Raymond James Financial vs LPL Financial: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

Raymond James Financial Inc. (RJF)

Q3 202611 Jul – 8 Oct 2026

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Record results, asset growth and buyback keep Raymond James on a strong footing

Record Q3 earnings beat expectations Raymond James reported record quarterly revenue of $3.93 billion, up 16%, and record earnings of $3.01 per share, up 42% from a year earlier. The Private Client Group and bank segment both hit records, showing the core business is growing strongly and supporting a higher stock price.
This is the period's biggest company-specific event and directly shows why profits and the stock are rising.
Client assets hit fresh record, fee income grows Client assets under administration reached a record $1.93 trillion in July, up 17% from a year earlier, with fee-based assets up 21%. More assets mean more recurring fee revenue, which makes future earnings more stable and supports the stock.
It shows the demand side of the business is still expanding after earnings, a key driver of future revenue.
Buyback and dividend return cash to shareholders Raymond James completed a share repurchase program and declared a quarterly dividend of $0.54 per share. Buying back stock reduces the number of shares and can lift earnings per share, while the dividend gives investors direct cash, both supporting the stock price.
These capital returns are new, concrete actions that affect the share count and shareholder income.
Analyst calls on other stocks show active research Raymond James analysts initiated coverage on SpaceX and Rocket Lab and upgraded Unity Software, all with bullish ratings. While these are about other companies, they show the firm's research team is active and well-regarded, which can support its reputation and investment banking pipeline.
It is new this period and, though indirect, it reflects the firm's research strength and deal flow.

August 202611 Jul – 8 Oct 2026

▲4

Record results, asset growth and buyback keep Raymond James on a strong footing

Record Q3 earnings beat expectations Raymond James reported record quarterly revenue of $3.93 billion, up 16%, and record earnings of $3.01 per share, up 42% from a year earlier. The Private Client Group and bank segment both hit records, showing the core business is growing strongly and supporting a higher stock price.
This is the period's biggest company-specific event and directly shows why profits and the stock are rising.
Client assets hit fresh record, fee income grows Client assets under administration reached a record $1.93 trillion in July, up 17% from a year earlier, with fee-based assets up 21%. More assets mean more recurring fee revenue, which makes future earnings more stable and supports the stock.
It shows the demand side of the business is still expanding after earnings, a key driver of future revenue.
Buyback and dividend return cash to shareholders Raymond James completed a share repurchase program and declared a quarterly dividend of $0.54 per share. Buying back stock reduces the number of shares and can lift earnings per share, while the dividend gives investors direct cash, both supporting the stock price.
These capital returns are new, concrete actions that affect the share count and shareholder income.
Analyst calls on other stocks show active research Raymond James analysts initiated coverage on SpaceX and Rocket Lab and upgraded Unity Software, all with bullish ratings. While these are about other companies, they show the firm's research team is active and well-regarded, which can support its reputation and investment banking pipeline.
It is new this period and, though indirect, it reflects the firm's research strength and deal flow.

Latest11 Jul – 8 Oct 2026

▲4

Record results, asset growth and buyback keep Raymond James on a strong footing

Record Q3 earnings beat expectations Raymond James reported record quarterly revenue of $3.93 billion, up 16%, and record earnings of $3.01 per share, up 42% from a year earlier. The Private Client Group and bank segment both hit records, showing the core business is growing strongly and supporting a higher stock price.
This is the period's biggest company-specific event and directly shows why profits and the stock are rising.
Client assets hit fresh record, fee income grows Client assets under administration reached a record $1.93 trillion in July, up 17% from a year earlier, with fee-based assets up 21%. More assets mean more recurring fee revenue, which makes future earnings more stable and supports the stock.
It shows the demand side of the business is still expanding after earnings, a key driver of future revenue.
Buyback and dividend return cash to shareholders Raymond James completed a share repurchase program and declared a quarterly dividend of $0.54 per share. Buying back stock reduces the number of shares and can lift earnings per share, while the dividend gives investors direct cash, both supporting the stock price.
These capital returns are new, concrete actions that affect the share count and shareholder income.
Analyst calls on other stocks show active research Raymond James analysts initiated coverage on SpaceX and Rocket Lab and upgraded Unity Software, all with bullish ratings. While these are about other companies, they show the firm's research team is active and well-regarded, which can support its reputation and investment banking pipeline.
It is new this period and, though indirect, it reflects the firm's research strength and deal flow.

