Rathbones Group PLC (RAT) AI Stock Analysis

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Rathbones Group PLC

(LSE:RAT)

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Outperform 70 (OpenAI - 5.2)

Rating:70Outperform

Price Target:

2,349.00p

▲(10.02% Upside)

Action:ReiteratedDate:03/04/26

The score is driven primarily by solid financial performance (improving profitability and low leverage) tempered by volatile cash-flow history. Earnings call factors are supportive due to synergy outperformance and clear margin improvement guidance, while technicals are mixed with near-term softness. Valuation is balanced: an attractive dividend yield offsets a mid-to-higher P/E.

Positive Factors

Conservative balance sheet / low leverage

Low leverage and a sizeable equity base provide durable financial flexibility: the company can fund integration costs, sustain dividends and buybacks, and withstand market shocks without urgent refinancing. This structural strength supports long-term resilience and strategic optionality.

Synergies delivered ahead of target

Material, early synergy delivery underpins sustainable cost efficiency and margin expansion. Realised run-rate savings create structural operating leverage, improving conversion of FUMA into profit and making the management target of a 30% underlying margin by Q4 2026 credible over the medium term.

Scale of FUMA and recurring fee base

Large, growing FUMA provides a stable, recurring revenue stream tied to AUM, insulating earnings from one-off events. Scale supports pricing power, cross-selling to institutional and private clients, and cost absorption, strengthening long-term fee income durability and competitive position in UK wealth management.

Negative Factors

Volatile cash generation history

Choppy free cash flow undermines confidence in consistent cash conversion across cycles. Large swings in FCF limit predictability for dividends, buybacks and reinvestment, and raise the risk that capital returns or discretionary spending must be cut if markets or flows deteriorate.

Net outflows and client flow uncertainty

Persistent or episodic client outflows directly reduce AUM and recurring fee income, weakening revenue resilience. Management declined to provide explicit flow targets, leaving investor uncertainty about the company’s ability to reliably restore organic growth in client flows over the medium term.

Ongoing integration & near-term margin headwinds

While synergies are material, remaining one-off system and integration costs plus inflationary staff expenses will depress margins near term and extend recovery timing. These structural costs risk delaying full benefit capture and make margin progress contingent on flawless execution over 2026–27.

Rathbones Group PLC (RAT) vs. iShares MSCI United Kingdom ETF (EWC)

Market Cap

£2.20B

Dividend Yield4.91%

Average Volume (3M)102.84K

Price to Earnings (P/E)19.8

Beta (1Y)1.36

Revenue Growth14.05%

EPS Growth-3.07%

CountryUK

Employees3,545

SectorFinancial

Sector Strength70

IndustryAsset Management

Share Statistics

EPS (TTM)0.74

Shares Outstanding90,679,214

10 Day Avg. Volume139,085

30 Day Avg. Volume102,842

Financial Highlights & Ratios

PEG Ratio0.25

Price to Book (P/B)1.49

Price to Sales (P/S)1.94

P/FCF Ratio10.72

Enterprise Value/Market CapN/A

Enterprise Value/RevenueN/A

Enterprise Value/Gross ProfitN/A

Enterprise Value/EbitdaN/A

Forecast

1Y Price Target

£2,400.00

Price Target Upside12.41% Upside

Rating ConsensusModerate Buy

Number of Analyst Covering3

EPS Forecast (FY)1.86

Revenue Forecast (FY)£968.66M

Rathbones Group PLC Business Overview & Revenue Model

Company DescriptionRathbones Group Plc, through its subsidiaries, provides individual investment and wealth management services for private clients, charities, trustees, and professional partners in the United Kingdom and Jersey. The company operates in two segments, Investment Management and Funds. Its services include discretionary investment management, unit trust management, financial planning and advisory, managed portfolio, and banking and loan services, as well as trust, tax, and legal advisory services. The company was formerly known as Rathbone Brothers Plc and changed its name to Rathbones Group Plc in December 2021. Rathbones Group Plc was founded in 1742 and is headquartered in London, the United Kingdom.

How the Company Makes MoneyRathbones Group PLC generates revenue primarily through fees charged for its investment management services. The company earns management fees, which are typically calculated as a percentage of assets under management (AUM), and performance fees based on the investment returns achieved for clients. This revenue model is supported by the growth of AUM, driven by client acquisitions, market performance, and retention of existing clients. Additionally, Rathbones may have other revenue streams from financial planning and advisory services. The company also benefits from significant partnerships and relationships with financial advisors and institutions, enhancing its client base and service offerings.

Rathbones Group PLC Earnings Call Summary

Earnings Call Date:Feb 27, 2026

(Q4-2025)

% Change Since: |

Next Earnings Date:Jul 29, 2026

Earnings Call Sentiment Positive

The results and presentation contained several clear positives: FUMA grew to GBP 115.6bn, underlying profit and EPS increased, a material buyback and dividend uplift were announced, and IW&I synergies materially exceeded targets (GBP 76m vs a GBP 60m goal). Management provided detailed margin guidance and a plan to reach a 30% underlying margin by Q4 2026, backed by a strengthened leadership team, AI adoption and system consolidation. However, there are notable near-term challenges: net outflows and tax-driven withdrawals have offset market gains, commission income is expected to normalise lower, margin pressure is anticipated in H1 2026 due to one-off system investments and inflationary staff costs, and some integration-related costs continue into 2026–27. Management’s cautious stance on not providing explicit flow targets left some investor uncertainty. Balancing the strong operational progress, synergy outperformance, capital returns and strategic initiatives against the flow volatility, near-term cost headwinds and remaining integration items, the highlights outweigh the lowlights.

