecting the continued execution of our long-term strategies and the strength of a culture built on putting people first and earning trust over generations,” said CEO Paul Shoukry. “Our consistent performance reflects our long-term approach, the resiliency of our diversified business model and the commitment of our associates and advisors to serving clients with integrity. These results were anchored by continued strength in the Private Client Group, where fee-based assets reached a quarter-end record of $1.15 trillion and annualized domestic PCG net new asset growth was 6.6% for the first nine months of the fiscal year. As we enter the fiscal fourth quarter, we do so with significant momentum, supported by historically strong business drivers, robust financial advisor recruiting and strong investment banking pipelines, as well as ample capital and liquidity to support continued growth.” Record quarterly net revenues increased 16% over the prior year’s fiscal third quarter and 2% over the preceding quarter, largely driven by continued growth in asset management and related administrative fees which grew to approximately $2.1 billion. Quarterly pre-tax income increased 2% over the preceding quarter while net income available to common shareholders increased 10% largely due to a lower effective tax rate. For the fiscal third quarter, annualized return on common equity and annualized adjusted return on tangible common equity were 18.8% and 23.5%(1), respectively. For the first nine months of the fiscal year, record net revenues of $11.5 billion increased 11%, record earnings per diluted share of $8.52 increased 16%, and record adjusted earnings per diluted share of $8.83(1) increased 17% over the first nine months of fiscal 2025. The Private Client Group and Asset Management segments generated record net revenues in the first nine months of fiscal 2026. The Asset Management and Bank segments produced record pre-tax income during the same period. Annualized return on common equity was 18.1% and annualized adjusted return on tangible common equity was 22.0%(1). Segment Results Private Client Group Record quarterly net revenues of $2.84 billion, up 14% over the prior year’s fiscal third quarter and 1% over the preceding quarter Quarterly pre-tax income of $423 million, up 3% over the prior year’s fiscal third quarter and 2% over the preceding quarter Domestic Private Client Group net new assets(2) of $21.7 billion for the fiscal third quarter, or annualized growth from beginning of the quarter assets of 5.5% Record Private Client Group assets under administration of $1.86 trillion, up 18% over June 2025 and 9% over March 2026 Record quarter-end Private Client Group assets in fee-based accounts of $1.15 trillion, up 22% over June 2025 and 11% over March 2026 Total clients’ domestic cash sweep and Enhanced Savings Program balances of $58.8 billion, up 7% over June 2025 and 2% over March 2026 Record quarterly net revenues rose 14% year-over-year, primarily driven by higher asset management and related administrative fees, which grew 19% to $1.73 billion mainly due to market appreciation and net inflows into PCG fee-based accounts. Pre-tax income grew 3% over the year-ago quarter as the asset management fee revenue growth was partially offset by the impact of lower interest rates and investments in leading growth, including record recruiting results. Capital Markets Quarterly net revenues of $477 million, up 25% over the prior year’s fiscal third quarter and 3% over the preceding quarter Quarterly investment banking revenues of $285 million, up 40% over the prior year’s fiscal third quarter and 5% over the preceding quarter Quarterly pre-tax income of $48 million Quarterly net revenues increased 25% over the prior-year period, driven predominantly by higher M&A and advisory revenues and higher debt and equity underwriting revenues. Sequentially, quarterly net revenues grew 3%, largely due to higher M&A and advisory and debt underwriting revenues. Asset Management Record quarterly net revenues of $362 million, up 24% over the prior year’s fiscal third quarter and 11% over the preceding quarter Quarterly pre-tax income of $143 million, up 14% over the prior year’s fiscal third quarter and 4% over the preceding quarter Record financial assets under management of $345 billion, up 31% over June 2025 and 22% over March 2026, including $36 billion from the acquisition of Clark Capital(3) completed in the quarter Record quarterly net revenues increased 24% year-over-year, primarily driven by higher financial assets under management from market appreciation, net inflows into Private Client Group fee-based accounts, and the addition of Clark Capital(3). Bank Quarterly net revenues of $488 million, up 7% over the prior year’s fiscal third quarter and up slightly over the preceding quarter Record quarterly pre-tax income of $206 million, up 67% over the prior year’s fiscal third quarter and 24% over the preceding quarter Record net bank loans of $56.2 billion, up 13% over June 2025 and 3% over March 2026 Bank segment net interest income increased 7% over the prior year’s fiscal third quarter and approximated the preceding quarter Quarterly bank loan benefit for credit losses of $26 million Record net bank loans grew 13% over the prior year quarter, driven by continued growth in securities-based and residential mortgage loans, which rose by 34% and 13%, respectively. Net interest margin of 2.71% for the quarter was down 3 basis points compared to the prior year’s fiscal third quarter and 10 basis points