Subtext

Raymond James Financial, Inc. RJF

SectorFinancials
Transcripts33
Date range2017-01-26 – 2025-01-29
Calls charted33

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-18-9+0+9+182017 Q12018 Q22019 Q32020 Q42022 Q12023 Q22024 Q32017 Q1 · Overall: +3.32017 Q2 · Overall: +3.52017 Q3 · Overall: +12.32017 Q4 · Overall: +4.82018 Q1 · Overall: +4.22018 Q2 · Overall: +4.92018 Q3 · Overall: +3.02018 Q4 · Overall: +0.42019 Q1 · Overall: -2.92019 Q2 · Overall: +0.02019 Q3 · Overall: +0.62019 Q4 · Overall: +2.32020 Q1 · Overall: +4.12020 Q2 · Overall: -12.12020 Q3 · Overall: -2.82020 Q4 · Overall: +2.62021 Q1 · Overall: +6.72021 Q2 · Overall: +15.52021 Q3 · Overall: +10.52021 Q4 · Overall: +7.42022 Q1 · Overall: +8.22022 Q2 · Overall: +2.42022 Q3 · Overall: +1.92022 Q4 · Overall: +3.52023 Q1 · Overall: -1.92023 Q2 · Overall: +4.42023 Q3 · Overall: +5.42023 Q4 · Overall: +8.82024 Q1 · Overall: -0.22024 Q2 · Overall: +2.52024 Q3 · Overall: +4.32024 Q4 · Overall: +7.62025 Q1 · Overall: +9.5
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-29-14+0+14+292017 Q12018 Q22019 Q32020 Q42022 Q12023 Q22024 Q32017 Q1 · CEO: +6.02017 Q2 · CEO: +8.12017 Q3 · CEO: +19.52017 Q4 · CEO: +4.02018 Q1 · CEO: +7.52018 Q2 · CEO: +9.52018 Q3 · CEO: +7.12018 Q4 · CEO: +2.82019 Q1 · CEO: -0.22019 Q2 · CEO: +4.02019 Q3 · CEO: +6.22019 Q4 · CEO: +8.02020 Q1 · CEO: +11.02020 Q2 · CEO: -10.02020 Q3 · CEO: -2.02020 Q4 · CEO: +6.92021 Q1 · CEO: +10.62021 Q2 · CEO: +25.22021 Q3 · CEO: +14.12021 Q4 · CEO: +12.32022 Q1 · CEO: +15.52022 Q2 · CEO: +6.62022 Q3 · CEO: +7.22022 Q4 · CEO: +9.02023 Q1 · CEO: -1.02023 Q2 · CEO: +7.22023 Q3 · CEO: +11.22023 Q4 · CEO: +15.82024 Q1 · CEO: +3.72024 Q3 · CEO: +9.72024 Q4 · CEO: +12.02025 Q1 · CEO: +17.22017 Q1 · CFO: -0.32017 Q2 · CFO: -1.72017 Q3 · CFO: +2.02017 Q4 · CFO: +6.32018 Q1 · CFO: +0.72018 Q2 · CFO: -1.12018 Q3 · CFO: +1.32018 Q4 · CFO: +0.32019 Q1 · CFO: -4.72019 Q2 · CFO: -2.42019 Q3 · CFO: -4.32019 Q4 · CFO: -5.82020 Q1 · CFO: +2.52020 Q2 · CFO: -16.42020 Q3 · CFO: -0.92020 Q4 · CFO: +0.02021 Q1 · CFO: +3.22021 Q2 · CFO: +23.52021 Q3 · CFO: +17.22021 Q4 · CFO: +7.02022 Q1 · CFO: -2.12022 Q2 · CFO: -0.52022 Q3 · CFO: -1.12022 Q4 · CFO: +0.32023 Q1 · CFO: -1.72023 Q2 · CFO: +5.42023 Q3 · CFO: -2.12023 Q4 · CFO: +3.42024 Q1 · CFO: -3.52024 Q3 · CFO: +7.32024 Q4 · CFO: -4.42025 Q1 · CFO: -1.4
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-25-13+0+13+252017 Q12018 Q22019 Q32020 Q42022 Q12023 Q22024 Q32017 Q1 · Prepared remarks: +5.42017 Q2 · Prepared remarks: +1.12017 Q3 · Prepared remarks: +20.92017 Q4 · Prepared remarks: +5.52018 Q1 · Prepared remarks: +4.72018 Q2 · Prepared remarks: +3.82018 Q3 · Prepared remarks: +5.72018 Q4 · Prepared remarks: +3.02019 Q1 · Prepared remarks: -0.82019 Q2 · Prepared remarks: -1.92019 Q3 · Prepared remarks: +1.02019 Q4 · Prepared remarks: +1.12020 Q1 · Prepared remarks: +7.52020 Q2 · Prepared remarks: -15.52020 Q3 · Prepared remarks: -3.92020 Q4 · Prepared remarks: +1.62021 Q1 · Prepared remarks: +7.12021 Q2 · Prepared remarks: +18.12021 Q3 · Prepared remarks: +16.92021 Q4 · Prepared remarks: +8.02022 Q1 · Prepared remarks: +8.92022 Q2 · Prepared remarks: +5.82022 Q3 · Prepared remarks: -0.82022 Q4 · Prepared remarks: -1.12023 Q1 · Prepared remarks: +0.02023 Q2 · Prepared remarks: +4.42023 Q3 · Prepared remarks: +2.82023 Q4 · Prepared remarks: +8.92024 Q1 · Prepared remarks: +11.72024 Q2 · Prepared remarks: +3.62024 Q3 · Prepared remarks: +7.62024 Q4 · Prepared remarks: +9.72025 Q1 · Prepared remarks: +14.32017 Q1 · Q&A responses: +1.12017 Q2 · Q&A responses: +7.22017 Q3 · Q&A responses: +5.42017 Q4 · Q&A responses: +0.02018 Q1 · Q&A responses: +4.52018 Q2 · Q&A responses: +6.62018 Q3 · Q&A responses: +2.82018 Q4 · Q&A responses: -2.12019 Q1 · Q&A responses: -4.32019 Q2 · Q&A responses: +3.22019 Q3 · Q&A responses: +1.22019 Q4 · Q&A responses: +5.72020 Q1 · Q&A responses: +6.22020 Q2 · Q&A responses: -4.42020 Q3 · Q&A responses: +1.72020 Q4 · Q&A responses: +5.72021 Q1 · Q&A responses: +9.02021 Q2 · Q&A responses: +21.82021 Q3 · Q&A responses: +10.32021 Q4 · Q&A responses: +10.12022 Q1 · Q&A responses: +10.12022 Q2 · Q&A responses: +3.02022 Q3 · Q&A responses: +8.32022 Q4 · Q&A responses: +11.02023 Q1 · Q&A responses: -1.42023 Q2 · Q&A responses: +7.22023 Q3 · Q&A responses: +9.62023 Q4 · Q&A responses: +8.82024 Q1 · Q&A responses: -0.32024 Q2 · Q&A responses: +4.42024 Q3 · Q&A responses: +9.02024 Q4 · Q&A responses: +9.22025 Q1 · Q&A responses: +10.6
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$2.68$7.02$11.362017 Q12018 Q22019 Q32020 Q42022 Q12023 Q22024 Q32017 Q1: $3.282017 Q2: $3.662017 Q3: $3.842017 Q4: $3.962018 Q1: $4.822018 Q2: $4.902018 Q3: $5.122018 Q4: $4.952019 Q1: $4.952019 Q2: $5.212019 Q3: $5.222019 Q4: $5.212020 Q1: $4.872020 Q2: $3.552020 Q3: $3.792020 Q4: $4.532021 Q1: $5.452021 Q2: $6.172021 Q3: $6.662021 Q4: $7.082022 Q1: $8.372022 Q2: $9.132022 Q3: $9.362022 Q4: $9.852023 Q1: $10.222023 Q2: $9.472023 Q3: $9.812023 Q4: $9.492024 Q1: $9.832024 Q2: $10.012024 Q3: $10.062024 Q4: $10.76

