Raymond James (RJF) President, PCG reports 5,429-share RSU vesting and updated holdings

Rhea-AI Filing Summary

Raymond James Financial (RJF) executive equity award vests. An officer of Raymond James Financial serving as President, PCG reported acquiring 5,429 shares of common stock on 12/02/2025. These shares came from the vesting of performance-based Restricted Stock Units granted on 12/15/2022 that were tied to the company’s average after-tax return on equity and relative total shareholder return over a three-year period.

Following this vesting event, the reporting person beneficially owns 38,931 shares of common stock directly. In addition, 7,492 shares are held in an Employee Stock Ownership Plan account through November 24, 2025, and 75 shares each are held in two UTMA custodial accounts for the reporting person’s daughter and son, for which beneficial ownership is disclaimed.

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

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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^*

Elwyn Tashtego S

(Last) (First) (Middle)

880 CARILLON PARKWAY

(Street)

ST. PETERSBURG FL 33716

(City) (State) (Zip)

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)
	President, PCG

3. Date of Earliest Transaction (Month/Day/Year)
12/02/2025

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

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

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

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	12/02/2025		A		5,429(1)	A	$0.0000	38,931	D
Common Stock								7,492(2)	I	ESOP
Common Stock								75(3)	I	UTMA Custodian for Daughter
Common Stock								75(3)	I	UTMA Custodian for Son

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. Vesting of Performance Restricted Stock Units (PRSUs) granted on 12/15/2022.

2. Includes shares of common stock acquired under the reporting person's Employee Stock Ownership Plan (ESOP) account through November 24, 2025.

3. The reporting person disclaims beneficial ownership of these securities, and the filing of this report is not an admission that the reporting person is the beneficial owner of these securities for purposes of Section 16 or for any other purpose.

Remarks:

This Form 4 reports the acquisition by the reporting person of common stock resulting from the vesting of Restricted Stock Units (RSUs) granted on 12/15/2022 based on the company's attaining certain levels of average after-tax return-on-equity, as modified by the company's relative total shareholder return compared to a peer group, over a three-year measurement period.

	/s/ Tashtego S. Elwyn by Jonathan J. Doyle as Attorney-in-Fact	12/04/2025
	** 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.
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FAQ

What insider transaction was reported at Raymond James Financial (RJF)?

An officer of Raymond James Financial, serving as President, PCG, reported the acquisition of 5,429 shares of common stock on 12/02/2025 from the vesting of performance-based Restricted Stock Units.

How many RJF shares does the reporting person own after this transaction?

After the vesting, the reporting person beneficially owns 38,931 RJF common shares directly, plus 7,492 shares in an ESOP account and 75 shares each in two UTMA custodial accounts.

What triggered the vesting of the 5,429 RJF Restricted Stock Units?

The 5,429 Restricted Stock Units vested based on the company attaining specified levels of average after-tax return on equity, adjusted by relative total shareholder return versus a peer group over a three-year measurement period.

What role does the reporting person hold at Raymond James Financial (RJF)?

The reporting person is an officer of Raymond James Financial, identified with the title President, PCG.

How are the ESOP shares for the RJF officer reported?

The filing states that the 7,492 RJF common shares include stock acquired under the reporting person’s Employee Stock Ownership Plan (ESOP) account through November 24, 2025.

Does the RJF officer claim beneficial ownership of the UTMA custodial shares?

No. The reporting person disclaims beneficial ownership of the 75 shares held in each UTMA custodial account for a daughter and son, and notes that the report is not an admission of beneficial ownership.

What type of equity award vested for the Raymond James Financial officer?

The filing describes the award as Performance Restricted Stock Units (PRSUs), granted on 12/15/2022 and settled in 5,429 shares of RJF common stock upon vesting.