Form 4: Raymond James COO's Stock Transactions

Raymond James Financial COO Scott A. Curtis reported the vesting of restricted stock units and subsequent sale of shares to cover tax obligations.

Summary

• Chief Operating Officer Scott A. Curtis acquired a total of 2,764 shares of common stock through the vesting of Restricted Stock Units (RSUs) on November 30, 2025.
• Disposed of 888 shares of common stock (406 shares and 482 shares) back to the issuer on November 30, 2025, at a price of $156.54 per share to cover tax liabilities associated with the RSU vesting.
• Following these transactions, direct beneficial ownership stands at 168,002 shares of common stock.
• Indirect beneficial ownership includes 4,190 shares of common stock held in an Employee Stock Ownership Plan (ESOP) account as of November 24, 2025.

Sentiment

Score: 5

Explanation: The filing reports routine insider transactions related to executive compensation (RSU vesting and tax-related sales). These are standard events and do not indicate any significant positive or negative developments for the company's operations or financial health.

Positives

• The acquisition of shares through RSU vesting indicates a continued alignment of executive interests with shareholder value, as a portion of compensation is tied to company stock performance.

Negatives

• The disposition of 888 shares, while for tax purposes, represents a reduction in the executive's direct holdings.

Future Outlook

A portion of the Restricted Stock Units (1,264 units) is scheduled for a final vesting of 20% on November 30, 2026, indicating future share acquisitions for the reporting person.

Management Comments

• This Form 4 reports the partial vesting of Restricted Stock Units (RSUs) awarded to the reporting person.
• Dispositions by the reporting person to the issuer were made to cover the tax liability in connection with such vesting.

Industry Context

This filing is a routine disclosure of executive compensation and insider stock transactions, common across publicly traded companies. It reflects standard practices for Restricted Stock Unit (RSU) vesting and subsequent tax-related share dispositions, which are typical components of executive incentive plans in the financial services industry.

Comparison to Industry Standards

• Not applicable as this is a routine insider transaction report (Form 4) detailing executive compensation vesting and tax-related sales, rather than operational or financial performance metrics that would typically be benchmarked against industry peers.

Stakeholder Impact

• Shareholders: The transactions represent a routine aspect of executive compensation. The acquisition of shares through vesting aligns executive interests with shareholders, while the tax-related sales are a common occurrence and do not typically signal a change in management's confidence in the company.
• Employees: Reflects standard executive compensation practices, which can be a factor in executive retention and overall compensation philosophy within the company.

Next Steps

• The remaining 20% of the 1,264 Restricted Stock Units are scheduled to vest on November 30, 2026.

Key Dates

Recommendation

This Form 4 reports routine executive compensation events, specifically the vesting of Restricted Stock Units and the subsequent sale of shares to cover tax liabilities. It does not provide new fundamental information about Raymond James Financial's operational performance, strategic direction, or financial health that would warrant a change in an investment recommendation. Such insider transactions are standard disclosures and typically have a neutral impact on the stock's valuation.

Keywords

Raymond James Financial, RJF, Form 4, Insider Transaction, Restricted Stock Units, RSU Vesting, Executive Compensation, Scott A. Curtis, Stock Ownership