Q4-2025 Updates

Positive Updates

FUMA Growth and Size

Funds under management and administration (FUMA) increased by just under 6% to GBP 115.6 billion at 31 December 2025, ending the year GBP 6.4 billion higher than it began (average fee-calculation FUMA was GBP 3.3 billion higher than 2024).

Underlying Profit and EPS Growth

Underlying profit before tax grew 4.6% to GBP 238.1 million and underlying basic earnings per share increased 5.5% to 170.5p, reflecting operational improvement and the benefit of synergies.

Statutory Profit Improvement

Statutory profit before tax increased 53.5% to GBP 152.9 million, helped by a reduction in integration costs year-on-year.

Revenue and Margin Recovery in H2

Operating income grew 3.1% year-on-year with all principal income streams up; underlying operating margin recovered from 24% in H1 to 27.5% in H2 and averaged 25.8% for the full year.

Synergy Delivery Exceeding Targets

IW&I integration synergies reached GBP 76 million (annualized run rate) by 31 December 2025, exceeding the original GBP 60 million target and delivered ahead of the September 2026 schedule.

Capital Return and Dividend Progression

The group completed a GBP 50 million share buyback and announced an extension of GBP 20 million; proposed total dividend rose to 99p (final 68p), a 6.5% increase versus 2024, continuing a long-term progressive dividend policy.

Clear 2026 Margin Path and Guidance

Management provided detailed margin guidance, confirming an intent to reach a 30% underlying operating margin in Q4 2026, based on achieved synergies and an assumed 3% FUMA growth for 2026.

Strategic and Operational Strengthening

Leadership strengthened with new CEO and senior hires (CTO, CIO, CPO, CRO, COO, Head of Marketing); investments in AI (Copilot enterprise-wide) and plan to consolidate client life-cycle systems to Salesforce/XPlan to support growth and productivity.

Negative Updates

Net Flows and Client Outflows Pressure

Net outflows during 2025 and specific tax-driven outflows into January 2026 tempered the benefits of market appreciation and synergies; net outflows in Q4 were GBP 64 million, and management noted flows remain a key focus area.

Asset Management Sales Challenges

Asset Management faced a tough environment for UK asset managers, particularly for single-strategy funds, limiting flows from that segment despite launch of two new strategies (CAIF and ex-Japan Asia fund).

Near-Term Margin and Cost Headwinds

Management expects the margin to be notably lower in H1 2026 due to one-off investment to consolidate client systems (increase in H1 costs by GBP 9 million, GBP 7 million for the year) and ongoing inflationary staff costs (~GBP 10 million increase expected in 2026).

Commission Income Normalisation

Commission income is expected to be around 5% lower in 2026 as trading volumes normalise following higher activity in 2025 (driven in part by the November budget).

Net Interest Margin Risk from Rate Cuts

Management expects net interest income to be broadly flat in 2026 but flagged risk of a reduction in net interest margin as recent and anticipated base rate cuts feed through (assumed Bank Rate ~3.25% by year-end).

Ongoing Integration-Related Costs

Although major synergies are delivered, integration-related costs (notably share-based awards and some property-related items) will continue through 2026–2027; integration costs for 2026 are expected to be around GBP 17 million (non-underlying).

Investor Frustration Over Absent Flow Targets

Analysts pushed for clearer numeric growth/flow targets; management declined to set explicit flow targets or a time-bound flows goal, leading to some investor caution despite strategy clarity.

Market Volatility and Timing Effects on Fees

Early-2025 market volatility (FUMA fell ~5% after Q1 low) meant fee crystallisation timing reduced income growth relative to FUMA growth, highlighting sensitivity of reported income to intra-year market moves.

Company Guidance

Management guided that Rathbones is on track to hit a 30% underlying operating margin in Q4 2026 (with a 28% uplift from synergy delivery), assuming c.3% FUMA growth in 2026, stable inflation and UK base rate around 3.25% by year-end; 2025 metrics include FUMA of £115.6bn (up just under 6%), operating income +3.1%, underlying PBT +4.6% to £238.1m, statutory PBT +53.5% to £152.9m, underlying EPS +5.5% to 170.5p, an annualized synergy run‑rate of £76m (ahead of the £60m target) and an underlying margin of 25.8% for the year (H1 24.0%, H2 27.5%); guidance for 2026 assumes a £16m full‑year uplift from synergies, commission income ~5% lower, net interest broadly flat, staff costs ~£10m higher, further cost efficiencies to drive margin progress, one‑off CLM implementation costs of £9m in H1 (£7m for the year), integration costs of ~£17m in 2026 and total integration costs to remain within the original £177m guidance, while the board proposed a 99p total dividend (+6.5%) and has extended the buyback with a further £20m.

Rathbones Group PLC Financial Statement Overview

Summary

Strong 2025 revenue rebound and improved profitability with net margin rising to ~10.9%, supported by a conservatively leveraged balance sheet (debt-to-equity ~0.15). The key drag is cash-flow instability: free cash flow fell sharply (~85.8% YoY) and was negative in 2023, reducing confidence in consistency through cycles.

Income Statement

Positive

Revenue has scaled meaningfully over the last few years, culminating in a strong 2025 rebound (+13.6% YoY) after modest growth in 2024. Profitability looks solid for an asset manager: gross profit remains very high and operating profitability improved versus 2023, with net margin rising to ~10.9% in 2025 from ~7.3% in 2024. The main weakness is margin volatility over time (notably a much stronger net margin in 2021 vs. the following years), suggesting earnings can be sensitive to market levels, costs, or mix.

