RJF Raymond James Financial, Inc. Common Stock

NYSE · Financial Services · View on SEC EDGAR ↗
$181.15
Price · Aug 19, 2026
Fundamentals as of Aug 5, 2026
52W Range
$139–$183
96% of range
Analyst Rating
HOLD
19 analysts
Price Target
$186
+3% upside
P/E (TTM)
17.3
ROE
17.7%
Net Profit Margin
13.4%

About Raymond James Financial, Inc. Common Stock Company overview from Wikipedia

Raymond James Financial, Inc. is an American multinational independent investment bank and financial services company providing financial services to individuals, corporations, and municipalities through its subsidiary companies that engage primarily in investment and financial planning, in addition to investment banking and asset management. The company is headquartered in St. Petersburg, Florida.

Read more

Raymond James Financial, Inc. is an American multinational independent investment bank and financial services company providing financial services to individuals, corporations, and municipalities through its subsidiary companies that engage primarily in investment and financial planning, in addition to investment banking and asset management. The company is headquartered in St. Petersburg, Florida.

History

Raymond James was founded in 1962 when St. Petersburg broker, Robert James, formed Robert A. James Investments. In 1964, it merged with Raymond & Associates, founded by Edward Raymond in 1963, to form Raymond James & Associates. Robert James' son, Tom James, joined in 1966 and assumed leadership of the firm in 1970. The firm planned to go public in 1969, but market conditions delayed its plan until 1983. Tom turned over the CEO's post to Paul Reilly in 2010, and his title as Chairman of the Board to Paul Reilly in 2016. He remains on the leadership team as Chairman Emeritus.

In 2012, the firm purchased the Canadian assets of Allied Irish Bank. In April 2012, they merged with Morgan Keegan & Company, creating one of the country's largest full-service wealth management and investment banking firms not headquartered in New York.

As of the fiscal quarter ending September 30, 2022, the firm had delivered 139 consecutive quarters of profitability. In June 2016, it was listed as a Fortune 500 company for the first time.

In September 2016, the firm announced its acquisition of Deutsche Bank Wealth Management's US private client services unit, Alex Brown & Sons.

In April 2017, the firm purchased Reams Asset Management from UMB Financial Corporation. The purchase, which amounted to $172.5 million, included Scouts Investments.

As of September 30, 2022, Raymond James has approximately 8,700 financial advisors throughout the United States, Canada and overseas. Total client assets under management are approximately $1.09 trillion.

In January 2026, it was announced Raymond James had agreed to acquire Clark Capital Management Group, a Philadelphia-based asset management firm with more than $46 billion in assets under management. The transaction, expected to be finalised by the third quarter of 2026 subject to regulatory approval, will see Clark Capital continue to operate under its own name as an independent boutique within Raymond James Investment Management, retaining its existing leadership, investment approach, and service model.

Current operations

Raymond James has four main lines of operation: private client group, capital markets (made up of equity and fixed income capital markets as well as public finance), asset management group (made up of asset management services and Carillon tower advisers) and banking.

Controversies

SEC v. Dennis Herula

In 2004, the SEC fined Raymond James Financial Services, Inc. $6.9 million for failure to supervise former broker Dennis Herula. Herula was accused of participating with others in a Ponzi scheme that raised about $44.5 million from investors in 1999-2000. Herula himself raised about $16.5 million of investor funds, most of which was later transferred to his wife's brokerage account at Raymond James. He was arrested in Bermuda and pleaded guilty to criminal charges of wire fraud and sentenced to 188 months (15-2/3 years) in prison.

Supervision of branch managers

In 2005, the National Association of Securities Dealers fined Raymond James $2.75 million for lax supervision of producing branch managers. The investigation began with one Raymond James manager, who worked from an office in her Wisconsin home, handling approximately 700 accounts and selling mainly mutual funds and variable annuities. The Wisconsin manager was accused of selling unsuitable aggressive mutual funds and variable annuities over a four-year period.

Auction rate securities

On June 29, 2011, Raymond James announced an agreement to repurchase at par auction rate securities (ARS) sold to clients through its domestic broker/dealer subsidiaries prior to February 13, 2008. The agreement—reached with the Securities and Exchange Commission and with state securities regulators led by Florida and Texas—resolved more than three years of investigation related to activity in the ARS market. Without admitting or denying the allegations, the firm also agreed to pay a fine totaling $1.75 million to the state regulators, but was not fined by the SEC. Raymond James sold $2.3 billion worth of ARS, underwrote $1.2 billion, and was the auction dealer for over $725 million. Since the $330 billion market for ARS crashed in 2008, at least 19 underwriters and broker-dealers were sued in class action suits.

Notable FINRA Fines

In September 2011, the Financial Industry Regulatory Authority ordered Raymond James & Associates, Inc. and Raymond James Financial Services, Inc. to pay restitution of $1.69 million to 15,500 of their clients for charging excessive commissions on more than 27,000 securities transactions. The trades were made in client accounts between 2006 and 2010.

FINRA also fined RJA $225,000 and RJFS $200,000.

On May 18, 2016 Raymond James was fined a total of $17M for failing to establish and implement adequate AML procedures, which resulted in the firms' failure to properly prevent or detect, investigate, and report suspicious activity for several years. RJA's former AML Compliance Officer, Linda L. Busby, was also fined $25,000 and suspended for three months. On December 21, 2017 Raymond James was fined $2 million for failing to reasonably supervise email communications.

Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗

Wikidata ↗

RJF Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price
$181.15
Market Cap
$35.25B
P/E (TTM)
17.3
EPS (TTM)
$10.30
Revenue (TTM)
$15.91B
Div Yield
—
ROE
17.7%
Debt/Equity
—
52W Range
$139 – $183

RJF Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $15.91B
10-point trend, +188.2%
2016-09-30 → 2025-09-30
EPS $10.30
10-point trend, +182.2%
2016-09-30 → 2025-09-30
Free Cash Flow $2.25B
10-point trend, +450.9%
2016-09-30 → 2025-09-30
Margins 13.4%

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric
5Y trend
RJF
Peer Median
P/E (TTM)
5-point trend, +20.4%
17.3
18.2
P/S (TTM)
5-point trend, +12.2%
2.2
2.1
P/B
5-point trend, +18.8%
2.8
3.8
Price / FCF
5-point trend, +425.4%
15.7
—

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric
5Y trend
RJF
Peer Median
Net Profit Margin
5-point trend, -5.2%
13.4%
13.6%
ROA
5-point trend, -3.1%
2.5%
2.5%
ROE
5-point trend, -3.3%
17.7%
17.7%

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric
5Y trend
RJF
Peer Median

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric
5Y trend
RJF
Peer Median
Revenue YoY
5-point trend, +60.6%
6.6%
—
Revenue CAGR 3Y
5-point trend, +60.6%
12.1%
—
Revenue CAGR 5Y
5-point trend, +60.6%
14.3%
—
EPS YoY
5-point trend, +55.4%
6.2%
—
Net Income YoY
5-point trend, +52.2%
3.2%
—

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric
5Y trend
RJF
Peer Median
EPS (Diluted)
5-point trend, +55.4%
$10.30
—

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric
5Y trend
RJF
Peer Median

Dividends Yield, payout ratio, dividend history, 5Y CAGR

Dividend Yield
—
Payout Ratio
—
5Y Div CAGR
—
Ex-dateAmount
July 1, 2026$0.5400
April 1, 2026$0.5400
Jan. 2, 2026$0.5400
Oct. 1, 2025$0.5000
July 1, 2025$0.5000
April 1, 2025$0.5000
Jan. 2, 2025$0.5000
Oct. 1, 2024$0.4500
July 1, 2024$0.4500
March 28, 2024$0.4500
Dec. 29, 2023$0.4500
Sept. 29, 2023$0.4200
June 30, 2023$0.4200
March 31, 2023$0.4200
Dec. 30, 2022$0.4200
Sept. 30, 2022$0.3400
June 30, 2022$0.3400
April 1, 2022$0.3400
Jan. 3, 2022$0.3400
Sept. 30, 2021$0.2600

RJF Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

BUY 19 analysts
  • Strong Buy 2 10.5%
  • Buy 7 36.8%
  • Hold 10 52.6%
  • Sell 0 0.0%
  • Strong Sell 0 0.0%

12-Month Price Target

12 analysts · 2026-08-19
Median target $185.50 +2.4%
Mean target $185.92 +2.6%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise
0.03%
Period EPS Actual EPS Est Surprise
June 30, 2026 $3.14 $2.94 0.20%
March 31, 2026 $2.83 $2.80 0.03%
Dec. 31, 2025 $2.86 $2.91 -0.05%
Sept. 30, 2025 $3.11 $2.85 0.26%
June 30, 2025 $2.18 $2.38 -0.20%
March 31, 2025 $2.42 $2.47 -0.05%

Peer comparison (GICS sub-industry) Key metrics vs sector peers

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
RJF $34.20B 16.8 6.6% 13.4% 17.7% —
MS $281.00B 17.4 14.4% 23.9% 15.6% —
GS $260.60B 17.1 8.9% 29.5% 13.9% —
SCHW $207.21B 21.5 22.0% 37.0% 17.9% —
IBKR — 29.0 23.4% — — —
HOOD $101.94B 55.2 51.6% 42.1% 21.9% —
LPLA — 32.7 37.2% 5.1% 16.6% —
SF — 14.2 6.7% 10.8% 11.7% —
JEF — 20.3 2.9% 6.3% 6.6% —
EVR — 24.2 29.5% 15.3% 31.7% —
FRHC $8.88B 57.7 9.3% 7.0% 11.3% —