compared to the preceding quarter. The credit quality of the loan portfolio remains strong. Other Matters The effective tax rate for the quarter was 20.7%, which reflects the favorable impact of nontaxable gains on our corporate-owned life insurance portfolio in the quarter. During the fiscal third quarter, the firm repurchased $400 million of common stock at an average price of $152 per share. As of June 30, 2026, $1.1 billion remained available under the Board’s approved common stock repurchase authorization. At the end of the quarter, the total capital ratio was 22.5%(4) and the tier 1 leverage ratio was 11.7%(4), both well above regulatory requirements. A conference call to discuss the results will take place today, Wednesday, July 22, at 5:00 p.m. ET. The live audio webcast, and the presentation which management will review on the call, will be available at www.raymondjames.com/investor-relations/financial-information/quarterly-earnings. An audio replay of the call will be available at the same location for 30 days. For a listen-only connection to the conference call, please dial: 888-330-3573 (conference code: 3778589). Click here to view full earnings results, earnings supplement, and earnings presentation. About Raymond James Financial, Inc. Raymond James Financial, Inc. (NYSE: RJF) is a leading diversified financial services company providing private client group, capital markets, asset management, banking and other services to individuals, corporations and municipalities. Total client assets are $1.92 trillion. Public since 1983, the firm is listed on the New York Stock Exchange under the symbol RJF. Additional information is available at www.raymondjames.com. Forward-Looking Statements Certain statements made in this press release may constitute “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning future strategic objectives, business prospects, anticipated savings, financial results (including expenses, earnings, liquidity, cash flow and capital expenditures), industry or market conditions (including changes in interest rates and inflation), demand for and pricing of our products (including cash sweep and deposit offerings), anticipated timing and benefits of our acquisitions, including Clark Capital Management Group, Inc. (“Clark Capital”), and our level of success integrating acquired businesses, anticipated results of litigation, regulatory developments, and general economic conditions. In addition, future or conditional verbs such as “will,” “may,” “could,” “should,” and “would,” as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements. Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions. Although we make such statements based on assumptions that we believe to be reasonable, there can be no assurance that actual results will not differ materially from those expressed in the forward-looking statements. We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks described in our filings with the Securities and Exchange Commission (the “SEC”) from time to time, including our most recent Annual Report on Form 10-K, and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which are available at www.raymondjames.com and the SEC’s website at www.sec.gov. We expressly disclaim any obligation to update any forward-looking statement in the event it later turns out to be inaccurate, whether as a result of new information, future events, or otherwise. CONTACT: Media Contact: Steve Hollister Raymond James Financial 727.567.2824 [email protected] Investor Contact: Kristina Waugh Raymond James Financial 727.567.7654 [email protected]

Raymond James Financial, Inc. (RJF) reported $3.93 billion in revenue for the quarter ended June 2026, representing a year-over-year increase of 15.6%. EPS of $3.14 for the same period compares to $2.18 a year ago. The reported revenue compares to the Zacks Consensus Estimate of $3.86 billion, representing a surprise of +1.69%. The company delivered an EPS surprise of +7.9%, with the consensus EPS estimate being $2.91. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance. As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately. Here is how Raymond James Financial performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Total Interest-Earning Assets: $84.25 billion versus the two-analyst average estimate of $80.36 billion. Private Client Group assets in Fee-based Accounts: $1.15 billion versus the two-analyst average estimate of $1.14 billion. Net Interest Margin: 2.7% versus 2.8% estimated by two analysts on average. Tier 1 Leverage Ratio: 11.7% versus the two-analyst average estimate of 12%. Revenues- Account and service fees: $316 million compared to the $311.82 million average estimate based on three analysts. The reported number represents a change of +4.6% year over year. Revenues- Other: $57 million versus the three-analyst average estimate of $51.2 million. The reported number represents a year-over-year change of +23.9%. Revenues- Investment banking: $291 million versus the three-analyst average estimate of $231.09 million. The reported number represents a year-over-year change of +37.3%. Revenues- Asset management and related administrative fees: $2.08 billion versus $2.05 billion estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +19.7% change. Net interest Income: $560 million compared to the $560.07 million average estimate based on three analysts. The reported number represents a change of +2.6% year over year. Net Revenues- Total brokerage revenues: $629 million versus the three-analyst average estimate of $648.55 million. The reported number represents a year-over-year change of +12.5%. Revenues- Interest income: $994 million versus $950.73 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +0.4% change. Capital Markets- Total Brokerage Revenues: $149 million versus $165.6 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +8% change. View all Key Company Metrics for Raymond James Financial here>>> Shares of Raymond James Financial have returned +6.7% over the past month versus the Zacks S&P 500 composite's +0.3% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Raymond James Financial, Inc. (RJF) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Interested in Raymond James Financial, Inc.? Here are five stocks we like better. Raymond James posted record Q3 results, with revenue of $3.93 billion, EPS of $3.01, and pre-tax income up 33% year over year. Management credited broad strength across wealth management, asset management, and banking. Private Client Group assets hit a record $1.86 trillion, supported by $21.7 billion in domestic net new assets and strong advisor recruiting. The company said its advisor retention remains high, with a 97% satisfaction rate. Capital markets and banking improved, but still have room to run, as investment banking activity remained below normalized levels despite a stronger pipeline. Bank loans reached a record $56.2 billion, helped by rapid growth in securities-based lending. Stifel Financial: A Wealth Manager’s Stock for Wealth Investors Raymond James Financial (NYSE:RJF) reported record fiscal third-quarter revenue and earnings, citing growth across its wealth management, asset management and banking businesses, continued advisor recruiting momentum and a stronger investment banking environment, though management said capital markets activity remains below normalized levels. Chief Executive Officer Paul Shoukry said the company generated record quarterly revenues of $3.93 billion, up 16% from the prior-year quarter and 2% from the preceding quarter. Pre-tax income rose 33% year over year and 2% sequentially to $750 million. → Buyback Boom: These 3 Companies Are Betting Billions on Their Own Stocks AI Panic Hits Wall Street: 3 Financial Stocks on Sale “Our results for the Q3 were strong and contributed to our record results through the first nine months of the fiscal year,” Shoukry said. He attributed the performance to Raymond James’ long-term growth strategies, diversified business model and conservative management approach. Chief Financial Officer Butch Oorlog said net income available to common shareholders was $595 million, while earnings per diluted share reached a record $3.01. Adjusted net income available to common shareholders, excluding acquisition-related expenses, was $620 million, resulting in record adjusted earnings per diluted share of $3.14. → 3 Photonics Companies Making Quantum Tech Possible 3 Finance Stocks Leaving Coal in Investors Stockings The Private Client Group ended the quarter with a record $1.86 trillion in client assets under administration, up 9% from the preceding quarter and 18% from a year earlier. Domestic net new assets were $21.7 billion during the quarter, representing a 5.5% annualized growth rate. Shoukry said Raymond James recruited financial advisors to its domestic independent contractor and employee channels during the quarter with trailing 12-month production totaling $156 million and nearly $23 billion of client assets at their prior firms. Through the first nine months of the fiscal year, the company recruited advisors with $393 million in trailing 12-month production and more than $56 billion in client assets at previous firms. → AI Data Centers Need Power, and These 2 Industrials Are Cashing In During the question-and-answer session, Shoukry said the company’s recruiting pipeline remains broad-based across affiliation options and is not tied to a single competitor or market catalyst. He also emphasized advisor retention, saying Raymond James has a 97% advisor satisfaction rate based on company surveys. “That retention is the foundation for the growth,” Shoukry said. He added that advisors are attracted to the firm’s combination of culture, technology, product capabilities and affiliation choice. The Private Client Group generated pre-tax income of $423 million on record quarterly net revenues of $2.84 billion. Oorlog said revenues increased 14% year over year, primarily because of higher assets under administration, market appreciation, strong retention and net new assets. Pre-tax income rose 3% from the year-ago period, with revenue growth partly offset by lower interest rates and investments in growth, including recruiting. Raymond James’ Capital Markets segment posted quarterly net revenues of $477 million and pre-tax income of $48 million. Oorlog said revenue rose both year over year and sequentially, largely because of higher M&A and advisory revenue and higher debt underwriting revenue. Shoukry said investment banking results improved in the quarter, but activity levels remain below what the company would consider a normalized environment, particularly in the middle market and sponsor-driven client segments. He said Raymond James entered the fiscal fourth quarter with an “encouraging pipeline.” Asked what is needed for activity to return to normalized levels, Shoukry pointed to pent-up demand among financial sponsors, portfolio companies held longer than originally expected and buyer dry powder. He also cited industry-specific issues, including concerns around artificial intelligence in