ST. LOUIS, Aug. 22, 2024 (GLOBE NEWSWIRE) -- Stifel Financial Corp. (NYSE: SF) today reported selected operating results for July 31, 2024 in an effort to provide timely information to investors on certain key performance metrics. Due to the limited nature of this data, a consistent correlation to earnings should not be assumed. Ronald J. Kruszewski, Chairman and Chief Executive Officer, said, "Client assets under administration and fee-based client assets increased 2% from the prior month and reached recor ...

ST. LOUIS, Aug. 07, 2024 (GLOBE NEWSWIRE) -- Stifel Financial Corp. (NYSE: SF) today announced that its Board of Directors has declared a cash dividend on shares of its common stock of $0.42 per share, payable September 17, 2024, to shareholders of record at the close of business on September 3, 2024. The Board of Directors also declared a quarterly cash dividend on the outstanding shares of its 6.25% NonCumulative Perpetual Preferred Stock, Series B (the "Series B Preferred Stock"), 6.125% Non-Cumulative P ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2024 OR ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number: 001-09305 STIFEL FINANCIAL CORP. (Exact name of registrant as specified in its charter) Delaware 43-1273600 (State or other jurisdic ...

SteveDF My investment rating for Stifel Financial's (NYSE:SF) shares is a Buy. There is a mismatch between SF's favorable outlook and undemanding valuations. Stifel Financial is now valued by the market at a low-teens P/E ratio. But SF achieved an impressive Q2 results beat, and it is expecting a higher top line and a lower noncompensation costs-to-revenue ratio for the full year. I previously assessed Stifel Financial's Q1 2024 financial performance with my April 30, 2024 article. The review of SF's second ...

Financial Data and Key Metrics - Q2 2024 net revenue totaled $1.22 billion, up 16% YoY, marking the second-best quarter in the company's history [68] - EPS in Q2 was $1.60, a 33% increase from the prior year, driven by higher revenues and a lower share count [28][29] - Investment Banking revenue increased 40%, with advisory revenue up 50% and capital raising growth of 29% [28] - Net interest income (NII) declined by $40 million or 14% in Q2, but within guidance [28][75] - Pretax margin for Q2 was 21%, with an annualized return on tangible common equity of 22% [28] - Record first-half net revenue of nearly $2.4 billion, up 10% YoY [28] Business Line Performance - Global Wealth Management revenue reached a record $801 million, with pretax margins exceeding 37% [53] - Institutional Group revenue was $391 million in Q2, up 41% YoY, driven by strong capital raising and transactional revenue [54] - Fixed income transactional revenue increased 58% YoY to $107 million, benefiting from improved trading gains [55] - Equity transactional revenue totaled $53 million, up 16% QoQ, supported by electronic offerings and high-touch trading [26] - Advisory revenue was $131 million, the strongest quarter since Q1 2023, with solid results in financials, gaming, and industrials [26] Market and Segment Performance - The company added 42 new advisers in Q2, including 14 experienced advisers with trailing 12-month production of $12.2 million [53] - Fee-based assets reached a record $180 billion, while total client assets stood at $474 billion, driven by higher equity markets and organic growth [53] - The company ranked 1 in the J D Power US Financial Advisor Satisfaction Study, particularly in leadership, culture, and operational support [51] Strategic Direction and Industry Competition - The company is focused on providing competitive products to grow client assets and retain advisers, emphasizing the importance of competitive offerings [4][41] - Stifel has been proactive in addressing cash sorting trends, with 63% of pre-rate cycle sweep deposits moving into higher-yielding Smart Rate accounts [57] - The company is optimistic about the second half of 2024, expecting continued improvement in Wealth Management and Institutional revenue [38][80] Management Commentary on Operating Environment and Outlook - Management highlighted the company's preparedness for the rate cycle, with no material impact expected on NII guidance for the remainder of 2024 [36] - The company is confident in its ability to manage cash sorting and sweep deposit dynamics, with operational cash balances averaging $9,000 per account [39][77] - Management expressed optimism about the future, citing strong operating leverage and a diversified business model [81] Other Important Information - The company retired $500 million in Senior Notes, reducing long-term liabilities and eliminating $21 million in annual interest expense [48][69] - Share repurchases in Q2 were 229,000 shares, down significantly from the prior quarter, with 11 million shares remaining under the authorization [79] - The company incurred $10 million in severance costs related to efficiency initiatives in international operations [58] Q&A Session Summary Question: Impact of cash sorting on sweep deposits and competitive dynamics [82] - Management clarified that operational cash balances are low due to the rate environment, with similar metrics between brokerage and advisory accounts [83] - The company is confident in its competitive positioning, offering up to 2% on sweep deposits, which is already higher than some peers [117] Question: Capital priorities and buyback pace [104] - The company has $415 million in excess capital and plans to be opportunistic with buybacks, focusing on price-dependent decisions [128] Question: Loan growth and balance sheet expansion [110] - Management noted that loan growth is constrained by deposit relationships and the need for a clear economic environment, but opportunities for growth remain [160][161] Question: Regulatory aspects of sweep deposits and fiduciary obligations [99] - Management emphasized that operational cash allocations are reasonable and well-understood, with no regulatory concerns [123] Question: Outlook for FIC trading and market conditions [140] - Management expects continued improvement in FIC trading, particularly in rate trading, as banks reposition their portfolios [162] Question: Recruiting environment and competitive dynamics [147] - Management sees potential opportunities in the recruiting environment, particularly as cash dynamics may pressure competitors with aggressive pricing [147]