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 11
Annual Income Statement data for RJF
Metric Trend 202520242023202220212020201920182017201620152014
Revenue 12-point trend, +220.5% $15.91B $14.92B $12.99B $11.31B $9.91B $8.17B $8.02B $7.48B $6.53B $5.52B $5.31B $4.97B
Interest Expense 10-point trend, +1219.0% · · $1.37B $305M $150M $178M $283M $202M $154M $116M $106M $104M
Interest Income 12-point trend, +730.6% $3.99B $4.23B $3.75B $1.51B $823M $1.00B $1.28B $1.04B $802M $640M $543M $481M
Pretax Income 10-point trend, +204.8% · · $2.28B $2.02B $1.79B $1.05B $1.38B $1.31B $925M $801M $798M $748M
Income Tax 12-point trend, +116.2% $579M $575M $541M $513M $388M $234M $341M $454M $289M $271M $296M $268M
Net Income 12-point trend, +344.6% $2.13B $2.07B $1.74B $1.51B $1.40B $818M $1.03B $857M $636M $529M $502M $480M
EPS (Basic) 12-point trend, +208.8% $10.53 $9.94 $8.16 $7.16 $6.81 $3.96 $4.88 $5.89 $4.43 $3.72 $3.51 $3.41
EPS (Diluted) 12-point trend, +210.2% $10.30 $9.70 $7.97 $6.98 $6.63 $3.88 $4.78 $5.75 $4.33 $3.65 $3.43 $3.32
Shares (Basic) 12-point trend, +44.4% 202,000,000 207,100,000 211,800,000 209,900,000 205,700,000 206,400,000 211,500,000 145,300,000 143,300,000 141,773,000 142,548,000 139,935,000
Shares (Diluted) 12-point trend, +43.9% 206,600,000 212,300,000 216,900,000 215,300,000 211,200,000 210,300,000 216,000,000 148,800,000 146,600,000 144,513,000 145,939,000 143,589,000
EBITDA 12-point trend, +203.9% $195M $179M $165M $145M $134M $119M $97M $85M $84M $72M $68M $64M
Balance Sheet 16
Annual Balance Sheet data for RJF
Metric Trend 202520242023202220212020201920182017201620152014
Cash & Equivalents 12-point trend, +417.9% $11.39B $11.00B $9.31B $6.18B $7.20B $5.39B $3.96B $3.50B $3.67B $1.65B $2.60B $2.20B
PP&E (Net) 12-point trend, +173.0% $670M $635M $561M $503M $499M $535M $527M $486M $437M $321M $256M $245M
PP&E (Gross) 12-point trend, +240.3% $1.99B $1.82B $1.63B $1.46B $1.35B $1.29B $1.19B $1.06B $936M $761M $637M $586M
Accum. Depreciation 12-point trend, +288.8% $1.32B $1.19B $1.07B $955M $854M $759M $661M $574M $498M $440M $381M $340M
Goodwill 12-point trend, +391.1% $1.45B $1.45B $1.44B $1.42B $660M $466M $464M $478M $411M $408M $308M $295M
Intangibles 12-point trend, +573.8% $396M $435M $470M $509M $222M $134M $147M $161M $83M $95M $69M $59M
Total Assets 12-point trend, +278.3% $88.23B $82.99B $78.36B $80.95B $61.89B $47.48B $38.83B $37.41B $34.88B $31.49B $26.47B $23.33B
Total Liabilities 12-point trend, +300.8% $75.73B $71.33B $68.17B $71.52B $53.59B $40.31B $32.19B $30.96B $29.19B $26.42B $21.68B $18.89B
Long-term Debt 3-point trend, -99.9% · · · $1M $8M · · · · · · $1.19B
Common Stock 12-point trend, +107.8% $3M $2M $2M $2M $2M $2M $2M $2M $2M $2M $1M $1M
Retained Earnings 12-point trend, +349.9% $13.60B $11.89B $10.21B $8.84B $7.63B $6.48B $5.87B $5.03B $4.34B $3.83B $3.42B $3.02B
Treasury Stock 12-point trend, +3218.2% $4.02B $3.05B $2.25B $1.51B $1.44B $1.39B $1.21B $447M $390M $363M $203M $121M
AOCI 12-point trend, -20874.6% $-396M $-502M $-971M $-982M $-41M $11M $-23M $-27M $-15M $-56M $-41M $-2M
Stockholders' Equity 12-point trend, +201.9% $12.50B $11.67B $10.21B $9.46B $8.24B $7.11B $6.58B $6.37B $5.58B $4.92B $4.52B $4.14B
Liabilities + Equity 12-point trend, +278.3% $88.23B $82.99B $78.36B $80.95B $61.89B $47.48B $38.83B $37.41B $34.88B $31.49B $26.47B $23.33B
Shares Outstanding 11-point trend, +38.8% 198,139,594 203,300,000 208,800,000 215,100,000 205,700,000 204,900,000 137,841,952 145,642,437 144,096,521 141,544,511 142,750,653 ·
Cash Flow 18
Annual Cash Flow data for RJF
Metric Trend 202520242023202220212020201920182017201620152014
D&A 12-point trend, +203.9% $195M $179M $165M $145M $134M $119M $112M $99M $71M $63M $68M $64M
Stock-based Comp 12-point trend, +264.9% $254M $254M $237M $192M $132M $120M $112M $99M $109M $79M $71M $70M
Deferred Tax 12-point trend, -47.8% $-52M $-83M $-88M $-16M $-37M $-39M $-23M $117M $-12M $-59M $-23M $-35M
Amort. of Intangibles 12-point trend, +438.7% $41M $44M $45M $33M $21M $13M $15M $14M $13M $10M $8M $8M
Other Non-cash 12-point trend, -37.5% $-98M $-263M $-5.57B $-1.76B $4.99B $3.04B $-643M $742M $501M $-1.14B $281M $-71M
Operating Cash Flow 12-point trend, +379.5% $2.43B $2.15B $-3.51B $72M $6.65B $4.07B $577M $884M $-125M $-573M $899M $508M
CapEx 12-point trend, +212.6% $188M $205M $173M $91M $74M $124M $138M $134M $190M $122M $74M $60M
Investing Cash Flow 12-point trend, -106.1% $-4.32B $-968M $-274M $-7.15B $-5.14B $-4.99B $-1.90B $-3.48B $-3.38B $-2.92B $-2.18B $-2.10B
Net Debt Issued 5-point trend, -67.9% · · · · · · $-855M $-855M $-655M $-4M $-509M ·
