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SHAREHOLDERS' EQUITY
 9 Months Ended
Jun. 30, 2024
Equity [Abstract]  
SHAREHOLDERS' EQUITY SHAREHOLDERS’ EQUITY
Preferred stock

The following table details the shares outstanding, carrying value, and aggregate liquidation preference of our preferred stock. For further details regarding our preferred stock see Note 20 of our 2023 Form 10-K.
$ in millionsJune 30, 2024September 30, 2023
6.375% Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock (“Series B Preferred Stock”):
Shares outstanding80,50080,500
Carrying value$79 $79 
Aggregate liquidation preference$81 $81 

The following table details dividends declared and dividends paid on our 6.75% Fixed-to-Floating Rate Series A Non-Cumulative Perpetual Preferred Stock (“Series A Preferred Stock”) and Series B Preferred Stock for the three and nine months ended June 30, 2024 and 2023.
 Dividends declaredDividends paid
$ in millions, except per share amountsTotal dividendsPer preferred
share amount		Total dividendsPer preferred
share amount
Three months ended June 30, 2024
Series B Preferred Stock $1 $15.94 $1 $15.94 
Nine months ended June 30, 2024
Series B Preferred Stock$4 $47.82 $4 $47.82 
Three months ended June 30, 2023
Series A Preferred Stock (1)
$— $— $1 $16.88 
Series B Preferred Stock1 $15.94 1 $15.94 
Total (1)
$1 $2 
Nine months ended June 30, 2023
Series A Preferred Stock (1)
$2 $33.76 $3 $50.64 
Series B Preferred Stock3 $47.82 3 $47.82 
Total (1)
$5 $6 

(1)    On April 3, 2023, we redeemed all 40,250 outstanding shares of our Series A Preferred Stock with a carrying value of $41 million, which triggered the redemption of the related depositary shares, each representing a 1/40th interest of a share of Series A Preferred Stock, for an aggregate redemption value of $40 million. Preferred stock dividends on our Condensed Consolidated Statements of Income and Comprehensive Income for the three and nine months ended June 30, 2023 included dividends declared during the periods, as well as the $1 million excess of the carrying value of our Series A Preferred Stock over the redemption value, which was reported as an offset to preferred dividends and increased net income available to common shareholders.
Common equity

The following table presents the changes in our common shares outstanding for the three and nine months ended June 30, 2024 and 2023.
 Three months ended June 30,Nine months ended June 30,
Shares in millions
2024202320242023
Balance beginning of period
207.3 211.6 208.8 215.1 
Repurchases of common stock under the Board of Directors’ common stock repurchase authorization
(2.0)(3.3)(5.1)(8.4)
Issuances due to vesting of RSUs, employee stock purchases, and exercise of stock options, net of forfeitures0.3 0.2 1.9 1.8 
Balance end of period
205.6 208.5 205.6 208.5 

We issue shares from time to time during the year to satisfy obligations under certain of our share-based compensation programs, some of which may be reissued out of treasury shares. See Note 20 of this Form 10-Q and Note 23 of our 2023 Form 10-K for additional information on these programs.
Share repurchases

We repurchase shares of our common stock from time to time for a number of reasons, including to offset dilution, which could arise from share issuances resulting from share-based compensation programs or acquisitions. In November 2023, our Board of Directors authorized common stock repurchases of up to $1.5 billion, which replaced the previous authorization. Our share repurchases are effected primarily through regular open-market purchases, typically under a SEC Rule 10b-18 plan, the amounts and timing of which are determined primarily by our current and projected capital position, applicable legal and regulatory constraints, general market conditions and the price and trading volumes of our common stock. During the three months ended June 30, 2024, we repurchased 2.0 million shares of our common stock for $243 million at an average price of $121.98 per share under the Board of Directors’ common stock repurchase authorization. During the nine months ended June 30, 2024, we repurchased 5.1 million shares of our common stock for $600 million at an average price of $117.71 per share. As of June 30, 2024, $944 million remained available under the Board of Directors’ common stock repurchase authorization.

