Form 4: Raymond James Exec Boosts Stake via RSU Vesting

James E. Bunn, President of Capital Markets at Raymond James Financial, acquired 13,501 shares of common stock through the vesting of performance-based restricted stock units.

Summary

• James E. Bunn, President of Capital Markets at Raymond James Financial Inc. (RJF), acquired 13,501 shares of common stock on December 2, 2025.
• The acquisition was a result of the vesting of Performance Restricted Stock Units (PRSUs) granted on December 15, 2022, with a transaction price of $0.0000 per share.
• Following this transaction, James E. Bunn directly beneficially owns 95,450 shares of common stock.
• Additionally, 2,069 shares are indirectly owned through the reporting person's Employee Stock Ownership Plan (ESOP) account as of November 24, 2025.
• The vesting of the PRSUs was contingent upon the company achieving certain levels of average after-tax return-on-equity, modified by its relative total shareholder return compared to a peer group, over a three-year measurement period.

Sentiment

Score: 7

Explanation: The vesting of performance-based restricted stock units is a positive indicator of the company meeting its performance targets and aligns executive interests with shareholders. It's a routine compensation event but reflects positively on past performance.

Positives

• Increased insider ownership by a key executive, James E. Bunn, which aligns management interests with those of shareholders.
• The vesting of performance-based restricted stock units indicates that Raymond James Financial met specific performance targets related to average after-tax return-on-equity and relative total shareholder return over the measurement period.

Future Outlook

Not applicable for this insider transaction report.

Management Comments

• The acquisition of common stock resulted from the vesting of Restricted Stock Units (RSUs) granted on December 15, 2022.
• Vesting was 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.

Industry Context

The vesting of performance-based restricted stock units is a common form of executive compensation in the financial services industry. This practice is designed to align executive incentives with long-term shareholder value creation and company performance, encouraging management to achieve specific financial and market-based targets.

Comparison to Industry Standards

• This type of performance-based RSU vesting is a standard practice among publicly traded financial institutions, including peers like Morgan Stanley, Goldman Sachs, and LPL Financial.
• Executive equity awards are frequently tied to metrics such as return on equity and total shareholder return relative to a defined peer group, similar to the conditions outlined for Raymond James Financial's PRSUs.
• The structure aims to incentivize sustained financial performance and competitive positioning within the highly competitive financial services sector.

Stakeholder Impact

• Shareholders: Increased alignment of executive interests with shareholder value due to increased insider ownership. The vesting also signals that the company met its performance targets, which is generally positive for shareholders.
• Employees: The ESOP component indicates a broader employee ownership program, potentially fostering a sense of shared success and commitment within the company.

Key Dates

Keywords

Raymond James Financial, RJF, Insider Transaction, Form 4, Restricted Stock Units, RSU Vesting, Executive Compensation, James E. Bunn, Capital Markets, Employee Stock Ownership Plan, ESOP