Stock Issued · · · · · · · · · · · $0
Stock Repurchased 8-point trend, +1418.9% · · · · $128M $272M $778M $62M $34M $163M $89M $8M
Net Stock Activity 8-point trend, -1418.9% · · · · $-128M $-272M $-778M $-62M $-34M $-163M $-89M $-8M
Dividends Paid 8-point trend, +147.4% · · · · $218M $205M $191M $151M $127M $113M $103M $88M
Financing Cash Flow 12-point trend, +92.9% $2.36B $438M $1.44B $5.88B $5.23B $4.57B $1.37B $1.42B $4.07B $2.54B $1.73B $1.22B
Net Change in Cash 12-point trend, +210.4% $439M $1.80B $-2.11B $-1.79B $6.82B $3.66B $30M $-1.21B $611M $-951M $402M $-398M
Taxes Paid 12-point trend, +103.9% $651M $664M $565M $524M $437M $246M $390M $231M $349M $304M $379M $319M
Free Cash Flow 12-point trend, +402.0% $2.25B $1.95B $-3.69B $-19M $6.55B $3.93B $439M $1.77B $1.12B $-640M $825M $447M
Levered FCF 9-point trend, -1338.4% · · $-4.73B $-247M $6.43B $3.79B · $1.64B $1.01B $-717M $757M $382M
Profitability 5
Annual Profitability data for RJF
Metric Trend 202520242023202220212020201920182017201620152014
Net Margin 12-point trend, +38.8% 13.4% 13.9% 13.4% 13.3% 14.2% 10.0% 12.9% 11.5% 9.8% 9.6% 9.5% 9.7%
Pretax Margin 9-point trend, +21.7% · · 17.5% 17.9% 18.1% 12.9% · 17.5% 14.2% 14.5% 15.0% 14.4%
EBITDA Margin 12-point trend, -4.7% 1.2% 1.2% 1.3% 1.3% 1.4% 1.5% 1.2% 1.1% 1.3% 1.3% 1.3% 1.3%
ROA 12-point trend, +20.3% 2.5% 2.6% 2.2% 2.1% 2.6% 1.9% 2.7% 2.4% 1.9% 1.8% 2.0% 2.1%
ROE 12-point trend, +43.5% 17.7% 18.9% 17.7% 17.1% 18.3% 11.9% 16.0% 14.3% 12.1% 11.2% 11.6% 12.3%
Efficiency 1
Annual Efficiency data for RJF
Metric Trend 202520242023202220212020201920182017201620152014
Asset Turnover 12-point trend, -12.9% 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2
Per Share 7
Annual Per Share data for RJF
Metric Trend 202520242023202220212020201920182017201620152014
Book Value / Share 10-point trend, +81.8% $63.10 $57.42 $48.92 $43.97 $40.08 $52.10 $47.74 $43.73 $38.74 $34.72 · ·
Revenue / Share 12-point trend, +122.7% $77.02 $70.29 $59.90 $52.52 $46.92 $58.26 $55.72 $50.23 $44.49 $38.20 $36.37 $34.58
Cash Flow / Share 12-point trend, +233.3% $11.78 $10.15 $-16.20 $0.33 $31.37 $28.92 $4.01 $12.79 $8.91 $-3.59 $6.16 $3.54
Cash / Share 10-point trend, +393.0% $57.48 $54.10 $44.61 $28.72 $35.00 $39.47 $28.71 $24.03 $25.47 $11.66 · ·
Dividend / Share 12-point trend, +212.5% $2 $2 $2 $1 $1 $1 $1 $1 $1 $1 $1 $1
Dividend Paid / Share 12-point trend, +214.5% $2 $2 $2 $1 $1 $1 $1 $1 $1 $1 $1 $1
EPS (TTM) 12-point trend, +210.2% $10.30 $9.70 $7.97 $6.98 $6.63 $3.88 $4.78 $5.75 $4.33 $3.65 $3.43 $3.32
Growth Rates 9
Annual Growth Rates data for RJF
Metric Trend 202520242023202220212020201920182017201620152014
Revenue YoY 5-point trend, -68.9% 6.6% 14.9% 14.9% 14.1% 21.3% · · · · · · ·
Revenue CAGR 3Y 3-point trend, -27.9% 12.1% 14.6% 16.7% · · · · · · · · ·
Revenue CAGR 5Y 14.3% · · · · · · · · · · ·
EPS YoY 5-point trend, -91.3% 6.2% 21.7% 14.2% 5.3% 70.9% · · · · · · ·
EPS CAGR 3Y 3-point trend, -48.9% 13.9% 13.5% 27.1% · · · · · · · · ·
EPS CAGR 5Y 21.6% · · · · · · · · · · ·
Net Income YoY 5-point trend, -95.5% 3.2% 18.9% 15.2% 7.6% 71.5% · · · · · · ·
Net Income CAGR 3Y 3-point trend, -57.1% 12.3% 13.8% 28.6% · · · · · · · · ·
Net Income CAGR 5Y 21.1% · · · · · · · · · · ·
Valuation (TTM) 13
Annual Valuation (TTM) data for RJF
Metric Trend 202520242023202220212020201920182017201620152014
Revenue TTM 12-point trend, +220.5% $15.91B $14.92B $12.99B $11.31B $9.91B $8.17B $8.02B $7.48B $6.53B $5.52B $5.31B $4.97B
Net Income TTM 12-point trend, +344.6% $2.13B $2.07B $1.74B $1.51B $1.40B $818M $1.03B $857M $636M $529M $502M $480M
Market Cap 10-point trend, +522.6% $34.20B $24.90B $20.97B $21.26B $18.99B $6.62B $7.58B $8.94B $8.10B $5.49B · ·
P/E 12-point trend, +55.8% 16.8 12.6 12.6 14.2 13.9 12.5 11.5 10.7 13.0 10.6 9.6 10.8
P/S 10-point trend, +116.0% 2.1 1.7 1.6 1.9 1.9 0.8 0.9 1.2 1.2 1.0 · ·
P/B 10-point trend, +144.7% 2.7 2.1 2.1 2.2 2.3 0.9 1.2 1.4 1.5 1.1 · ·
P / Tangible Book 6-point trend, +215.6% 3.2 2.5 2.5 2.8 2.6 1.0 · · · · · ·
P / Cash Flow 10-point trend, +232.6% 14.1 11.6 -6.0 295.3 2.9 1.6 13.1 4.7 6.2 -10.6 · ·
P / FCF 10-point trend, +277.4% 15.2 12.8 -5.7 -1118.9 2.9 1.7 17.3 5.1 7.3 -8.6 · ·
Dividend Yield 6-point trend, -44.4% · · · · 1.1% 3.1% 2.5% 1.7% 1.6% 2.1% · ·
Earnings Yield 12-point trend, -35.7% 6.0% 7.9% 7.9% 7.1% 7.2% 8.0% 8.7% 9.4% 7.7% 9.4% 10.4% 9.3%
Payout Ratio 8-point trend, -15.3% · · · · 15.5% 25.1% 18.5% 17.7% 20.0% 21.4% 20.5% 18.4%
Annual Payout 8-point trend, +147.4% · · · · $218M $205M $191M $151M $127M $113M $103M $88M

