15-year dividend growth signals deep undervaluation
RJF looks undervalued for long-term dividend growth investors because it pairs a 1.4% starting yield with consistent low-teens/mid-teens double-digit dividend raises (14 straight years, 10-year dividend growth 15.3%), resilient AUA growth supported by net inflows ($52B domestic PCG net new assets in FY2025), strong profitability (ROE ~18%, net margin ~15.1%), and a valuation setup around 15.3x earnings with an intrinsic-value range implying roughly 16% undervaluation versus a ~$184.38 average of DDM/Morningstar/CFRA estimates.
RJF pairs 14 consecutive years of double-digit dividend raises and $52B in FY2025 net new PCG assets with an ~18% ROE, while blended intrinsic-value estimates imply roughly 16% upside to the current price. The compounding dividend track record and AUA inflow momentum anchor the long-term bull case.