Are Wall Street Analysts Bullish on Raymond James Stock?

Saint Petersburg, Florida-based Raymond James Financial, Inc. (RJF) provides private client group, capital markets, asset management, banking, and other services. Valued at $33.7 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 underperformed the broader market over the past year. RJF has gained 6.9% over this time frame, while the broader S&P 500 Index ($SPX) has rallied nearly 18.3%. In 2026, RJF stock is up 10%, compared to SPX’s 11.8% rise on a YTD basis. 

Narrowing the focus, RJF’s underperformance is also apparent compared to the State Street Financial Select Sector SPDR ETF (XLF). The exchange-traded fund has gained about 8.7% over the past year. However, RJF’s low double-digit returns on a YTD basis outshine the ETF’s 6.3% gains over the same time frame. 

RJF has faced performance headwinds largely due to a combination of net interest margin compression, slower organic growth, and advisor channel shifts. As central banks cut interest rates, earnings leverage from sweep cash accounts and bank deposit margins softened, weighing on overall profitability. At the same time, the wealth management sector saw financial advisors migrating toward independent Registered Investment Advisor (RIA) channels or OSJs (Offices of Supervisory Jurisdiction) offering higher payout structures, which compressed margins for traditional broker-dealers. Compounding these sector-wide pressures, elevated operational expenses and tech investments offset modest revenue gains, causing earnings growth projections to lag behind broader financial market indices.   

On Jul. 22, RJF shares closed up marginally after reporting its Q3 results. Its revenue stood at $3.9 billion, up 15.6% year over year. The company’s adjusted EPS came in at $3.14, up 44% from the year-ago quarter.

For the current fiscal year, ending in September, analysts expect RJF’s EPS to grow 13.2% to $12.07 on a diluted basis. The company’s earnings surprise history is impressive. It beat the consensus estimate in each of the last four quarters.

Among the 15 analysts covering RJF stock, the consensus is a “Moderate Buy.” That’s based on five “Strong Buy” ratings, and 10 “Holds.”

The configuration has been consistent over the past three months. 

On Aug. 20, William Katz from TD Cowen maintained a “Hold” rating on RJF, with a price target of $161.

The mean price target of $185.43 represents a 5% premium to RJF’s current price levels. The Street-high price target of $205 suggests an upside potential of 16%.