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement
2025-09-302024-09-302023-09-302022-09-302021-09-30
Revenue $15.91B$14.92B$12.99B$11.31B$9.91B
Net Income $2.13B$2.07B$1.74B$1.51B$1.40B
Diluted EPS $10.30$9.70$7.97$6.98$6.63
Cash Flow
2025-09-302024-09-302023-09-302022-09-302021-09-30
Free Cash Flow $2.25B$1.95B$-3.69B$-19M$6.55B

My Metrics Your personal watchlist — selected rows from Full Fundamentals

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Institutional owners (13F) 988 filers · $18.0B total · As of June 30, 2026

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
85 (-24 vs prior Q) 78 (-17 vs prior Q) 321 (+30 vs prior Q) 325 (-35 vs prior Q) +22.1M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
VANGUARD GROUP INC $3,209,833,897 19,987,757 17.81% Shares
VANGUARD CAPITAL MANAGEMENT LLC $1,708,459,017 11,237,644 9.48% Shares
PRIMECAP MANAGEMENT CO/CA/ $1,405,145,182 9,242,552 7.80% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $1,353,086,916 8,900,131 7.51% Shares
WELLINGTON MANAGEMENT GROUP LLP $1,288,571,313 8,475,770 7.15% Shares
STATE STREET CORP $1,199,423,807 7,889,824 6.65% Shares
GEODE CAPITAL MANAGEMENT, LLC $617,092,531 4,077,737 3.42% Shares
FMR LLC $506,712,034 3,332,974 2.81% Shares
NORGES BANK $369,822,401 2,432,562 2.05% Shares
VICTORY CAPITAL MANAGEMENT INC $335,454,257 2,206,500 1.86% Shares
EARNEST PARTNERS LLC $334,966,787 2,203,294 1.86% Shares
DIMENSIONAL FUND ADVISORS LP $294,400,804 1,936,466 1.63% Shares
FIRST TRUST ADVISORS LP $286,941,398 1,887,400 1.59% Shares
Harfst & Associates, Inc. $161,313,904 1,061,066 0.90% Shares
VANGUARD FIDUCIARY TRUST CO $145,643,220 957,990 0.81% Shares
BANK OF AMERICA CORP /DE/ $141,408,729 930,137 0.78% Shares
GOLDMAN SACHS GROUP INC $130,188,226 856,332 0.72% Shares
CAPITOLIS LIQUID GLOBAL MARKETS LLC $125,576,780 826,000 0.70% Shares
MERCER GLOBAL ADVISORS INC /ADV $109,342,857 719,219 0.61% Shares
CANADA PENSION PLAN INVESTMENT BOARD $89,360,649 587,783 0.50% Shares
AMERICAN CENTURY COMPANIES INC $84,234,226 554,061 0.47% Shares
BNP PARIBAS FINANCIAL MARKETS $84,053,586 552,875 0.47% Shares
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND $81,601,190 536,744 0.45% Shares
BARCLAYS PLC $77,086,812 507,050 0.43% Shares
Munich Reinsurance Co Stock Corp in Munich $74,660,261 491,089 0.41% Shares
TWO SIGMA INVESTMENTS, LP $74,565,242 490,464 0.41% Shares
ENVESTNET ASSET MANAGEMENT INC $71,767,750 472,067 0.40% Shares
CONGRESS ASSET MANAGEMENT CO $69,968,511 460,228 0.39% Shares
PFA Pension, Forsikringsaktieselskab $69,422,060 456,634 0.39% Shares
Legal & General Group Plc $67,028,812 440,892 0.37% Shares
Mitsubishi UFJ Asset Management Co., Ltd. $65,409,387 430,240 0.36% Shares
PNC Financial Services Group, Inc. $63,194,006 415,668 0.35% Shares
Sumitomo Mitsui Trust Group, Inc. $62,521,729 411,246 0.35% Shares
ALLIANCEBERNSTEIN L.P. $60,857,264 420,314 0.34% Shares
MEAG MUNICH ERGO, Kapitalanlagegesellschaft mbH $58,127,230 379,000 0.32% Shares
BlackRock, Inc. $57,400,903 377,563 0.32% Shares
Fisher Asset Management, LLC $57,318,786 377,022 0.32% Shares
Vanguard Global Advisers, LLC $55,517,707 365,176 0.31% Shares
California Public Employees Retirement System $54,960,517 361,511 0.30% Shares
D. E. Shaw & Co., Inc. $51,605,975 339,446 0.29% Shares
RHUMBLINE ADVISERS $50,963,231 335,219 0.28% Shares
National Pension Service $49,309,866 324,343 0.27% Shares
NEW YORK STATE COMMON RETIREMENT FUND $48,506,844 319,061 0.27% Shares
SILVERCREST ASSET MANAGEMENT GROUP LLC $47,906,173 315,110 0.27% Shares
RAYMOND JAMES FINANCIAL INC $47,431,427 311,987 0.26% Shares
