Raymond James (NYSE: RJF) executive shifts 29,551 shares into exchange fund

Rhea-AI Filing Summary

Allaire Bella Loykhter reported open-market sale transactions in this Form 4 filing.

Raymond James Financial Chief Admin Officer Bella Loykhter Allaire disposed of 29,551 shares of common stock, valued at $142.34 per share, on March 19, 2026. According to the footnotes, she contributed these shares to an exchange fund and received fund shares in return, using the $142.34 value to calculate the exchange ratio.

After this transaction, she continues to hold 53,586 Raymond James shares directly. She also has an indirect interest in 1,292 shares held through her Employee Stock Ownership Plan account as of March 16, 2026, indicating she retains a substantial equity position in the company.

Insights

Insider trading analyst

Raymond James’ Chief Admin Officer shifted part of her stake into an exchange fund while keeping a sizable shareholding.

The reporting officer disposed of 29,551 shares of Raymond James Financial common stock at a value of $142.34 per share by contributing them to an exchange fund. Instead of taking cash, she received shares of the exchange fund, suggesting a diversification-focused move rather than a straightforward market sale.

Post-transaction, she still holds 53,586 shares directly, plus 1,292 shares indirectly via an ESOP account through March 16, 2026. Given the continuing sizeable stake and lack of derivative exercises or tax withholdings, this looks like a portfolio rebalancing step with limited implications for the company’s fundamentals.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Allaire Bella Loykhter

(Last) (First) (Middle)

880 CARILLON PARKWAY

(Street)

ST. PETERSBURG FLORIDA 33716

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
RAYMOND JAMES FINANCIAL INC [ RJF ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Admin Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/19/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	03/19/2026		S(1)		29,551	D	$142.34(1)	53,586	D
Common Stock								1,292(2)	I	ESOP

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The reporting person contributed the registrant's common stock to an exchange fund in exchange for shares of the exchange fund. The registrant's common stock was valued at $142.34 per share for purposes of determining the number of shares of the exchange fund issuable to the reporting person.

2. Includes shares of common stock acquired under the reporting person's Employee Stock Ownership Plan (ESOP) account through March 16, 2026.

Remarks:

This Form 4 reports a contribution by the reporting person of the registrant's common stock in exchange for shares of an exchange fund.

	/s/ Bella Loykhter Allaire by Jonathan J. Doyle as Attorney-in-Fact	03/20/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What did Raymond James (RJF) executive Bella Loykhter Allaire do in this Form 4?

She disposed of 29,551 shares of Raymond James Financial common stock by contributing them to an exchange fund at $142.34 per share. In return, she received shares of the exchange fund instead of cash, changing how her holdings are diversified.

How many Raymond James (RJF) shares does the officer still own after the transaction?

After the transaction, she directly owns 53,586 Raymond James Financial shares. She also has an indirect interest in 1,292 additional shares through her Employee Stock Ownership Plan account as of March 16, 2026, so she retains a meaningful equity position.

Was the Raymond James (RJF) insider transaction an open-market sale?

The transaction is coded as a sale but footnotes explain it was a contribution to an exchange fund. Her Raymond James shares were valued at $142.34 each to determine how many exchange fund shares she received, rather than selling for cash in the market.

What price was used for the Raymond James (RJF) insider share disposition?

The company’s common stock was valued at $142.34 per share for the transaction. That value determined how many shares of the exchange fund the officer received in exchange for contributing 29,551 Raymond James shares, according to the footnote disclosure.

Does the Raymond James (RJF) Form 4 show any derivative exercises or option activity?

No derivative securities are listed in this Form 4, and the derivative summary is empty. The reported activity involves only common stock and consists of a single sale transaction plus a holding entry for ESOP shares, with no option exercises disclosed.

How are ESOP shares reported for the Raymond James (RJF) insider in this filing?

The filing shows an indirect holding of 1,292 Raymond James shares through the officer’s Employee Stock Ownership Plan account. Footnotes state this includes shares acquired under the ESOP through March 16, 2026, providing a snapshot of her plan-based ownership.