Common stock dividends

Dividends per common share declared and paid are detailed in the following table for each respective period.
 Three months ended June 30,Nine months ended June 30,
 2024202320242023
Dividends per common share - declared$0.45 $0.42 $1.35 $1.26 
Dividends per common share - paid$0.45 $0.42 $1.32 $1.18 

Our dividend payout ratio is detailed in the following table for each respective period and is computed by dividing dividends declared per common share by earnings per diluted common share.
 Three months ended June 30,Nine months ended June 30,
2024202320242023
Dividend payout ratio
19.5 %24.6 %19.7 %21.2 %
We expect to continue paying cash dividends; however, the payment and rate of dividends on our common stock are subject to several factors including our operating results, financial and regulatory requirements or restrictions, and the availability of funds from our subsidiaries, including our broker-dealer and bank subsidiaries, which may also be subject to restrictions under regulatory capital rules. The availability of funds from subsidiaries may also be subject to restrictions contained in loan covenants of certain broker-dealer loan agreements and restrictions by bank regulators on dividends to the parent from our bank subsidiaries. See Note 21 of this Form 10-Q for additional information on our regulatory capital requirements.ccumulated other comprehensive income/(loss)
All of the components of other comprehensive income/(loss) (“OCI”), net of tax, were attributable to RJF. The following table presents the net change in AOCI as well as the changes, and the related tax effects, of each component of AOCI.
$ in millionsNet investment hedgesCurrency translationsSubtotal: net investment hedges and currency translationsAvailable- for-sale securitiesCash flow hedgesTotal
Three months ended June 30, 2024
AOCI as of beginning of period$143 $(198)$(55)$(698)$29 $(724)
OCI:
OCI before reclassifications and taxes14 (12)2 14 4 20 
Amounts reclassified from AOCI, before tax— — — — (7)(7)
Pre-tax net OCI14 (12)2 14 (3)13 
Income tax effect(4)— (4)(3)1 (6)
OCI for the period, net of tax10 (12)(2)11 (2)7 
AOCI as of end of period$153 $(210)$(57)$(687)$27 $(717)
Nine months ended June 30, 2024
AOCI as of beginning of period$143 $(216)$(73)$(942)$44 $(971)
OCI:
OCI before reclassifications and taxes14 6 20 338 4 362 
Amounts reclassified from AOCI, before tax— — — — (26)(26)
Pre-tax net OCI14 6 20 338 (22)336 
Income tax effect(4)— (4)(83)5 (82)
OCI for the period, net of tax10 6 16 255 (17)254 
AOCI as of end of period$153 $(210)$(57)$(687)$27 $(717)
Three months ended June 30, 2023
AOCI as of beginning of period$136 $(206)$(70)$(758)$30 $(798)
OCI:
OCI before reclassifications and taxes(22)36 14 (102)26 (62)
Amounts reclassified from AOCI, before tax— — — — (9)(9)
Pre-tax net OCI(22)36 14 (102)17 (71)
Income tax effect6 — 6 26 (5)27 
OCI for the period, net of tax(16)36 20 (76)12 (44)
AOCI as of end of period$120 $(170)$(50)$(834)$42 $(842)
Nine months ended June 30, 2023
AOCI as of beginning of period$153 $(276)$(123)$(902)$43 $(982)
OCI:
OCI before reclassifications and taxes(45)107 62 109 21 192 
Amounts reclassified from AOCI, before tax— — — — (22)(22)
Pre-tax net OCI(45)107 62 109 (1)170 
Income tax effect12 (1)11 (41)— (30)
OCI for the period, net of tax(33)106 73 68 (1)140 
AOCI as of end of period$120 $(170)$(50)$(834)$42 $(842)

Reclassifications from AOCI to net income, excluding taxes, for the three and nine months ended June 30, 2024 and 2023 were recorded in “Interest expense” on the Condensed Consolidated Statements of Income and Comprehensive Income.

Our net investment hedges and cash flow hedges relate to derivatives associated with our Bank segment. For further information about our significant accounting policies related to derivatives, see Note 2 of our 2023 Form 10-K. In addition, see Note 5 of this Form 10-Q for additional information on these derivatives.