NATIXIS $44,552,087 293,048 0.25% Shares
JONES FINANCIAL COMPANIES LLLP $44,131,936 294,331 0.24% Shares
VANGUARD ASSET MANAGEMENT, Ltd $43,696,311 287,419 0.24% Shares
Clearbridge Investments, LLC $42,055,428 276,626 0.23% Shares
Davis Asset Management, L.P. $41,048,100 270,000 0.23% Shares
PRUDENTIAL FINANCIAL INC $39,564,743 260,243 0.22% Shares
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM $38,969,794 269,147 0.22% Shares
TD Asset Management Inc $38,839,864 255,475 0.22% Shares
MARSHALL WACE, LLP $38,162,876 251,022 0.21% Shares
SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC $37,486,341 246,572 0.21% Shares
Squarepoint Ops LLC $36,338,211 239,020 0.20% Shares
Connor, Clark & Lunn Investment Management Ltd. $34,482,076 226,811 0.19% Shares
Caisse de depot et placement du Quebec $34,417,768 226,388 0.19% Shares
Woodline Partners LP $33,927,319 223,162 0.19% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $30,634,045 201,500 0.17% Call option
FRANKLIN RESOURCES INC $30,611,849 201,354 0.17% Shares
MILLENNIUM MANAGEMENT LLC $28,854,230 189,793 0.16% Shares
Arbejdsmarkedets Tillaegspension $28,520,828 187,600 0.16% Shares
Quantinno Capital Management LP $28,455,143 187,167 0.16% Shares
AMERIPRISE FINANCIAL INC $27,733,313 182,420 0.15% Shares
PALISADE CAPITAL MANAGEMENT, LP $26,822,687 176,430 0.15% Shares
NOMURA ASSET MANAGEMENT INTERNATIONAL INC. $25,799,000 169,693 0.14% Shares
AVIVA PLC $24,541,899 161,428 0.14% Shares
APG Asset Management N.V. $23,510,064 176,801 0.13% Shares
STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM $23,341,470 153,532 0.13% Shares
NICHOLAS COMPANY, INC. $22,647,149 148,965 0.13% Shares
Sterling Capital Management LLC $20,968,586 137,924 0.12% Shares
Illinois Municipal Retirement Fund $20,485,282 134,745 0.11% Shares
JANE STREET GROUP, LLC $20,316,225 133,633 0.11% Shares
ROYAL LONDON ASSET MANAGEMENT LTD $19,885,940 131,269 0.11% Shares
Artisan Partners Limited Partnership $19,706,129 129,620 0.11% Shares
Brandywine Global Investment Management, LLC $19,079,056 118,806 0.11% Shares
CITADEL ADVISORS LLC $18,608,472 122,400 0.10% Call option
TRUIST FINANCIAL CORP $18,478,701 121,546 0.10% Shares
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP $18,388,485 120,953 0.10% Shares
STATE OF WISCONSIN INVESTMENT BOARD $16,812,390 110,586 0.09% Shares
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC $16,762,628 115,772 0.09% Shares
BASSWOOD CAPITAL MANAGEMENT, L.L.C. $16,501,944 108,544 0.09% Shares
VIRGINIA RETIREMENT SYSTEMS ET Al $15,914,469 99,100 0.09% Shares
AVITY INVESTMENT MANAGEMENT INC. $15,772,808 103,748 0.09% Shares
LPL Financial LLC $15,648,587 102,930 0.09% Shares
Voleon Capital Management LP $15,517,702 102,070 0.09% Shares
CIBC Bancorp USA Inc. $15,211,818 100,058 0.08% Shares
Pictet Asset Management Holding SA $15,054,923 99,026 0.08% Shares
Bragg Financial Advisors, Inc $15,024,739 98,827 0.08% Shares
PINNACLE ASSOCIATES LTD $14,964,780 98,433 0.08% Shares
Vest Financial, LLC $14,960,360 98,404 0.08% Shares
PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO $14,886,474 97,918 0.08% Shares
Capital Wealth Planning, LLC $14,330,348 94,260 0.08% Shares
Mitsubishi UFJ Trust & Banking Corp $14,017,166 92,200 0.08% Shares
TORONTO DOMINION BANK $13,954,682 91,789 0.08% Shares
Congress Wealth Management LLC / DE / $13,756,692 89,696 0.08% Shares
NISA INVESTMENT ADVISORS, LLC $13,731,958 90,324 0.08% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $13,485,061 88,700 0.07% Put option
MANUFACTURERS LIFE INSURANCE COMPANY, THE $13,407,982 88,193 0.07% Shares

