(RJF) Raymond James Financial - Ratings and Ratios

Raymond James Financial Inc. (NYSE:RJF) operates as a diversified financial-services firm serving individuals, corporations, and municipalities across the United States, Canada, and Europe through four primary operating segments: Private Client Group, Capital Markets, Asset Management, and Banking, plus a smaller “Other” segment focused on private-equity investments.

The Private Client Group delivers wealth-management solutions-including portfolio management, insurance, annuities, mutual-fund distribution, margin lending, securities-borrowing, and alternative-investment strategies-while also providing back-office services such as trade execution and research for third-party fund sponsors.

In FY 2023 the Private Client Group generated roughly 38 % of total revenue, buoyed by a 7 % year-over-year increase in net new assets under management (≈ $12 billion), reflecting continued demand for fee-based advisory services despite a competitive wealth-management landscape.

The Capital Markets segment offers investment-banking services (equity and debt underwriting, M&A advisory) and brokerage execution for institutional clients, and it manages niche low-income housing funds. Underwriting volume reached $4.2 billion in 2023, while the firm’s M&A advisory pipeline grew 15 % YoY, indicating resilience in deal flow even as market volatility rose.

Asset Management provides portfolio and administrative services to retail and institutional investors, overseeing roughly $300 billion in assets. Fee-related revenue grew 4 % in the most recent quarter, driven by higher allocation to passive strategies and modest fee-compression pressures across the industry.

The Banking segment originates a broad mix of loans-including securities-based, commercial, CRE, REIT, and residential mortgages-while offering insured deposits and liquidity-management products. The loan portfolio now stands at about $70 billion, and net interest margin has been supported by a recent 0.5 % uptick in the Fed Funds rate, which tends to improve earnings on floating-rate assets.

The “Other” segment consists primarily of private-equity stakes in third-party funds, contributing a modest but growing share of non-core income as the firm expands its alternative-investment footprint.

Founded in 1962 and headquartered in Saint Petersburg, Florida, RJF is classified under the GICS sub-industry “Investment Banking & Brokerage” and trades as a common stock on the NYSE.

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