# Raymond James Financial, Inc. (RJF)

founded in 1962 and a public company since 1983, raymond james is a florida-based diversified holding company providing financial services to individuals, corporations and municipalities through its subsidiary companies engaged primarily in investment and financial planning, in addition to capital markets and asset management. the firm's stock is traded on the new york stock exchange (rjf). through its three broker/dealer subsidiaries, raymond james financial has approximately 6,600 financial advisors serving in excess of 2.7 million client accounts in more than 2,700 locations throughout the united states, canada and overseas. total client assets are approximately \$504 billion. raymond james has been recognized nationally for its community support and corporate philanthropy. the company has been ranked as one of the best in the country in customer service, as a great place to work and as a national leader in support of the arts.

## Stock Price Trends

Stock price trends estimated using linear regression.

#### Key facts

• The primary trend is increasing.
• The growth rate of the primary trend is 0.34% per annum.
• RJF price at the close of December 8, 2023 was \$107.05 and was inside the primary price channel.
• The secondary trend is increasing.
• The growth rate of the secondary trend is 171.46% per annum.
• RJF price at the close of December 8, 2023 was inside the secondary price channel.

### Linear Regression Model

Model equation:
Yi = α + β × Xi + εi

Top border of price channel:
Exp(Yi) = Exp(a + b × Xi + 2 × s)

Bottom border of price channel:
Exp(Yi) = Exp(a + b × Xi – 2 × s)

where:

i - observation number
Yi - natural logarithm of RJF price
Xi - time index, 1 day interval
σ - standard deviation of εi
a - estimator of α
b - estimator of β
s - estimator of σ
Exp() - calculates the exponent of e

### Primary Trend

Start date: September 24, 2021
End date: December 8, 2023

a = 4.6118

b = 0.0000

s = 0.0800

Annual growth rate:

Exp(365 × b) – 1
= Exp(365 × 0.0000) – 1
= 0.34%

Exp(4 × s) – 1
= Exp(4 × 0.0800) – 1
= 37.73%

#### September 24, 2021 calculations

Top border of price channel:

Exp(Y703)
= Exp(a + b × X703 + 2 × s)
= Exp(a + b × 1,019 + 2 × s)
= Exp(4.6118 + 0.0000 × 1,019 + 2 × 0.0800)
= Exp(4.7815)
= \$119.28

Bottom border of price channel:

Exp(Y703)
= Exp(a + b × X703 – 2 × s)
= Exp(a + b × 1,019 – 2 × s)
= Exp(4.6118 + 0.0000 × 1,019 – 2 × 0.0800)
= Exp(4.4614)
= \$86.61

#### December 8, 2023 calculations

Top border of price channel:

Exp(Y1,258)
= Exp(a + b × X1,258 + 2 × s)
= Exp(a + b × 1,824 + 2 × s)
= Exp(4.6118 + 0.0000 × 1,824 + 2 × 0.0800)
= Exp(4.7891)
= \$120.19

Bottom border of price channel:

Exp(Y1,258)
= Exp(a + b × X1,258 – 2 × s)
= Exp(a + b × 1,824 – 2 × s)
= Exp(4.6118 + 0.0000 × 1,824 – 2 × 0.0800)
= Exp(4.4689)
= \$87.26

### Secondary Trend

Start date: October 20, 2023
End date: December 8, 2023

a = -0.3086

b = 0.0027

s = 0.0173

Annual growth rate:

Exp(365 × b) – 1
= Exp(365 × 0.0027) – 1
= 171.46%

Exp(4 × s) – 1
= Exp(4 × 0.0173) – 1
= 7.15%

#### October 20, 2023 calculations

Top border of price channel:

Exp(Y1,224)
= Exp(a + b × X1,224 + 2 × s)
= Exp(a + b × 1,775 + 2 × s)
= Exp(-0.3086 + 0.0027 × 1,775 + 2 × 0.0173)
= Exp(4.5823)
= \$97.74

Bottom border of price channel:

Exp(Y1,224)
= Exp(a + b × X1,224 – 2 × s)
= Exp(a + b × 1,775 – 2 × s)
= Exp(-0.3086 + 0.0027 × 1,775 – 2 × 0.0173)
= Exp(4.5132)
= \$91.21

#### December 8, 2023 calculations

Top border of price channel:

Exp(Y1,258)
= Exp(a + b × X1,258 + 2 × s)
= Exp(a + b × 1,824 + 2 × s)
= Exp(-0.3086 + 0.0027 × 1,824 + 2 × 0.0173)
= Exp(4.7164)
= \$111.76

Bottom border of price channel:

Exp(Y1,258)
= Exp(a + b × X1,258 – 2 × s)
= Exp(a + b × 1,824 – 2 × s)
= Exp(-0.3086 + 0.0027 × 1,824 – 2 × 0.0173)
= Exp(4.6473)
= \$104.30