Company insiders 67 insiders · 17 officers · 8 directors

Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Richard G Averitt CEO - RJFS Dec. 15, 2011 A 186,670 0 0 $0
Peter Bailey President & CEO RJ Ltd. March 4, 2008 P 6,625 0 0 $0
Tashtego S Elwyn President, PCG July 28, 2026 S 45,114 0 1 $-1,760,600
Steven M Raney Executive Chair RJBank July 27, 2026 S 43,046 0 1 $-998,037
Paul Matecki Sr. VP - General Counsel Dec. 15, 2015 A 33,947 0 0 $0
Chester B Helck Executive Vice President Dec. 15, 2013 M 111,975 0 0 $0
Kenneth E Armstrong Assistant Secretary Nov. 27, 2013 M 7,061 0 0 $0
James N Augustine Jr Senior Vice President - RJA Feb. 23, 2012 A — 0 0 $0
Angela Biever Chief Administrative Officer Dec. 28, 2011 G 35,943 0 0 $0
John Timothy Eitel Chief Information Officer Dec. 15, 2011 A 63,539 0 0 $0
Thomas R Tremaine Executive Vice President - RJA Dec. 15, 2011 A 51,557 0 0 $0
Richard K Riess Executive Vice President Dec. 15, 2011 A 16,391 0 0 $0
Van C Sayler Senior Vice President Sept. 1, 2011 S 50,658 0 0 $0
Barry S Augenbraun Sr. VP - Corporate Secretary Jan. 8, 2006 P 3,751 0 0 $0
John Stephen Putnam Executive Vice President Dec. 28, 2004 G 110,227 0 0 $0
Robert F Shuck Vice Chairman Feb. 21, 2004 E 183,093 0 0 $0
Thomas A Franke Vice Chairman Feb. 20, 2004 X 147,896 0 0 $0
Hardwick Simmons Director Feb. 25, 2015 M 50,706 0 0 $0
William H Habermeyer JR Director Nov. 24, 2014 M 0 0 0 $0
Kenneth A Shields Director Jan. 31, 2011 C 47,070 0 0 $0
MARSHALL PAUL W Director Jan. 15, 2008 M 14,345 0 0 $0
Alex Sink Director Feb. 17, 2006 M 7,000 0 0 $0
Jonathan A Bulkley Director Feb. 9, 2006 S 11,327 0 0 $0
Harvard H Hill JR Director Feb. 12, 2004 A — 0 0 $0
Bella Loykhter Allaire — March 19, 2026 S 53,586 0 1 $-4,206,289
Christopher S Aisenbrey — Feb. 28, 2026 M 17,490 0 0 $0
Jeffrey N Edwards — Feb. 24, 2026 G 22,008 0 0 $0
Cecily Mistarz — Feb. 19, 2026 M 4,242 0 0 $0
Raj Seshadri — Feb. 19, 2026 A 13,782 0 0 $0
Marlene Debel — Feb. 19, 2026 M 8,820 0 0 $0
Anne Gates — Feb. 19, 2026 A 16,848 0 0 $0
Mark W Begor — Feb. 19, 2026 A 2,285 0 0 $0
Benjamin Esty — Feb. 19, 2026 A 31,794 0 0 $0
Roderick C Mcgeary — Feb. 19, 2026 A 24,354 0 0 $0
MCDANIEL RAYMOND W — Feb. 19, 2026 A 6,113 0 0 $0
Art A Garcia — Feb. 19, 2026 A 6,992 0 0 $0
Jonathan N Santelli — Feb. 4, 2026 S 26,853 0 1 $-767,070
Tarek Helal — Dec. 30, 2025 G 81 0 0 $0
Morgan Tarazeta J Haynes — Dec. 15, 2025 A 5,028 0 0 $0
Vincent Campagnoli — Dec. 15, 2025 A 32,685 0 0 $0
David Krauss — Dec. 15, 2025 A — 0 0 $0
Jonathan W Oorlog JR — Dec. 15, 2025 A 22,377 0 0 $0
Paul M Shoukry — Dec. 15, 2025 A 40,379 0 0 $0
James E Bunn — Dec. 15, 2025 A 101,741 0 0 $0
Scott A Curtis — Dec. 15, 2025 A 192,418 0 0 $0
Paul C Reilly — Dec. 15, 2025 A 260,546 0 3 $-21,321,426
Katherine H Larson — Dec. 5, 2025 A 1,975 0 0 $0
Gordon L Johnson — Feb. 20, 2025 M 44,290 0 0 $0
Shannon B Reid — Dec. 13, 2024 A 7,079 0 0 $0
James Robert Edward Coulter — Dec. 13, 2024 A 18,463 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

Activists & 5%+ owners 1 position

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer Filed Stake Status Purpose Filing
Raymond James Financial, Inc. ×2 filings Sept. 20, 2007 — Initial filing — SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