Balance Sheet

Very Positive

The balance sheet appears conservatively positioned with low leverage: debt-to-equity is ~0.15 in 2025 (still modest, though up from 2024). Equity is sizable and has increased materially versus 2020–2021 levels, supporting resilience. Returns on equity have improved to ~8.3% in 2025 from ~4.8% in 2024, but remain below the stronger 2021 level, indicating profitability is not yet back to prior peak efficiency.

Cash Flow

Neutral

Cash generation is currently healthy with positive operating cash flow (£196.2m) and free cash flow (£187.4m) in 2025, and free cash flow is close to net income (suggesting earnings quality is decent). However, free cash flow fell sharply in 2025 (down ~85.8% YoY) and the history is choppy, including negative operating and free cash flow in 2023. This volatility reduces confidence in the consistency of cash conversion across market cycles.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.03B	895.90M	676.20M	511.38M	468.82M
Gross Profit	862.00M	828.50M	646.50M	426.21M	435.20M
EBITDA	293.20M	268.50M	149.90M	117.79M	126.31M
Net Income	112.30M	65.50M	37.50M	49.00M	75.23M
Balance Sheet
Total Assets	5.22B	4.29B	4.22B	3.47B	3.29B
Cash, Cash Equivalents and Short-Term Investments	1.50B	1.17B	1.20M	1.48B	1.53B
Total Debt	198.10M	88.50M	127.20M	91.41M	97.08M
Total Liabilities	3.87B	2.93B	2.87B	2.84B	2.67B
Stockholders Equity	1.35B	1.36B	1.35B	634.83M	623.28M
Cash Flow
Free Cash Flow	187.40M	237.00M	-100.10M	84.17M	41.03M
Operating Cash Flow	196.20M	293.60M	-89.40M	97.30M	53.73M
Investing Cash Flow	-670.20M	-38.00M	-79.90M	-293.71M	-244.44M
Financing Cash Flow	783.50M	-99.30M	-100.50M	115.53M	-212.39M

Rathbones Group PLC Technical Analysis

Technical Analysis Sentiment

Neutral

Last Price2135.00

Price Trends

50DMA

2117.70

Positive

100DMA

1970.07

Positive

200DMA

1872.79

Positive

Market Momentum

MACD

17.14

Positive

RSI

45.21

Neutral

STOCH

25.21

Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:RAT, the sentiment is Neutral. The current price of 2135 is below the 20-day moving average (MA) of 2195.75, above the 50-day MA of 2117.70, and above the 200-day MA of 1872.79, indicating a neutral trend. The MACD of 17.14 indicates Positive momentum. The RSI at 45.21 is Neutral, neither overbought nor oversold. The STOCH value of 25.21 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for GB:RAT.

Rathbones Group PLC Peers Comparison

Overall Rating

UnderperformOutperform

Sector (68)

Financial Indicators

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CLDN	76 Outperform	£1.72B	9.47	6.14%	2.40%	64.34%	77.61%
ASHM	72 Outperform	£1.46B	12.79	9.75%	9.91%	-28.89%	-12.14%
IHP	72 Outperform	£1.03B	20.06	23.68%	3.11%	7.13%	-1.52%
RAT	70 Outperform	£2.20B	19.79	4.75%	4.91%	14.05%	-3.07%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
QLT	66 Neutral	£2.52B	-2,078.80	-0.05%	3.40%	-28.04%	-102.43%
AJB	65 Neutral	£1.73B	16.94	49.89%	2.43%	17.97%	25.51%

* Financial Sector Average

Performance Comparison

GB:RAT

Rathbones Group PLC

2,135.00

615.78

40.53%

GB:ASHM

Ashmore Group PLC

221.20

87.96

66.01%

GB:AJB

AJ BELL PLC

435.00

30.68

7.59%

GB:QLT

Quilter

186.80

32.96

21.42%

GB:CLDN

Caledonia Investments

332.00

-47.23

-12.45%

GB:IHP

IntegraFin Holdings PLC

311.50

-1.08

-0.35%

Rathbones Group PLC Corporate Events

Regulatory Filings and Compliance

Rathbones updates market on total voting rights and share capital

Neutral

Mar 2, 2026

Rathbones Group Plc has disclosed its latest share capital and voting rights position as at 28 February 2026, confirming it has 90,679,215 ordinary shares of 5 pence each in issue with full voting rights. In addition, the firm has 17,481,868 convertible non-voting ordinary shares of 5 pence each, and it holds no shares in treasury at this time.

The company states that the total number of voting rights stands at 90,679,215, providing the reference figure shareholders must use when calculating whether they need to notify the regulator of any holdings or changes under UK disclosure rules. The update is a routine transparency measure but is important for investors tracking their ownership thresholds and regulatory reporting obligations.

The most recent analyst rating on (GB:RAT) stock is a Buy with a £2600.00 price target. To see the full list of analyst forecasts on Rathbones Group PLC stock, see the GB:RAT Stock Forecast page.

Business Operations and StrategyStock BuybackDividendsFinancial Disclosures

Rathbones boosts profit and payouts as IW&I integration powers next growth phase

Positive

Feb 27, 2026

Rathbones Group PLC, a leading UK wealth and asset manager, reported strong 2025 results reflecting the benefits of its enlarged scale after integrating Investec Wealth & Investment. Funds under management and administration rose to £115.6 billion, while underlying operating margin improved to 25.8%, underpinned by its focus on active investment, financial planning and a hybrid, technology-supported client service model.

