Raymond James Financial, Inc. (NYSE: RJF) is a diversified financial services firm best known for its advisor-led wealth management platform, alongside investment banking, asset management, and capital markets businesses. Shares recently traded around $161 per share, giving the company a market value of roughly $32.0B.
Over time, Raymond James has built a differentiated model centered on organic advisor growth and a relatively conservative balance sheet compared with larger universal banks.
Looking at who owns Raymond James and recent insider trades helps provide insight into how major investors and company leadership appear to be approaching the stock today.
Who Are Raymond James Financial’s Top Shareholders?
Raymond James’ shareholder base is led by large institutional investors that tend to hold through market cycles, which can help support long-term ownership stability. Recent filings show a mix of modest trimming and selective additions, suggesting investors may be balancing valuation considerations with confidence in the firm’s longer-term earnings power.
- The Vanguard Group: 21,794,238 shares (11.08%), ~$3.54B value. Cut 316,916 shares (-1.43%).
- James, Thomas A.: 19,334,264 shares (9.83%), ~$3.14B value. Added 1,416 shares (+0.01%).
- BlackRock Institutional Trust Company: 9,987,638 shares (5.08%), ~$1.62B value. Cut 144,606 shares (-1.43%).
- PRIMECAP Management Company: 9,646,282 shares (4.90%), ~$1.57B value. Cut 367,570 shares (-3.67%).
- Wellington Management Company: 9,018,292 shares (4.59%), ~$1.47B value. Cut 550,333 shares (-5.75%).
- State Street Investment Management: 8,032,171 shares (4.08%), ~$1.31B value. Cut 143,086 shares (-1.75%).
- JPMorgan Asset Management: 5,201,587 shares (2.64%), ~$845.5M value. Added 211,858 shares (+4.25%).
- Fidelity Management & Research Company: 5,177,849 shares (2.63%), ~$841.7M value. Cut 173,661 shares (-3.25%).
- Geode Capital Management: 4,561,877 shares (2.32%), ~$741.5M value. Cut 35,291 shares (-0.77%).
- T. Rowe Price Investment Management: 3,643,236 shares (1.85%), ~$592.2M value. Cut 539,509 shares (-12.90%).
For investors, the takeaway is that institutional ownership remains broad and stable, with recent adjustments appearing incremental and consistent with portfolio rebalancing rather than a shift in long-term conviction toward Raymond James.
Hedge Fund Highlights
One notable move last quarter came from Balyasny Asset Management LP, founded by Dmitry Balyasny, which boosted its Raymond James position by over 7,800%. The firm now holds roughly $49.8M value of shares, which appears to reflect a meaningful build from a previously small position.
Citadel Advisors, led by Ken Griffin, increased its Raymond James stake by nearly 3,000% to about $27.2M value. The move may indicate growing interest in the company’s earnings consistency and capital markets exposure.
Millennium Management, run by Israel Englander, raised its holdings by approximately 1,850%, bringing its position to around $242.8M value. This stands out as a sizable allocation from a large multi-strategy firm and may suggest confidence in Raymond James’ advisor-driven growth model.
Jefferies Financial Group, headed by Richard Handler, lifted its stake by roughly 1,200%, though the position remains smaller at about $6.2M value, pointing to a more incremental shift in positioning.
For investors, hedge fund activity appears constructive but measured, with firms building exposure without signaling aggressive, one-sided conviction.
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Raymond James Financial’s Recent Insider Trades
Recent insider filings for Raymond James show activity concentrated on December 14, 2025, with transactions largely leaning toward selling.
- Paul C. Reilly (Officer and Director): Sold shares across multiple transactions at prices between $162 and $164.
- Steven M. Raney (Officer): Sold 2,459 shares at prices near $164.
- Bella Loykhter Allaire (Officer): Sold 1,574 shares at approximately $164.
It appears these transactions represent relatively small portions of insider holdings and may reflect personal portfolio management rather than a strong signal on Raymond James’ long-term outlook. For investors, insider activity adds context but does not materially alter the broader ownership picture.
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What the Ownership & Insider Trade Data Tell Us
Raymond James’ ownership remains anchored by large, long-term institutional investors, while hedge fund positioning has become more active at current price levels. Insider activity appears modest relative to total ownership and does not suggest a clear directional signal.
For investors, the combined data points to continued confidence in Raymond James as a durable, advisor-led financial services platform, with market participants taking a balanced approach as they weigh interest rate trends, capital markets conditions, and advisor growth going forward.
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