ETF ownership Held by 173 ETFs

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
IAI · iShares Trust 2.79% 210,658 SH Aug. 8, 2026 Daily
EPSB · Harbor ETF Trust 2.24% 660 NS April 30, 2026 N-PORT
FDIV · EA Series Trust 2.02% 9,255 NS April 30, 2026 N-PORT
EPMV · Harbor ETF Trust 1.98% 555 NS April 30, 2026 N-PORT
BMVP · Invesco Exchange-Traded Fund Trust 1.98% 11,795 SH Aug. 8, 2026 Daily
EQRR · ProShares Trust 1.76% 7,618 NS May 31, 2026 N-PORT
EPMB · Harbor ETF Trust 1.72% 490 NS April 30, 2026 N-PORT
SOVF · Elevation Series Trust 1.66% 9,855 NS April 30, 2026 N-PORT
RSPF · Invesco Exchange-Traded Fund Trust 1.39% 24,307 SH Aug. 8, 2026 Daily
SPVM · Invesco Exchange-Traded Fund Trust 1.06% 7,876 SH Aug. 8, 2026 Daily
MMID · MFS Active Exchange Traded Funds Tr… 1.01% 2,394 NS May 31, 2026 N-PORT
EPSV · Harbor ETF Trust 0.86% 271 NS April 30, 2026 N-PORT
RDVI · First Trust Exchange-Traded Fund IV 0.84% 163,034 NS April 30, 2026 N-PORT
JOET · Virtus ETF Trust II 0.81% 12,121 NS April 30, 2026 N-PORT
NUMV · Nushares ETF Trust 0.69% 18,702 NS April 30, 2026 N-PORT
AVMV · AMERICAN CENTURY ETF TRUST 0.64% 27,753 NS May 31, 2026 N-PORT
FFSM · FIDELITY COVINGTON TRUST 0.51% 41,682 NS April 30, 2026 N-PORT
QUVU · Hartford Funds Exchange-Traded Trust 0.49% 5,311 NS April 30, 2026 N-PORT
IYF · iShares Trust 0.48% 116,364 SH Aug. 8, 2026 Daily
VOE · VANGUARD INDEX FUNDS 0.44% 1,078,477 SH Aug. 8, 2026 Daily
IYG · iShares Trust 0.42% 52,078 SH Aug. 8, 2026 Daily
DFLV · Dimensional ETF Trust 0.35% 131,879 NS April 30, 2026 N-PORT
REVS · Columbia ETF Trust I 0.35% 6,328 NS April 30, 2026 N-PORT
FNCL · FIDELITY COVINGTON TRUST 0.35% 49,158 NS April 30, 2026 N-PORT
FXO · First Trust Exchange-Traded AlphaDE… 0.32% 22,018 NS April 30, 2026 N-PORT
EQIN · Columbia ETF Trust I 0.31% 5,329 NS April 30, 2026 N-PORT
IWS · iShares Trust 0.30% 266,667 SH Aug. 8, 2026 Daily
VFH · VANGUARD WORLD FUND 0.30% 275,770 SH Aug. 8, 2026 Daily
AVMC · AMERICAN CENTURY ETF TRUST 0.29% 8,312 NS May 31, 2026 N-PORT
SUSA · iShares Trust 0.27% 62,571 SH Aug. 8, 2026 Daily
FAS · Direxion Shares ETF Trust 0.27% 33,559 NS April 30, 2026 N-PORT
VO · VANGUARD INDEX FUNDS 0.25% 3,641,307 SH Aug. 8, 2026 Daily
EVUS · iShares Trust 0.25% 5,166 SH Aug. 8, 2026 Daily
IWR · iShares Trust 0.23% 719,590 SH Aug. 8, 2026 Daily
UYG · ProShares Trust 0.22% 10,814 NS May 31, 2026 N-PORT
IMCV · iShares Trust 0.22% 14,271 SH Aug. 8, 2026 Daily
RSP · Invesco Exchange-Traded Fund Trust 0.22% 1,232,602 SH Aug. 8, 2026 Daily
DFVE · DoubleLine ETF Trust 0.22% 414 NS March 31, 2026 N-PORT
SIZE · iShares Trust 0.22% 5,247 SH Aug. 8, 2026 Daily
EUSA · iShares, Inc. 0.21% 22,469 SH Aug. 8, 2026 Daily
IMCB · iShares Trust 0.20% 19,192 SH Aug. 8, 2026 Daily
IXG · iShares Trust 0.20% 7,606 SH Aug. 8, 2026 Daily
ESGU · iShares Trust 0.19% 198,215 SH Aug. 8, 2026 Daily
IMCG · iShares Trust 0.19% 42,010 SH Aug. 8, 2026 Daily
FTA · First Trust Exchange-Traded AlphaDE… 0.18% 15,176 NS April 30, 2026 N-PORT
SPVU · Invesco Exchange-Traded Fund Trust … 0.18% 1,716 NS May 31, 2026 N-PORT
PFIG · Invesco Exchange-Traded Fund Trust … 0.18% 215,000 Aug. 8, 2026 Daily
RECS · Columbia ETF Trust I 0.18% 61,537 NS April 30, 2026 N-PORT
FEX · First Trust Exchange-Traded AlphaDE… 0.18% 16,969 NS April 30, 2026 N-PORT
GSEW · Goldman Sachs ETF Trust 0.18% 21,924 NS May 31, 2026 N-PORT