Updated: December 12, 2025
Raymond James Financial (NYSE: RJF ) is closing out the week in the spotlight after a cluster of shareholder-return and analyst-coverage headlines reshaped the near-term narrative around the wealth manager and investment bank. The company has authorized a new $2 billion share repurchase program , raised its quarterly dividend by 8% , and is preparing to redeem its Series B preferred stock —moves that signal confidence in capital generation even as the stock has lagged some major benchmarks. [1]
On the Street, Bank of America (BofA) raised its price target to $196 from $194 while keeping a Neutral stance, and UBS initiated coverage at Neutral with a $176 price target , pointing to strengths in the franchise but also flagging competitive pressure and capital deployment questions. [2]
Below is what’s new as of 12/12/2025 , what it may mean for RJF’s capital strategy, and what investors are watching next.
The headline: a new $2 billion buyback and an 8% dividend increase
On December 3, 2025 , Raymond James’ board approved a quarterly cash dividend of $0.54 per share , payable January 16, 2026 to shareholders of record January 2, 2026 . The payout represents an 8% increase from the prior dividend of $0.50. [3]
Alongside the dividend increase, the board authorized repurchases of up to $2 billion of common stock , replacing a previous $1.5 billion authorization that had about $105 million remaining as of December 2. Importantly for investors modeling capital return, the company emphasized that the buyback authorization:
- Has no fixed expiration date
- May be executed “from time to time” depending on price, market conditions, law, and regulatory constraints
- Can occur via open-market or privately negotiated transactions
- Does not obligate Raymond James to repurchase any specific amount and can be suspended or discontinued [4]
That flexibility matters. An “open-ended” authorization gives management discretion to accelerate repurchases during volatility—or slow them if acquisition opportunities or capital needs increase.
Why this combination is drawing attention now
A dividend hike plus a larger buyback authorization typically sends a clear signal: management believes it can return more cash while still funding organic growth and maintaining a comfortable capital buffer. Market commentary this week has reflected that framing, noting that the stock had been grinding higher into the announcement window. [5]
Capital structure reset: preferred dividend today, full redemption in early January
The December 3 announcement also included a key capital-structure step: Raymond James declared a quarterly dividend of $0.3984375 per depositary share on its 6.375% Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock , payable January 1, 2026 to holders of record December 15, 2025 . [6]
At the same time, the firm reiterated that it plans to redeem all outstanding Series B Preferred Stock and related depositary shares on January 2, 2026 . [7]
For common shareholders, preferred redemption can be a subtle but meaningful shift. Retiring a preferred layer can simplify the balance sheet and reduce the ongoing burden of preferred distributions—although it also uses capital that could otherwise be held, invested, or returned through buybacks.
Stock reaction: a pop after the buyback news, then a pullback
Immediately after the buyback was unveiled, Reuters reported RJF shares rose about 2.7% in the session referenced, as investors weighed the larger repurchase capacity and the dividend lift. [8]
But momentum cooled towards the end of the week. In Thursday trading (Dec. 11), MarketWatch data showed RJF fell 1.82% to $163.91 , snapping a six-day winning streak and underperforming several peers on a broadly positive market day. [9]
The push-pull matters for positioning: buybacks can provide a floor during dips, but they don’t erase the market’s sensitivity to brokerage activity, investment banking cycles, and rate-driven impacts on interest-related income.
“Underperforming the Dow?” The performance debate behind the rally-and-reset week
One reason this buyback-and-dividend package is resonating is that it arrives as investors debate whether RJF has kept pace with large-cap benchmarks.
A recent market note highlighted that RJF had fallen about 7.6% from its 52-week high of $177.66 , and while it was up on the year, it had underperformed the Dow Jones Industrial Average over comparable periods. [10]
In other words: Raymond James has not been a “straight-line” winner in 2025—yet management is leaning into capital returns as a way to support total shareholder returns even if the multiple doesn’t expand.
Analysts move in: BofA lifts target to $196; UBS starts at Neutral with $176
BofA: higher price target, Neutral rating stays
This week, BofA raised its price target to $196 from $194 and maintained a Neutral rating. In a sector-level note, BofA also pointed to 2026 preferences that tilt toward alternative asset managers versus online brokers, reflecting a view on valuation and macro positioning. [11]
While a $2 move in a price target isn’t dramatic on its own, the timing reinforces a broader message: RJF is being modeled as a steady franchise where upside exists, but not necessarily enough (in BofA’s view) to justify a more aggressive rating.