software and fintech, and valuation gaps between buyers and sellers. “We think that there’s going to be significant room for upside in investment banking,” Shoukry said, while noting that timing remains difficult to predict. The Asset Management segment generated record net revenues of $362 million and pre-tax income of $143 million. Oorlog said results were driven by higher financial assets under management compared with the prior-year quarter, reflecting market appreciation and strong net inflows into Private Client Group fee-based accounts. Raymond James also completed its acquisition of Clark Capital during the quarter. Shoukry said the acquisition added wealth-focused solutions and approximately $47 billion in combined assets under management and non-discretionary assets to Raymond James’ platform. In response to an analyst question, Shoukry said Clark Capital is a strong cultural fit and that the company is focused initially on stabilizing the client base and team before pursuing broader revenue synergies. “Frankly, for the first year or so after you join a family, you really focus on stabilizing your client base, stabilizing your team, and getting everyone comfortable with the new family,” he said. At the consolidated level, asset management and related administrative fees were $2.08 billion, up 20% from the prior year and 3% from the preceding quarter. Oorlog said fiscal fourth-quarter asset management and related administrative fees are expected to increase approximately 11% from the third-quarter level, primarily because of higher Private Client Group fee-based assets at quarter-end. The bank segment reported net revenues of $488 million and record pre-tax income of $206 million. Oorlog said revenue increased 7% year over year, largely due to net loan growth. The segment also benefited from a loan loss reserve release tied to stronger credit quality as the loan portfolio shifted toward lower-risk securities-based and residential mortgage loans. Total bank loans ended the quarter at a record $56.2 billion, up 13% from the year-ago quarter and 3% sequentially. Shoukry said growth was driven primarily by securities-based lending balances, which increased more than $6 billion, or 34%, from a year earlier and 8% sequentially. Oorlog said securities-based loans and residential mortgages represented 64% of total loans held for investment, at approximately 44% and 20% of the total, respectively. Client domestic cash sweep and Enhanced Savings Program balances ended the quarter at $58.8 billion, up 2% sequentially and 7% year over year. Oorlog said growth in Enhanced Savings Program balances allowed Raymond James to shift part of its cash sweep program balances from its banks to third-party banks. Combined net interest income and RJBDP fees from third-party banks were $658 million, up 1% from the prior quarter. Oorlog said Raymond James expects that combined figure to be approximately flat in the fiscal fourth quarter, assuming static interest rates and unchanged quarter-end balances, net of fiscal fourth-quarter fee billing collection. Management highlighted Raymond James’ technology investments, including more than $1.1 billion in annual technology spending. Shoukry said the company completed the enterprise rollout of Rai, its proprietary AI assistant, after a pilot program and phased deployment. During the Q&A session, Shoukry said Rai had 6,500 unique users shortly after its June 15 rollout and a 99.5% satisfaction rate. He also said nearly 20,000 people had completed the company’s AI Academy four-course module. “AI will not replace advisors. Advisors who use AI will replace advisors who do not use AI,” Shoukry said, describing the firm’s goal of helping advisors use AI to spend more time developing client relationships. Raymond James returned $506 million of capital to shareholders during the quarter through dividends and share repurchases. The company repurchased $400 million of common stock at an average price of $152 per share during the quarter. Over the past 12 months, it repurchased 9.8 million shares for about $1.6 billion and returned nearly $2 billion to common shareholders, including dividends. Oorlog said Raymond James ended the quarter with a Tier 1 leverage ratio of 11.7% and a total capital ratio of 22.5%, remaining above regulatory requirements. Parent company cash was $2.5 billion, including $1.3 billion above the company’s $1.2 billion target. Shoukry said Raymond James enters the fiscal fourth quarter with momentum from strong business drivers, recruiting, investment banking pipelines and capital and liquidity to support growth. Raymond James Financial is a diversified financial services firm headquartered in St. Petersburg, Florida. Founded in 1962, the company provides a range of services to individual investors, businesses and institutions through a combination of wealth management, capital markets, investment banking, asset management, banking and trust services. Its business model centers on a network of financial advisors and broker-dealer operations that deliver personalized financial planning, investment advisory services and brokerage solutions. The firm's core offerings include private client wealth management delivered by independent and employee advisors, equity and fixed-income research, institutional sales and trading, and investment banking services such as mergers and acquisitions advisory and capital raising. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Raymond James Financial Q3 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.