[Form 4] RAYMOND JAMES FINANCIAL INC Insider Trading Activity

Rhea-AI Filing Summary

Raymond James Financial (RJF) executive Steven M. Raney reported routine equity transactions related to vesting of restricted stock units (RSUs). On 11/30/2025, RSUs converted into 1,500 shares of common stock from one award and 1,264 shares from another. These RSUs have multi-year vesting schedules, with portions having vested in prior years and a final portion of one grant scheduled to vest on 11/30/2026.

To cover tax withholding arising from the vesting, Raney disposed of 278 and 330 shares of common stock to the issuer at a price of $156.54 per share. After these transactions, he directly owned 44,507 shares of common stock and indirectly owned 3,156 shares through his Employee Stock Ownership Plan (ESOP) account as of November 24, 2025.

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^*

Raney Steven M

(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)
	Executive Chair RJBank

3. Date of Earliest Transaction (Month/Day/Year)
11/30/2025

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	11/30/2025		M		1,500	A	$0(1)	43,851	D
Common Stock	11/30/2025		M		1,264	A	$0(1)	45,115	D
Common Stock	11/30/2025		F		278	D	$156.54	44,837	D
Common Stock	11/30/2025		F		330	D	$156.54	44,507	D
Common Stock								3,156(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
Restricted Stock Units	(1)	11/30/2025		M			1,500	(3)	11/30/2025	Common Stock	1,500	$0.0000	0.0000	D
Restricted Stock Units	(1)	11/30/2025		M			1,264	(4)	11/30/2026	Common Stock	1,264	$0.0000	1,264	D

Explanation of Responses:

1. Each Restricted Stock Unit (RSU) represents a contingent right to receive, upon vesting of the award: (i) one share of common stock, and (ii) accrued cash in lieu of dividends.

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

3. RSUs vested 60% on 11/30/2023, 20% on 11/30/2024, and 20% on 11/30/2025.

4. RSUs vested 60% on 11/30/2024, 20% on 11/30/2025, and will vest 20% on 11/30/2026.

Remarks:

This Form 4 reports (i) the partial vesting of RSUs awarded to the reporting person and (ii) dispositions by the reporting person to the issuer to cover the tax liability in connection with such vesting.

	/s/ Steven M. Raney by Jonathan J. Doyle as Attorney-in-Fact	12/02/2025
	** 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.
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.

FAQ

What insider activity did RJF executive Steven M. Raney report?

Steven M. Raney, Executive Chair RJBank at Raymond James Financial (RJF), reported the partial vesting of restricted stock units (RSUs) into common stock and related share dispositions to the issuer to cover tax liabilities on 11/30/2025.

How many Raymond James Financial (RJF) RSUs vested for Steven M. Raney on 11/30/2025?

On 11/30/2025, 1,500 RSUs from one award and 1,264 RSUs from another award vested and were settled into an equal number of RJF common shares.

At what price were RJF shares withheld for taxes in Steven M. Raney’s Form 4?

To cover tax withholding related to the RSU vesting, 278 and 330 shares of RJF common stock were surrendered to the issuer at a price of $156.54 per share.

How many Raymond James Financial (RJF) shares does Steven M. Raney own after these transactions?

Following the reported transactions, Steven M. Raney directly owned 44,507 shares of RJF common stock and indirectly owned 3,156 shares through his ESOP account as of November 24, 2025.

What are the vesting schedules of Steven M. Raney’s RJF RSU awards?

One RSU grant vested 60% on 11/30/2023, 20% on 11/30/2024, and 20% on 11/30/2025. Another vested 60% on 11/30/2024, 20% on 11/30/2025, and will vest 20% on 11/30/2026.

What does each RJF restricted stock unit (RSU) represent for Steven M. Raney?

Each RJF RSU represents a contingent right to receive, upon vesting, (i) one share of common stock and (ii) accrued cash in lieu of dividends.