UBS: “strong brand,” but growth and capital questions cap enthusiasm
UBS initiated coverage with a Neutral rating and a $176 price target , recognizing strengths like the firm’s brand and balance sheet, but highlighting that the investment case is “tempered” by expectations that organic growth in the Private Client Group may remain below 5% , due to competitive pressures. UBS also flagged concerns tied to excess capital and potential M&A-related risks , and projected fiscal 2026–2028 EPS that could run 1–4% below consensus . [12]
Taken together, the two calls illustrate the current Street framing: Raymond James is viewed as high-quality, but analysts want clearer evidence of sustained organic growth acceleration and an optimal plan for deploying capital.
Fundamentals check: RJF’s fiscal record 2025 results provide the backbone
It’s easy to see why management feels comfortable returning capital when you look at the company’s most recent full-year results.
In its fiscal 4Q and fiscal-year 2025 report (released Oct. 22, 2025), Raymond James reported:
- Record annual net revenues of $14.07 billion
- Net income available to common shareholders of $2.13 billion
- Record earnings per diluted share of $10.30
- Record quarterly net revenues of $3.73 billion
- Quarterly net income available to common shareholders of $603 million ($2.95 per diluted share) and adjusted quarterly net income of $635 million ($3.11 per diluted share) [13]
The segment detail also matters for how investors underwrite 2026:
- Capital Markets quarterly net revenues of $513 million , up year-over-year and sharply higher versus the preceding quarter, with quarterly investment banking revenues of $309 million [14]
- Private Client Group posted record quarterly net revenues of $2.66 billion , and ended the period with record PCG assets under administration of $1.67 trillion and fee-based assets of $1.01 trillion [15]
In the context of those records, an expanded buyback can be read as a “capital return continuation,” rather than a one-off attempt to prop up the stock.
Another current development: Raymond James brings on a $692 million bank program
Not all the week’s headlines were strictly about capital return and analyst targets.
On December 11, 2025 , Raymond James announced that Bank Midwest selected the firm’s Financial Institutions Division (FID) to support the bank’s investment program. The Bank Midwest team involved includes six financial advisors and additional staff, collectively overseeing about $692 million in client assets , and the program will rebrand as Midwest Wealth Group . [16]
For Raymond James, these deals can be strategically important: they expand distribution and deepen ties with bank-based advisory channels—an area where scale, technology, and product breadth can be differentiators.
What to watch next for RJF into early 2026
With multiple “moving pieces” hitting at once, here are the key near-term checkpoints investors and analysts will likely track:
- Buyback pace and pricing discipline
The authorization is large and open-ended, but the market will look for evidence of execution—especially during pullbacks. [17] - January cash-return calendar
- Preferred dividend payable Jan. 1, 2026
- Preferred redemption on Jan. 2, 2026
- Common dividend payable Jan. 16, 2026 [18]
- Private Client Group organic growth
UBS’ callout on sub-5% organic growth expectations puts a spotlight on advisor recruiting, retention, net new assets, and fee-based asset expansion. [19] - Investment banking and Capital Markets cadence
Raymond James ended fiscal 2025 pointing to a strong pipeline and improving conditions—investors will want to see that translate into sustained fees. [20] - Stock performance relative to peers and benchmarks
After a strong run and a sharp daily dip, RJF’s relative performance remains part of the debate—especially as investors compare it to other diversified financials and brokers. [21]
Bottom line
As of December 12, 2025 , Raymond James Financial is sending an unmistakably shareholder-friendly message: bigger buyback capacity, higher dividends, and a cleaner capital structure via preferred redemption . [22]
At the same time, Wall Street’s tone remains measured. BofA’s modest target increase and UBS’s Neutral initiation reinforce a consensus that RJF is fundamentally solid—but investors may need clearer proof that organic growth and capital deployment can outpace peers in 2026. [23]
References
1. www.raymondjames.com, 2. www.tipranks.com, 3. www.raymondjames.com, 4. www.raymondjames.com, 5. simplywall.st, 6. www.raymondjames.com, 7. www.raymondjames.com, 8. www.tradingview.com, 9. www.marketwatch.com, 10. www.barchart.com, 11. www.tipranks.com, 12. www.investing.com, 13. www.raymondjames.com, 14. www.raymondjames.com, 15. www.raymondjames.com, 16. www.raymondjames.com, 17. www.raymondjames.com, 18. www.raymondjames.com, 19. www.investing.com, 20. www.raymondjames.com, 21. www.marketwatch.com, 22. www.raymondjames.com, 23. www.tipranks.com