The group delivered annualised cost and revenue synergies of £76 million, well ahead of its original £60 million target, helping drive a 53.5% increase in statutory profit before tax to £152.9 million and a 4.6% rise in underlying profit before tax to £238.1 million. Rathbones introduced a new capital allocation framework, completed a £50 million share buyback with plans to extend it by up to £20 million, and lifted its total dividend by 6.5%, while setting out strategic priorities to become the UK’s leading wealth manager and reaffirming its goal of a 30% underlying operating margin by late 2026.

Management outlined initiatives to make Rathbones the first choice for clients and talent and the most effective operator, including enhancing investment capability, deepening financial planning, deploying AI-powered tools, simplifying operations and consolidating client lifecycle management on Salesforce and Xplan. These operational and cultural changes aim to boost efficiency, reduce outflows and support sustainable growth, positioning the firm competitively in a growing UK wealth management market.

The most recent analyst rating on (GB:RAT) stock is a Buy with a £2500.00 price target. To see the full list of analyst forecasts on Rathbones Group PLC stock, see the GB:RAT Stock Forecast page.

Business Operations and StrategyExecutive/Board Changes

Rathbones Non-Executive Director Steps Down After Investec Integration

Neutral

Feb 16, 2026

Rathbones Group PLC has announced the resignation of non-executive director Ruth Leas, effective 13 February 2026. Leas joined the board as Investec plc’s nominee following the 2023 combination of Rathbones and Investec Wealth & Investment UK, and is stepping down after the successful integration of the two businesses.

The board thanked Leas for her contribution, highlighting her role during the integration phase, and extended best wishes for her future endeavours. Her departure signals a transition from integration-focused governance to a more steady-state board structure following the completion of the major merger in the UK wealth management market.

The most recent analyst rating on (GB:RAT) stock is a Buy with a £2500.00 price target. To see the full list of analyst forecasts on Rathbones Group PLC stock, see the GB:RAT Stock Forecast page.

Stock BuybackRegulatory Filings and Compliance

Rathbones Completes £50m Share Buyback and Updates Share Capital

Positive

Feb 16, 2026

Rathbones Group PLC has completed its £50 million share buyback programme, which began on 2 September 2025, repurchasing a total of 2,632,856 ordinary shares at an average price of £18.99 for cancellation. The move reduces the company’s share count and can enhance earnings per share, signalling capital strength and a commitment to returning surplus capital to shareholders.

Following the cancellations, Rathbones’ issued share capital comprises 90,679,215 ordinary shares with voting rights and 17,481,868 convertible non-voting ordinary shares, with no shares held in treasury. The updated capital structure sets the total number of voting rights at 90,679,215, a key reference figure for investors and regulators monitoring holdings under UK disclosure and transparency requirements.

The most recent analyst rating on (GB:RAT) stock is a Buy with a £2500.00 price target. To see the full list of analyst forecasts on Rathbones Group PLC stock, see the GB:RAT Stock Forecast page.

Business Operations and StrategyStock Buyback

Rathbones Continues Share Buyback With Further 22,000 Shares Cancelled

Positive

Feb 16, 2026

Rathbones Group PLC has repurchased 22,000 ordinary shares for cancellation on 13 February 2026 as part of its ongoing share buyback programme launched in September 2025, at a volume-weighted average price of 2,208.3023 pence per share. Following this latest tranche, the firm’s issued share capital now comprises 90,679,215 voting ordinary shares and 17,481,868 convertible non-voting ordinary shares, with a total of 2,632,856 ordinary shares bought back and cancelled to date, modestly enhancing earnings per share and signalling continued capital return to investors.

The most recent analyst rating on (GB:RAT) stock is a Buy with a £2500.00 price target. To see the full list of analyst forecasts on Rathbones Group PLC stock, see the GB:RAT Stock Forecast page.

Business Operations and StrategyStock BuybackRegulatory Filings and Compliance

Rathbones Reduces Share Count Further Under Ongoing Buyback Programme

Positive

Feb 13, 2026

Rathbones Group PLC has continued executing its previously announced share buyback programme, repurchasing 26,435 ordinary shares on 12 February 2026 for cancellation at a volume-weighted average price of 2,207.1842 pence. This move reduces the company’s ordinary share count to 90,701,215 voting shares and forms part of an aggregate 2,610,856 shares bought back since the programme’s launch, a capital management step that can enhance earnings per share and signal confidence to shareholders.

The group’s capital structure now comprises ordinary shares with full voting rights alongside 17,481,868 convertible non-voting ordinary shares, with no shares held in treasury. By clarifying that total voting rights now stand at 90,701,215, Rathbones provides investors and regulatory filers with an updated denominator for calculating disclosure thresholds, underlining its adherence to market transparency rules while it actively manages its equity base.

The most recent analyst rating on (GB:RAT) stock is a Buy with a £2486.00 price target. To see the full list of analyst forecasts on Rathbones Group PLC stock, see the GB:RAT Stock Forecast page.

Stock BuybackRegulatory Filings and Compliance

Rathbones Cancels More Shares as Buyback Programme Passes 2.5 Million Mark

Positive

Feb 12, 2026

Rathbones Group PLC has continued to execute its share buyback programme, repurchasing 26,411 ordinary shares on 11 February 2026 on the London Stock Exchange at a volume-weighted average price of 2,170.2904 pence per share. The repurchased shares have been cancelled, reducing the company’s ordinary share count with voting rights to 90,727,650, alongside 17,481,868 convertible non-voting ordinary shares.

