Form 4: Raymond James CEO Shoukry Reports RSU Vesting & Tax Sales

Raymond James Financial CEO Paul M. Shoukry reported the vesting of restricted stock units and subsequent sales of common stock to cover tax obligations.

Summary

• Paul M. Shoukry, CEO and Director of Raymond James Financial Inc. (RJF), reported changes in his beneficial ownership of common stock.
• On November 30, 2025, Shoukry acquired 2,318 shares and 1,500 shares of common stock upon the vesting of Restricted Stock Units (RSUs), with a transaction price of $0 per share.
• Concurrently, he disposed of 590 shares and 912 shares of common stock, totaling 1,502 shares, at a price of $156.54 per share. These dispositions were made to cover tax liabilities associated with the RSU vesting.
• Following these transactions, Shoukry directly owns 36,232 shares of common stock and indirectly owns 1,378 shares through an Employee Stock Ownership Plan (ESOP) account as of November 24, 2025.
• The filing details the vesting schedules for two RSU awards: one vested 60% on 11/30/2023, 20% on 11/30/2024, and 20% on 11/30/2025; the other vested 60% on 11/30/2024, 20% on 11/30/2025, and will vest 20% on 11/30/2026.

Sentiment

Score: 7

Explanation: The filing reports routine insider transactions related to executive compensation, specifically the vesting of Restricted Stock Units and subsequent sales to cover tax obligations. This is an expected part of executive compensation and does not indicate any new positive or negative operational developments for the company.

Positives

• The vesting of Restricted Stock Units (RSUs) indicates the successful fulfillment of long-term incentive compensation plans for the CEO.
• The acquisition of shares through RSU vesting aligns management's interests with those of shareholders, promoting long-term value creation.

Negatives

• No inherently negative aspects are reported in this Form 4, as the dispositions were solely to cover tax liabilities associated with RSU vesting, which is a standard practice.

Future Outlook

The filing indicates continued long-term incentive compensation for the CEO with future Restricted Stock Unit (RSU) vesting dates scheduled for November 30, 2025, and November 30, 2026.

Industry Context

This filing reflects routine executive compensation practices within the financial services industry, where Restricted Stock Units are a common component of long-term incentive plans designed to align executive interests with shareholder value.

Related Party Transactions

• The transactions involve the disposition of common stock by the reporting person (CEO) to the issuer (Raymond James Financial Inc.) to cover tax liabilities arising from the vesting of Restricted Stock Units, which is a common related-party dealing in executive compensation.

Stakeholder Impact

• Shareholders: The vesting of RSUs and subsequent tax-related sales are routine and reflect the ongoing executive compensation structure. It demonstrates management's continued equity ownership, aligning interests.
• Employees: The mention of an Employee Stock Ownership Plan (ESOP) for indirect ownership indicates a broader employee stock ownership program, which can positively impact employee alignment and retention.

Next Steps

• Future vesting of Restricted Stock Units (RSUs) on November 30, 2025, and November 30, 2026, as per the existing award schedules.

Key Dates

Recommendation

This Form 4 details routine executive compensation events, specifically the vesting of Restricted Stock Units and subsequent sales to cover tax obligations. Such transactions are expected and do not provide new insights into the company's operational performance, strategic direction, or financial health that would warrant a change in investment recommendation. The CEO's continued equity ownership through direct holdings and ESOP participation maintains alignment with shareholder interests.

Keywords

Raymond James Financial, RJF, Paul M. Shoukry, Form 4, Insider Trading, Restricted Stock Units, RSU, Stock Vesting, Tax Withholding, CEO, Director