LPL Financial Holdings Inc (LPLA)

Q3 20261 Jul – 6 Oct 2026

▲2▼2

LPL hits record assets, resumes buybacks, but cash revenue risks linger

Record client assets and strong financials LPL reported record client assets of $2.6 trillion, up 15% year over year, with Q2 revenue up 35% to $5.19 billion and net income up 39%. This reflects robust organic growth and market gains.
This is the core positive driver of LPL's performance and stock price during the period.
Resumed buybacks and new advisor assets LPL resumed share buybacks with $309 million and increased its authorization by $2.5 billion. It also added roughly $4.6 billion in new assets from advisor teams like HighWater and Horizon, supporting future growth.
Buybacks and advisor recruitment are key capital returns and growth drivers that boost investor confidence.
AI threat to cash revenue and sweep-yield scrutiny AI platforms could automate client cash into higher-yielding alternatives, threatening cash revenue that makes up about 30% of gross profit. Ongoing regulatory scrutiny of sweep yields adds pressure.
This is a major risk factor that could undermine a significant profit source and weigh on the stock.
Legal and operational headwinds A class action alleges LPL failed to warn clients about Phoenix's deteriorating finances. Client assets dipped 0.6% in July, with cash balances down $2.6 billion, trimming interest income.
These legal and operational issues create uncertainty and could lead to financial penalties or reputational damage.

August 20261 Jul – 6 Oct 2026

▲2▼2

LPL hits record assets, resumes buybacks, but cash revenue risks linger

Record client assets and strong financials LPL reported record client assets of $2.6 trillion, up 15% year over year, with Q2 revenue up 35% to $5.19 billion and net income up 39%. This reflects robust organic growth and market gains.
This is the core positive driver of LPL's performance and stock price during the period.
Resumed buybacks and new advisor assets LPL resumed share buybacks with $309 million and increased its authorization by $2.5 billion. It also added roughly $4.6 billion in new assets from advisor teams like HighWater and Horizon, supporting future growth.
Buybacks and advisor recruitment are key capital returns and growth drivers that boost investor confidence.
AI threat to cash revenue and sweep-yield scrutiny AI platforms could automate client cash into higher-yielding alternatives, threatening cash revenue that makes up about 30% of gross profit. Ongoing regulatory scrutiny of sweep yields adds pressure.
This is a major risk factor that could undermine a significant profit source and weigh on the stock.
Legal and operational headwinds A class action alleges LPL failed to warn clients about Phoenix's deteriorating finances. Client assets dipped 0.6% in July, with cash balances down $2.6 billion, trimming interest income.
These legal and operational issues create uncertainty and could lead to financial penalties or reputational damage.

Latest15 Jul – 6 Oct 2026

▲3

LPL keeps pulling in billions in client assets as revenue jumps

Big advisor teams keep joining LPL LPL added roughly $4.6 billion in client assets this period from teams like HighWater, Horizon, Praxis and Buell. Each new advisor brings their clients' money onto LPL's platform, which grows the fee base that drives revenue and profit over time.
Recurring advisor recruiting is the main engine of LPL's growth and the biggest new positive this period.
Q2 revenue up 35% and beat estimates LPL reported Q2 revenue of $5.19 billion, up 35.2% from a year ago and above analyst forecasts, with profit also beating expectations. Strong results show the core business is growing fast, though the stock slipped 2.2% after the report.
The earnings beat is the clearest hard number confirming the growth story, even if the market reaction was muted.
New AI and platform tools for advisors LPL rolled out artificial intelligence, cybersecurity and planning upgrades, plus lower investment minimums and broader product access. These tools help attract and keep advisors, which supports asset growth and defends against rivals using similar technology.
Technology investment is a key competitive lever for keeping advisors on LPL's platform.
Client assets dipped slightly in July LPL's total client assets fell 0.6% to $2.55 trillion in July, and client cash balances dropped $2.6 billion to $54.3 billion. Lower cash balances can trim interest income, but advisory assets kept rising and net new assets stayed solidly positive.
This is the main counterweight in the period, showing growth is not perfectly smooth month to month.

1 Jul – 25 Sep 2026

▲2▼2

LPL's record assets and buybacks offset AI and legal worries

Fed rate hike would lift client cash revenue Markets see a 63% chance of a September Fed rate hike. Higher rates let LPL earn more on the roughly $54 billion of client cash it holds in short-term securities, directly boosting profit. This is a real tailwind, though it depends on the Fed actually moving.
Explains a key external force that could raise LPL's most profitable revenue stream.
AI and fee worries still weigh on the stock Investors fear AI platforms could automate the movement of idle client cash into higher-yielding alternatives, threatening client cash revenue that is about 30% of gross profit. Sweep-yield scrutiny adds pressure. LPL argues most sweep cash is operational and advisors control it, but the concern keeps the stock cheap.
This is the main bear case that has been pressuring LPL shares and explains the valuation gap.
Class action over Phoenix insurance products A lawsuit claims LPL failed to warn clients about Phoenix's deteriorating finances while still collecting commissions on annuity and life products. It seeks a nationwide class and alleges breach of duty. Legal costs and reputational damage are possible, though the financial hit is not yet known.
A new legal overhang that could cost money and hurt trust, answering what is driving negative sentiment.
Record assets, strong earnings, and buybacks LPL hit $2.6 trillion in client assets, up 15% year over year, with advisory assets up 21%. Q2 net income jumped 39% to $379 million, and the company resumed buybacks with $309 million repurchased plus a $2.5 billion authorization increase. Mariner added $31 billion in assets. This shows the core business is growing and returning cash to shareholders.
The strongest positive force: growing assets and profits plus buybacks that support the stock price.