Since the launch of the buyback in September 2025, Rathbones has cancelled a total of 2,584,421 ordinary shares, signalling an ongoing effort to return capital to shareholders and improve capital efficiency. The updated share capital and voting rights figures will be used by investors and other stakeholders to assess disclosure thresholds and ownership changes under UK transparency regulations.

The most recent analyst rating on (GB:RAT) stock is a Buy with a £2486.00 price target. To see the full list of analyst forecasts on Rathbones Group PLC stock, see the GB:RAT Stock Forecast page.

Stock Buyback

Rathbones Continues Share Buyback, Cancels Further 24,925 Shares

Positive

Feb 11, 2026

Rathbones Group PLC has continued to execute its share buyback programme, repurchasing 24,925 ordinary shares for cancellation on 10 February 2026 at a volume-weighted average price of 2,231.6447 pence. This latest tranche forms part of the programme launched in September 2025, under which 2,558,010 shares have now been cancelled, reducing the free float and leaving 90,754,061 voting shares in issue, a move that typically supports earnings per share and may signal confidence in the company’s valuation.

The most recent analyst rating on (GB:RAT) stock is a Buy with a £2486.00 price target. To see the full list of analyst forecasts on Rathbones Group PLC stock, see the GB:RAT Stock Forecast page.

Business Operations and StrategyStock Buyback

Rathbones Cancels Further Shares as Buyback Programme Passes 2.5 Million Mark

Positive

Feb 10, 2026

Rathbones Group PLC has continued to execute its share buyback programme, repurchasing 23,930 ordinary shares on 9 February 2026 at prices between 2,200p and 2,230p, for a volume-weighted average price of 2,214.5575p. The shares, acquired through Merrill Lynch International, will be cancelled, reducing the company’s ordinary share count and potentially enhancing earnings per share and capital efficiency for investors.

Following this latest tranche, Rathbones’ issued share capital stands at 90,778,986 voting ordinary shares and 17,481,868 convertible non-voting ordinary shares, with no treasury shares held. Since the launch of the buyback in September 2025, the company has repurchased a total of 2,533,085 ordinary shares for cancellation, underlining its ongoing capital return strategy and offering greater clarity to shareholders on the current voting rights base.

The most recent analyst rating on (GB:RAT) stock is a Buy with a £2486.00 price target. To see the full list of analyst forecasts on Rathbones Group PLC stock, see the GB:RAT Stock Forecast page.

Business Operations and StrategyStock BuybackRegulatory Filings and Compliance

Rathbones Continues Share Buyback, Lifts Proportional Stakes for Remaining Investors

Positive

Feb 9, 2026

Rathbones Group PLC has continued to execute its share buyback programme, repurchasing 23,054 ordinary shares on 6 February 2026 for cancellation at a volume-weighted average price of 2,189.6333 pence. Following this latest tranche, the company’s issued share capital comprises 90,802,916 voting ordinary shares and 17,481,868 convertible non-voting ordinary shares, and it has bought back a total of 2,509,155 ordinary shares since the programme began, marginally enhancing remaining shareholders’ proportional ownership and earnings per share.

The company confirmed it holds no treasury shares, with total voting rights standing at 90,802,916, a reference figure for investors’ regulatory disclosure calculations. By methodically reducing its free float through purchases executed via multiple trading venues, Rathbones signals sustained confidence in its capital position and continues to fine-tune its capital structure in line with its previously announced buyback strategy.

The most recent analyst rating on (GB:RAT) stock is a Buy with a £2486.00 price target. To see the full list of analyst forecasts on Rathbones Group PLC stock, see the GB:RAT Stock Forecast page.

Business Operations and Strategy

Rathbones CEOs Acquire Shares Under Inland Revenue Approved Incentive Plan

Positive

Feb 6, 2026

Rathbones Group Plc has allotted ordinary shares at £22.00 to Equiniti Share Plan Trustees under its Inland Revenue Approved Share Incentive Plan, to be held as partnership and matching shares on behalf of senior executives. The company disclosed that Group Chief Executive Officer Jonathan Sorrell and Group Chief Financial Officer Iain Hooley each acquired seven partnership shares and seven matching shares outside a trading venue on 4 February 2026, underlining ongoing alignment between top management and shareholders through equity-based incentives.

The most recent analyst rating on (GB:RAT) stock is a Buy with a £2486.00 price target. To see the full list of analyst forecasts on Rathbones Group PLC stock, see the GB:RAT Stock Forecast page.

Stock Buyback

Rathbones Cancels Further Shares Under Ongoing Buyback Programme

Positive

Feb 6, 2026

Rathbones Group PLC has continued to execute its share buyback programme, launched in September 2025, by purchasing 23,861 ordinary shares for cancellation on 5 February 2026 at a volume-weighted average price of 2,195.9679 pence per share. Following this latest tranche, the group’s issued share capital now comprises 90,806,954 ordinary shares with voting rights and 17,481,868 convertible non-voting ordinary shares, taking the total number of ordinary shares bought back and cancelled under the programme to 2,486,101, a move that incrementally reduces the free float and is likely to be supportive of earnings per share and capital return objectives for investors.

The most recent analyst rating on (GB:RAT) stock is a Buy with a £2486.00 price target. To see the full list of analyst forecasts on Rathbones Group PLC stock, see the GB:RAT Stock Forecast page.

Stock Buyback

Rathbones Continues Share Buyback with Further Cancellation of Ordinary Shares

Positive

Feb 5, 2026

Rathbones Group PLC has repurchased 26,864 ordinary shares for cancellation on 4 February 2026 as part of its ongoing share buyback programme initiated in September 2025, at a volume-weighted average price of 2,225.6254 pence per share. Following this latest transaction, the company’s issued share capital now consists of 90,830,815 voting ordinary shares and 17,481,868 convertible non-voting ordinary shares, with no treasury shares held, and the total number of ordinary shares bought back under the programme has risen to 2,462,240, marginally enhancing earnings per share and adjusting the equity base for existing shareholders.

