Raymond James Financial, Inc. reported record net revenues of $3.93 billion for the fiscal third quarter ended June 30, 2026, representing a 16% increase over the prior year’s fiscal third quarter. Net income available to common shareholders rose 42% year-over-year to $595 million, or $3.01 per diluted share, while adjusted net income reached $620 million, or $3.14 per diluted share. The financial services firm achieved these results driven by growth in asset management and related administrative fees, which totaled approximately $2.1 billion, alongside record client assets under administration of $1.92 trillion.

CEO Paul Shoukry attributed the performance to the execution of long-term strategies and the strength of the firm's diversified business model. The Private Client Group (PCG) led the segment performance with record quarterly net revenues of $2.84 billion, up 14% year-over-year, and record assets under administration of $1.86 trillion. Domestic PCG net new assets for the quarter were $21.7 billion, translating to an annualized growth rate of 5.5% from beginning-of-quarter assets.

The Asset Management segment also posted record quarterly net revenues of $362 million, a 24% increase from the prior year, supported by market appreciation, net inflows, and the acquisition of Clark Capital. Financial assets under management in this segment grew 31% over June 2025 to $345 billion. The Bank segment reported record quarterly pre-tax income of $206 million, up 67% year-over-year, with record net bank loans of $56.2 billion.

Capital Markets net revenues increased 25% year-over-year to $477 million, fueled by higher M&A and advisory revenues as well as debt and equity underwriting. For the first nine months of the fiscal year, the firm reported record net revenues of $11.5 billion and record earnings per diluted share of $8.52. The annualized return on common equity for the fiscal third quarter was 18.8%, while the annualized adjusted return on tangible common equity was 23.5%.

During the quarter, Raymond James repurchased $400 million of common stock at an average price of $152 per share, leaving $1.1 billion remaining under its authorized repurchase program. The firm's total capital ratio stood at 22.5% and its tier 1 leverage ratio was 11.7% as of June 30, 2026. A conference call to discuss these results is scheduled for July 22, 2026.

Segment Performance Highlights

Morgan Stanley analyst Michael Cyprys has maintained an Equal-Weight rating on Raymond James Finl and raised the price target to $174 from $172. The revised target reflects a modest adjustment to the firm's valuation outlook for the NYSE-listed financial services company, which operates under the ticker symbol RJF.

Separately, UBS analyst Michael Brown previously maintained a Neutral rating on Raymond James Finl with a price target of $175, raised from $166. These updates provide investors with revised benchmarks following periodic reviews of the company's financial position and market conditions.

No specific operational drivers were cited in the filings for the target increases.