■ Record Client Assets Under Administration Institutional Group INSTITUTIONAL GROUP REVENUE millions 2Q24 Y/Y Change Sequential Change 2024 YTD VS 2023 YTD Advisory $131 50% 10% $251 5% Capital Raising $96 28% 6% $187 42% Equity $48 59% 19% $88 61% Fixed Income $48 8% -4% $98 28% Transactional $160 41% 12% $302 28% Equity $53 16% -2% $107 9% Fixed Income $107 58% 20% $195 41% Total Institutional Revenue* $391 41% 11% $742 22% Comp. Ratio 61.2% -880 bps -20 bps 61.3% -430 bps Non-Comp. Ratio 26.3% -790 bps - ...

Institutional Group - Summary Results of Operations Stifel Bancorp - Financial Information and Credit Metrics Stifel Bancorp - Loan and Investment Portfolio Stifel Financial Corp. Quarterly Financial Supplement | Second Quarter 2024 Earnings Release Page 13 of 19 Stifel Financial Corp. Quarterly Financial Supplement | Second Quarter 2024 Earnings Release Page 14 of 19 Stifel Financial Corp. Quarterly Financial Supplement | Second Quarter 2024 Earnings Release Page 15 of 19 | --- | --- | --- | --- | --- | -- ...

ST. LOUIS, July 18, 2024 (GLOBE NEWSWIRE) -- Stifel Financial Corp. (NYSE:SF) will release its second quarter 2024 financial results before the market opens on Wednesday, July 24, 2024. The company will host a conference call to review the results at 9:30 a.m. Eastern time that same day. The conference call may include forward-looking statements. Stifel Company Information Stifel Investor Relations Contact Joel Jeffrey, Senior Vice President (212) 271-3610 direct investorrelations@stifel.com All interested ...

ST. LOUIS, July 10, 2024 (GLOBE NEWSWIRE) -- Stifel Financial Corp. (NYSE: SF) today announced that its Stifel, Nicolaus & Company, Incorporated broker-dealer subsidiary ranked No. 1 in the employee advisor segment of the J.D. Power 2024 U.S. Financial Advisor Satisfaction StudySM for the second straight year. Stifel's overall score, calculated from responses submitted by Stifel financial advisors, was 767 out of 1,000 – a significant 130 points higher than the employee segment average of 637. In addition t ...

ST. LOUIS, July 10, 2024 (GLOBE NEWSWIRE) -- Stifel Financial Corp. (NYSE: SF) today announced that its Stifel, Nicolaus & Company, Incorporated broker-dealer subsidiary ranked No. 1 in the employee advisor segment of the J.D. Power 2024 U.S. Financial Advisor Satisfaction StudySM for the second straight year. "I am thrilled that J.D. Power has once again named Stifel the No. 1 wealth management firm for employee advisor satisfaction," said Ron Kruszewski, Chairman and CEO of Stifel. "Earning this honor for ...