The most recent analyst rating on (GB:RAT) stock is a Buy with a £2486.00 price target. To see the full list of analyst forecasts on Rathbones Group PLC stock, see the GB:RAT Stock Forecast page.

Business Operations and StrategyStock Buyback

Rathbones Cancels Another 26,489 Shares in Ongoing Buyback

Positive

Feb 4, 2026

Rathbones repurchased 26,489 ordinary shares on 3 February 2026 under its ongoing buyback, paying a volume-weighted average of 2,219.15 pence and cancelling the stock, leaving 90.86 million voting shares outstanding alongside 17.48 million convertible non-voting shares. The programme, now totaling 2.44 million shares retired since its September 2025 launch, continues to shrink the free float and may bolster earnings per share and capital discipline as the firm fine-tunes its post-merger capital structure.

The most recent analyst rating on (GB:RAT) stock is a Buy with a £2526.00 price target. To see the full list of analyst forecasts on Rathbones Group PLC stock, see the GB:RAT Stock Forecast page.

Stock Buyback

Rathbones Continues Share Buyback with Further 26,588 Shares Cancelled

Positive

Feb 3, 2026

Rathbones Group PLC has continued to execute its share buyback programme, repurchasing 26,588 ordinary shares on 2 February 2026 at prices between 2,195p and 2,235p per share, with a volume-weighted average price of 2,216.3166p, for immediate cancellation. Following this latest tranche, the company’s issued share capital stands at 90,884,168 voting ordinary shares and 17,481,868 convertible non-voting ordinary shares, and Rathbones has now bought back a total of 2,408,887 ordinary shares since the programme began, modestly reducing its share count and potentially enhancing earnings per share and capital returns for shareholders.

The most recent analyst rating on (GB:RAT) stock is a Buy with a £2492.00 price target. To see the full list of analyst forecasts on Rathbones Group PLC stock, see the GB:RAT Stock Forecast page.

Regulatory Filings and Compliance

Rathbones Confirms Total Voting Rights at Just Over 90.9 Million Shares

Neutral

Feb 2, 2026

Rathbones Group PLC has reported that, as of 31 January 2026, its issued share capital comprises 90,910,756 ordinary shares of 5 pence each carrying voting rights and 17,481,868 convertible non-voting ordinary shares of 5 pence each. The company confirmed it holds no shares in treasury, setting the total number of voting rights at 90,910,756, a key reference figure for shareholders and investors when calculating disclosure thresholds and reporting changes in significant holdings under UK transparency rules.

The most recent analyst rating on (GB:RAT) stock is a Buy with a £2492.00 price target. To see the full list of analyst forecasts on Rathbones Group PLC stock, see the GB:RAT Stock Forecast page.

Stock Buyback

Rathbones Continues Share Buyback, Cancels Further 23,626 Shares

Positive

Feb 2, 2026

Rathbones Group PLC has continued to execute its ongoing share buyback programme, purchasing 23,626 ordinary shares for cancellation on 30 January 2026 at a volume-weighted average price of 2,206.1011 pence per share. Following this latest transaction, the company’s issued share capital comprises 90,910,756 ordinary shares with voting rights and 17,481,868 convertible non‑voting ordinary shares, with no shares held in treasury, and a total of 2,382,299 ordinary shares bought back and cancelled since the programme was launched in September 2025, a move that marginally reduces share count and can enhance earnings per share for remaining investors.

The most recent analyst rating on (GB:RAT) stock is a Buy with a £2492.00 price target. To see the full list of analyst forecasts on Rathbones Group PLC stock, see the GB:RAT Stock Forecast page.

Stock Buyback

Rathbones Cancels Further Shares Under Ongoing Buyback Programme

Positive

Jan 30, 2026

Rathbones Group PLC has continued to execute its share buyback programme, repurchasing 13,874 ordinary shares on 29 January 2026 for cancellation at a volume-weighted average price of 2,225.702 pence per share. Following this latest tranche, the company’s issued share capital now comprises 90,934,382 voting ordinary shares and 17,481,868 convertible non-voting ordinary shares, with no shares held in treasury, giving a total of 90,934,382 voting rights; since the launch of the programme in September 2025, Rathbones has cancelled an aggregate 2,358,673 ordinary shares, modestly enhancing earnings per share and consolidating existing shareholders’ stakes.

The most recent analyst rating on (GB:RAT) stock is a Hold with a £2425.00 price target. To see the full list of analyst forecasts on Rathbones Group PLC stock, see the GB:RAT Stock Forecast page.

Business Operations and StrategyStock Buyback

Rathbones Continues Share Buyback, Cancels Further 21,673 Shares

Positive

Jan 29, 2026

Rathbones Group PLC has continued its previously announced share buyback programme, repurchasing 21,673 ordinary shares on 28 January 2026 through Merrill Lynch International at prices between 2,205p and 2,230p per share, with a volume-weighted average of 2,211.1775p. The shares have been bought for cancellation, reducing the company’s outstanding ordinary share capital to 90,947,570 voting shares alongside 17,481,868 convertible non-voting ordinary shares, and bringing total buybacks since the programme’s launch in September 2025 to 2,344,799 shares, a move that marginally enhances earnings per share and signals ongoing capital management discipline to investors.

