With a market cap of $34 billion, Raymond James Financial, Inc. (RJF) is a diversified financial services company providing a wide range of services, including investment banking, asset management, banking, and private client services. The Saint Petersburg, Florida-based company operates through various subsidiaries in the United States, Canada, and Europe, serving individuals, corporations, and municipalities.

Shares of Raymond James Financial have outperformed the broader market over the past 52 weeks. RJF has increased 57.9% over this time frame, while the broader S&P 500 Index ($SPX) has rallied 31.5%. In 2024, shares of RJF are up 49.4%, compared to SPX’s 25.7% gain on a YTD basis. 

In addition, RJF has outpaced the Financial Select Sector SPDR Fund’s (XLF) 43.7% return over the past 52 weeks and 35.2% return on a YTD basis.

Shares of Raymond James surged 7.3% following its Q4 earnings release on Oct. 23 due to stronger-than-expected earnings, with adjusted earnings per share of $2.95 surpassing the consensus estimate, reflecting a 38% year-over-year growth. The company's revenue of $3.5 billion, up 13% from the previous year, also exceeded expectations, driven by robust performance in the Capital Markets and Asset Management segments. Additionally, solid growth in client assets under administration and financial assets under management, along with strong balance sheet metrics, boosted investor confidence.

For the current fiscal year, ending in September 2025, analysts expect RJF’s EPS to grow 7.8% year-over-year to $10.83. The company’s earnings surprise history is mixed. It beat the consensus estimates in three of the last four quarters while missing on another occasion. 

Among the 14 analysts covering the stock, the consensus rating is a “Moderate Buy.” That’s based on six “Strong Buy” ratings and eight “Holds.”

This configuration is more bullish than three months ago, with four “Strong Buy” ratings on the stock.

On Oct. 25, BofA raised its price target on Raymond James Financial to $152 and maintained a “Buy" rating, citing strong results driven by increased capital markets activity and optimism for continued strength due to a favorable macro environment and recent business investments.

As of writing, RJF is trading above the mean price target of $150.69. The Street-high price target of $182 implies a potential upside of only 9.2% from the current price levels.