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Get filing alertsRaymond James sets 20%+ pre-tax margin target, reports $54B H1 net new assets
Filed May 27, 2026 · Period ending May 27, 2026 · ~1 min read
Key Changes
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Firm targets 20% adjusted pre-tax margin and 20%+ adjusted return on tangible common equity, assuming current markets, mid-single digit investment banking growth, and continued advisor recruiting.
Exhibit 99.1 view on EDGAR → -
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Private Client Group added $54 billion in domestic net new assets in the first six months of fiscal 2026, with 9,076 advisors managing $1.7 trillion in client assets (61% fee-based).
Exhibit 99.1 view on EDGAR → -
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Since fiscal 2020, the company generated $10.8 billion in net income, returning 57% to shareholders ($2.1B dividends, $4.1B buybacks) and investing 43% in growth.
Exhibit 99.1 view on EDGAR → -
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Completed acquisition of Clark Capital on April 30, 2026, adding $47 billion in assets under management and model portfolio capabilities to the Asset Management segment.
Exhibit 99.1 view on EDGAR →
Summary
Raymond James used its 2026 Analyst & Investor Day to lay out financial targets that signal management's confidence in the firm's trajectory. The 20% adjusted pre-tax margin and 20%+ return on tangible common equity targets rest on assumptions of stable markets, mid-single digit investment banking revenue growth, and continued advisor recruiting momentum—all areas where the firm has demonstrated recent strength. The Private Client Group's $54 billion in net new assets over six months and record fiscal 2025 recruiting ($407 million in trailing production) underscore the wealth management franchise's competitive position.
The capital allocation track record—57% of net income returned to shareholders since fiscal 2020 through $6.2 billion in dividends and buybacks—shows disciplined stewardship while still funding growth. The Clark Capital acquisition, closed in April with $47 billion in assets, expands the firm's model portfolio and wealth-focused asset management capabilities, fitting the multi-boutique strategy. For holders, the disclosed targets provide a benchmark to measure execution over the next several quarters, particularly whether the firm can sustain advisor recruiting and asset gathering at the pace needed to hit the margin and return goals.
Section-by-Section Diff
Event · Exhibit 99.1
Raymond James held its 2026 Analyst & Investor Day on May 27, 2026, presenting strategic updates and financial targets across all business segments.
Added in current filing · view on EDGAR →
MAY 27, 2026 2026 Analyst & Investor Day
Raymond James Financial held its 2026 Analyst & Investor Day on May 27, 2026. The event featured presentations from the CEO and segment presidents covering strategic priorities, business performance, and financial targets. The firm disclosed updated financial metrics, growth initiatives, and capital deployment plans across its Private Client Group, Asset Management, Capital Markets, and Bank segments.
Added in current filing · view on EDGAR →
Financial targets Adjusted compensation ratio* ~65% Adjusted pre-tax margin* ~20% Adjusted return on common equity 17%+ Adjusted return on tangible common equity 20%+
The company disclosed financial targets including an adjusted compensation ratio of approximately 65%, adjusted pre-tax margin of approximately 20%, adjusted return on common equity of 17% or higher, and adjusted return on tangible common equity of 20% or higher. These targets assume current equity markets and short-term interest rates, mid-single digit investment banking revenue growth, continued advisor recruiting at current pace, consistent share repurchases, and a full-year effective tax rate of 25%.
Added in current filing · view on EDGAR →
$54 billion domestic PCG net new assets for first six months FY26
The Private Client Group reported $54 billion in domestic net new assets for the first six months of fiscal year 2026. The segment has $1.7 trillion in client assets under administration served by 9,076 advisors, with fee-based assets representing 61% of total PCG client assets. The firm achieved record advisor recruiting results in fiscal 2025 with $407 million of recruited trailing-twelve-month production.
Added in current filing · view on EDGAR →
$2.1B dividends paid $4.1B share repurchases $4.6B to shareholders equity $10.8B Net Income (FY 2020 – FYTD 2026) Returned to shareholders 57% Invested in growth strategies 43%
From fiscal 2020 through the first half of fiscal 2026, Raymond James generated $10.8 billion in net income, returning 57% to shareholders through $2.1 billion in dividends and $4.1 billion in share repurchases, while investing 43% in growth strategies. The company maintains a 15% five-year CAGR in common dividends per share and a tier 1 leverage ratio of 12.4% as of March 31, 2026.
Added in current filing · view on EDGAR →
Enhanced product offering with acquisition of Clark Capital which provides wealth-focused asset management and model portfolio capabilities
Raymond James disclosed the acquisition of Clark Capital, completed April 30, 2026, which adds wealth-focused asset management and model portfolio capabilities to the firm's Asset Management segment. Clark Capital had approximately $47 billion in total financial assets under management and non-discretionary assets as of April 30, 2026. The acquisition expands the firm's multi-boutique investment management platform serving advisors and clients.
Event · Item 7.01 — Regulation FD Disclosure
Raymond James held its annual Analyst & Investor Day on May 27, 2026, with management presentations and Q&A; slides furnished under Regulation FD.
Show 1 minor / wording change
Added in current filing · verify on EDGAR →
Raymond James Financial, Inc. (the “Company”) will hold its annual Analyst & Investor Day on Wednesday, May 27, 2026, beginning at 1:00 p.m. ET. Presentations and Q&A with members of executive management are expected to conclude at approximately 4:45 p.m. ET.
The company held its annual Analyst & Investor Day on May 27, 2026, featuring presentations and Q&A with executive management. The event ran from 1:00 p.m. to approximately 4:45 p.m. ET. Presentation slides were furnished as an exhibit under Regulation FD.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 26, 2026 · How we verify