The most recent analyst rating on (GB:RAT) stock is a Buy with a £2492.00 price target. To see the full list of analyst forecasts on Rathbones Group PLC stock, see the GB:RAT Stock Forecast page.

Stock BuybackRegulatory Filings and Compliance

Rathbones Continues Buyback with Further Cancellation of Ordinary Shares

Neutral

Jan 28, 2026

Rathbones Group PLC has repurchased 17,547 ordinary shares of 5 pence each for cancellation on 27 January 2026 as part of its ongoing share buyback programme launched in September 2025, at prices between 2,200p and 2,220p per share with a volume-weighted average of 2,210.2747p. Following this latest transaction, the company’s issued share capital comprises 90,969,243 ordinary shares with voting rights and 17,481,868 convertible non-voting ordinary shares, bringing total purchases under the programme to 2,323,126 shares and marginally enhancing remaining shareholders’ proportional ownership and voting power while providing an updated denominator for regulatory disclosure calculations.

The most recent analyst rating on (GB:RAT) stock is a Buy with a £2497.00 price target. To see the full list of analyst forecasts on Rathbones Group PLC stock, see the GB:RAT Stock Forecast page.

Business Operations and StrategyStock Buyback

Rathbones Advances Buyback with Further Share Cancellation

Positive

Jan 27, 2026

Rathbones Group PLC has continued to execute its previously announced share buyback programme, purchasing 15,909 ordinary shares for cancellation on 26 January 2026 at a volume-weighted average price of 2,210.2140 pence per share. Following this latest tranche, the company’s issued share capital now comprises 90,986,790 voting ordinary shares and 17,481,868 convertible non-voting ordinary shares, with no treasury shares held, and a total of 2,305,579 ordinary shares having been repurchased and cancelled since the buyback began in September 2025, underscoring an ongoing capital management strategy that reduces the number of shares in circulation and may enhance earnings per share for remaining investors.

The most recent analyst rating on (GB:RAT) stock is a Buy with a £2492.00 price target. To see the full list of analyst forecasts on Rathbones Group PLC stock, see the GB:RAT Stock Forecast page.

Business Operations and StrategyStock Buyback

Rathbones Cancels Further Shares Under Ongoing Buyback Programme

Positive

Jan 26, 2026

Rathbones Group PLC has continued to execute its previously announced share buyback programme, repurchasing 10,511 ordinary shares for cancellation on 23 January 2026 at prices between 2,180p and 2,200p per share, with a volume-weighted average of 2,189.58p. Following this latest tranche, the group’s issued share capital comprises 91,002,699 voting ordinary shares and 17,481,868 convertible non-voting ordinary shares, with no treasury shares held, and a total of 2,289,670 ordinary shares bought back and cancelled since the programme began in September 2025, a move that marginally enhances earnings and voting power per remaining share and may signal continued capital discipline to investors.

The most recent analyst rating on (GB:RAT) stock is a Buy with a £2475.00 price target. To see the full list of analyst forecasts on Rathbones Group PLC stock, see the GB:RAT Stock Forecast page.

Stock BuybackRegulatory Filings and Compliance

Rathbones Cancels Further Shares Under Ongoing Buyback Programme

Positive

Jan 23, 2026

Rathbones Group PLC has continued to execute its previously announced share buyback programme, repurchasing 24,536 ordinary shares for cancellation on 22 January 2026 at a volume-weighted average price of 2,189.0064 pence per share. Following this latest transaction, the company’s issued share capital comprises 91,013,210 ordinary shares with voting rights and 17,481,868 convertible non-voting ordinary shares, with no shares held in treasury; in total, 2,279,159 ordinary shares have now been bought back and cancelled under the programme, modestly reducing the share count and potentially enhancing earnings per share for existing investors while clarifying the current voting-rights base for regulatory disclosure purposes.

The most recent analyst rating on (GB:RAT) stock is a Buy with a £2452.00 price target. To see the full list of analyst forecasts on Rathbones Group PLC stock, see the GB:RAT Stock Forecast page.

Stock Buyback

Rathbones Continues Share Buyback, Lifts Total Repurchases to Over 2.25m Shares

Positive

Jan 22, 2026

Rathbones Group PLC has continued to execute its previously announced share buyback programme, repurchasing 26,679 ordinary shares on 21 January 2026 through Merrill Lynch International at a volume-weighted average price of 2,158.1982 pence per share for cancellation. Following this latest tranche, the group’s issued share capital stands at 91,037,746 voting ordinary shares and 17,481,868 convertible non‑voting ordinary shares, with no treasury shares held, bringing total shares bought back under the programme since its launch in September 2025 to 2,254,623 and marginally enhancing earnings per share and consolidating existing shareholders’ voting interests.

The most recent analyst rating on (GB:RAT) stock is a Buy with a £2452.00 price target. To see the full list of analyst forecasts on Rathbones Group PLC stock, see the GB:RAT Stock Forecast page.

Stock BuybackRegulatory Filings and Compliance

Rathbones Continues Share Buyback, Updates Voting Share Capital

Positive

Jan 21, 2026

Rathbones Group PLC has continued to execute its share buyback programme, purchasing 24,075 ordinary shares for cancellation on 20 January 2026 at a volume-weighted average price of 2,164.2316 pence per share. Following this latest transaction, the company’s issued share capital now comprises 91,064,425 ordinary shares with voting rights and 17,481,868 convertible non-voting ordinary shares, with no treasury shares held, providing an updated denominator for investors’ disclosure calculations under UK transparency rules. Since launching the programme in September 2025, Rathbones has bought back a total of 2,227,944 ordinary shares, signalling an ongoing focus on capital return and share count reduction for shareholders.