Forward P/E

7.9512.1116.262017 Q12018 Q22019 Q32020 Q42022 Q12023 Q22024 Q32017 Q1: 15.692017 Q2: 14.382017 Q3: 13.622017 Q4: 14.792018 Q1: 13.252018 Q2: 13.482018 Q3: 12.212018 Q4: 9.622019 Q1: 11.032019 Q2: 10.392019 Q3: 10.972019 Q4: 11.642020 Q1: 9.862020 Q2: 13.602020 Q3: 13.142020 Q4: 13.742021 Q1: 14.712021 Q2: 14.142021 Q3: 13.602021 Q4: 13.792022 Q1: 12.412022 Q2: 9.632022 Q3: 11.462022 Q4: 11.202023 Q1: 8.522023 Q2: 10.372023 Q3: 10.832023 Q4: 11.352024 Q1: 12.212024 Q2: 11.892024 Q3: 12.042024 Q4: 14.16

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2017 Q4 tone ↓ -7.5 fwd EPS ↑ +0.12 Tone cooled even as the forward EPS estimate rose.
  • 2021 Q3 tone ↓ -5.0 fwd EPS ↑ +0.49 Tone cooled even as the forward EPS estimate rose.
  • 2021 Q4 tone ↓ -3.1 fwd EPS ↑ +0.42 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q2 tone ↓ -5.8 fwd EPS ↑ +0.77 Tone cooled even as the forward EPS estimate rose.
  • 2023 Q1 tone ↓ -5.4 fwd EPS ↑ +0.38 Tone cooled even as the forward EPS estimate rose.
  • 2023 Q2 tone ↑ +6.3 fwd EPS ↓ -0.75 Tone rose while the forward EPS estimate was cut.
  • 2023 Q4 tone ↑ +3.4 fwd EPS ↓ -0.32 Tone rose while the forward EPS estimate was cut.
  • 2024 Q1 tone ↓ -9.0 fwd EPS ↑ +0.34 Tone cooled even as the forward EPS estimate rose.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-01-29+9.5——View →
2024 Q42024-10-23+7.6$10.7614.2View →
2024 Q32024-07-25+4.3$10.0612.0View →
2024 Q22024-04-24+2.5$10.0111.9View →
2024 Q12024-01-24-0.2$9.8312.2View →
2023 Q42023-10-25+8.8$9.4911.3View →
2023 Q32023-07-26+5.4$9.8110.8View →
2023 Q22023-04-26+4.4$9.4710.4View →