The most recent analyst rating on (GB:RAT) stock is a Buy with a £2446.00 price target. To see the full list of analyst forecasts on Rathbones Group PLC stock, see the GB:RAT Stock Forecast page.

Stock Buyback

Rathbones Continues Share Buyback, Lifts Total Repurchases Beyond 2.2 Million Shares

Positive

Jan 20, 2026

Rathbones Group PLC has continued to execute its ongoing share buyback programme, repurchasing 16,412 ordinary shares on 19 January 2026 at prices between 2,145p and 2,175p per share for immediate cancellation. Following this latest transaction, the company’s issued share capital stands at 91,088,500 voting ordinary shares and 17,481,868 convertible non-voting ordinary shares, with no treasury shares held, and a total of 2,203,869 ordinary shares now bought back and cancelled since the launch of the programme in September 2025, effectively reducing the free float and consolidating existing shareholders’ voting interests.

The most recent analyst rating on (GB:RAT) stock is a Buy with a £2509.00 price target. To see the full list of analyst forecasts on Rathbones Group PLC stock, see the GB:RAT Stock Forecast page.

Stock Buyback

Rathbones Continues Share Buyback, Cancels Additional Ordinary Shares

Positive

Jan 16, 2026

Rathbones Group PLC has continued to execute its share buyback programme, launched in September 2025, with the repurchase and cancellation of 7,898 ordinary shares on 15 January 2026 at a volume-weighted average price of 2,067.2221 pence per share. Following this latest transaction, the company’s issued share capital now comprises 91,104,912 ordinary shares with voting rights and 17,481,868 convertible non-voting ordinary shares, taking the total number of shares bought back and cancelled under the current programme to 2,187,457 and marginally increasing earnings and voting power per remaining share for existing investors.

The most recent analyst rating on (GB:RAT) stock is a Hold with a £2170.00 price target. To see the full list of analyst forecasts on Rathbones Group PLC stock, see the GB:RAT Stock Forecast page.

Business Operations and StrategyFinancial Disclosures

Rathbones Lifts Assets to £115.6bn as Investec Integration Nears Completion

Positive

Jan 15, 2026

Rathbones Group PLC reported that funds under management and administration rose 2.3% over the fourth quarter of 2025 to £115.6 billion, driven primarily by market and investment performance across both its Wealth Management and Asset Management segments, despite total net outflows of £0.5 billion in the period. The group highlighted continuing integration of Investec Wealth & Investment UK, with CEO Jonathan Sorrell signalling that the integration phase is nearing completion and that the firm is now positioned to pursue organic growth based on its expanded scale, strong client relationships and enhanced capabilities, ahead of publishing full-year 2025 results and a strategic update on 27 February 2026.

The most recent analyst rating on (GB:RAT) stock is a Hold with a £2170.00 price target. To see the full list of analyst forecasts on Rathbones Group PLC stock, see the GB:RAT Stock Forecast page.

Stock Buyback

Rathbones Continues Buyback with Fresh Share Cancellation

Positive

Jan 15, 2026

Rathbones Group PLC has repurchased 23,176 ordinary shares on 14 January 2026 under its ongoing share buyback programme launched in September 2025, at a volume-weighted average price of 1,996.7942 pence per share, and has cancelled these shares. Following this latest tranche, Rathbones’ issued share capital comprises 91,112,810 voting ordinary shares and 17,481,868 convertible non-voting ordinary shares, with no shares held in treasury, bringing total shares bought back and cancelled under the programme to 2,179,559 and slightly enhancing remaining shareholders’ proportional ownership and voting interests.

The most recent analyst rating on (GB:RAT) stock is a Hold with a £2170.00 price target. To see the full list of analyst forecasts on Rathbones Group PLC stock, see the GB:RAT Stock Forecast page.

Business Operations and StrategyFinancial Disclosures

Rathbones edges FUMA higher as market gains offset outflows ahead of strategic reset

Positive

Jan 15, 2026

Rathbones Group PLC reported a 2.3% rise in funds under management and administration to £115.6 billion as at 31 December 2025, driven largely by market and investment performance across both its Wealth Management (£106.2 billion) and Asset Management (£16.6 billion) divisions, despite modest net outflows for the year. The group recorded total net outflows of £0.5 billion in the fourth quarter, with a notable improvement in Wealth Management outflows compared with the prior year but weaker flows in Asset Management, even as intra-group flows from Wealth Management into Asset Management continued to rise. The update comes as Rathbones nears the completion of its integration of Investec Wealth & Investment UK, with management signalling a pivot towards organic growth built on its enlarged scale, strong client relationships and internal fund capabilities ahead of a detailed results and strategic update due in February.

The most recent analyst rating on (GB:RAT) stock is a Hold with a £2170.00 price target. To see the full list of analyst forecasts on Rathbones Group PLC stock, see the GB:RAT Stock Forecast page.

Stock Buyback

Rathbones Cancels Further Shares as Buyback Programme Passes 2.1m Mark

Positive

Jan 14, 2026

Rathbones Group PLC has continued execution of its ongoing share buyback programme, repurchasing 22,290 ordinary shares for cancellation on 13 January 2026 at prices between 1,990p and 2,005p per share, with a volume-weighted average price of 1,999.2262p. Following this latest tranche, the company’s issued share capital now comprises 91,135,986 voting ordinary shares and 17,481,868 convertible non-voting ordinary shares, with no treasury shares held, and a total of 2,156,383 ordinary shares having been cancelled since the buyback launched in September 2025, modestly enhancing earnings per share and consolidating existing shareholders’ voting interests.