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Financial Performance Highlights - Net revenue for 3Q25 reached $1429 million, with Year-To-Date (YTD) revenue at $3969 million[4] - GAAP net earnings for 3Q25 were $202 million ($1.84 EPS), and non-GAAP net earnings were $214 million ($1.95 EPS)[4] - Year-to-date GAAP net earnings reached $391 million ($3.56 EPS), while non-GAAP net earnings were $454 million ($4.13 EPS)[4] - The company's book value per share is $49.74, with a tangible book value per share of $34.99[4] Global Wealth Management (GWM) - GWM net revenue for 3Q25 was $907 million, a 10% increase year-over-year[15] - Transactional revenue within GWM reached $203 million, up 5% year-over-year[20] - Asset management revenue in GWM was $431 million, a 13% increase year-over-year[20] - Total client assets in GWM reached $544010 million, a 10% increase year-over-year[22] Institutional Group - Institutional Group revenue for 3Q25 was $500 million, a 34% increase year-over-year[15] - Advisory revenue within the Institutional Group was $179 million, up 31% year-over-year[36] - Capital raising revenue in the Institutional Group was $138 million, a 38% increase year-over-year[36] Expenses and Capital - Compensation expense for 3Q25 was $829 million, a 17% increase year-over-year[43] - Non-compensation expense for 3Q25 was $298 million, a 7% increase year-over-year[43]

Core Insights - Stifel Financial reported quarterly earnings of $1.95 per share, exceeding the Zacks Consensus Estimate of $1.85 per share, and showing an increase from $1.50 per share a year ago, resulting in an earnings surprise of +5.41% [1][2] - The company achieved revenues of $1.43 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 8.10%, compared to $1.22 billion in the same quarter last year [2] - Stifel has outperformed consensus EPS estimates three times in the last four quarters, indicating a positive trend in earnings performance [2] Earnings Outlook - The future performance of Stifel's stock will largely depend on management's commentary during the earnings call and the sustainability of the recent price movements [3][4] - The current consensus EPS estimate for the upcoming quarter is $2.44 on revenues of $1.44 billion, and for the current fiscal year, it is $7.23 on revenues of $5.33 billion [7] Industry Context - The Financial - Investment Bank industry, to which Stifel belongs, is currently ranked in the top 10% of over 250 Zacks industries, suggesting a favorable outlook for stocks within this sector [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5][6]

Financial Performance - Net revenues for Q3 2025 reached $1,429,396, a 16.7% increase from $1,224,668 in Q3 2024[3] - Net income for Q3 2025 was $211,371, reflecting a 33.4% increase compared to $158,505 in Q3 2024[5] - Earnings per diluted common share increased to $1.92, up 35.2% from $1.42 in Q3 2024[3] - Total revenues for the nine months ended September 30, 2025, were $4,594,677, a 5.4% increase from $4,358,814 in the same period of 2024[5] - Non-GAAP net revenues for Q3 2025 reached $1,429,398, a 16.7% increase from $1,225,351 in Q3 2024[7] - Non-GAAP net income available to common shareholders increased by 29.0% to $214,419 compared to $166,270 in Q3 2024[7] Revenue Sources - Investment banking revenues rose to $323,483 in Q3 2025, a 33.0% increase from $243,182 in Q3 2024[5] - The Institutional Group's net revenues surged by 34.4% to $500,435 in Q3 2025, compared to $372,401 in Q3 2024[9] - Revenues from asset management grew by 12.8% to $431,363 compared to $382,309 in the same quarter last year[15] - The company reported a 31.0% increase in advisory revenues to $179,270,000 for Q3 2025, up from $136,857,000 in Q3 2024[21] Expenses and Costs - Compensation and benefits expenses increased by 17.0% to $839,820 in Q3 2025, compared to $718,065 in Q3 2024[5] - Total operating expenses increased by 13.4% to $1,143,350 in Q3 2025, up from $1,008,010 in Q3 2024[9] - Non-interest expenses rose to $564,790, a 7.5% increase from $525,413 in the prior year[15] - Non-interest expenses for Q3 2025 were $411,144,000, a 24.4% increase from $330,604,000 in Q3 2024[21] Assets and Equity - Total assets as of September 30, 2025, were $41,687,360, reflecting a 7.1% growth from $38,934,504 in the previous year[11] - Total shareholders' equity increased to $5,756,135, a 3.6% rise from $5,557,080 in the previous year[11] - Common equity tier 1 capital increased to $3,582,042, a 3.1% rise from $3,474,276 in the previous year[13] - Total client assets reached $544,010,000, reflecting a 9.6% increase from $496,298,000 year-over-year[17] Tax and Regulatory - The effective tax rate for Q3 2025 was 26.1%, a slight decrease from 26.8% in Q3 2024[11] - The common equity tier 1 capital ratio was 14.8%, slightly down from 15.0% in the previous year[13] - Regulatory capital ratios are estimated to remain strong, with a Tier 1 capital ratio of 14.2% as of October 22, 2025[36] Future Outlook - The company anticipates continued growth in advisory revenues, projecting a 20% increase in capital raising activities for the next quarter[36] - Future guidance suggests a conservative growth outlook, with expected earnings per share (EPS) growth of 8% for the upcoming fiscal year[36] - Stifel Financial Corp. is committed to improving operational efficiency, with integration-related costs from recent acquisitions expected to be around $15 million[36] Client and Market Strategy - Total client assets managed in the Private Client Group and Trust Business reached $50 billion, an increase of 10% compared to the previous year[36] - Stifel Financial Corp. is focusing on expanding its market presence through strategic acquisitions, with plans to invest $100 million in technology enhancements over the next year[36] - The company has initiated a new product line aimed at enhancing client margin balances, which are currently at $1.2 billion[36]

Core Insights - Stifel Financial Corp. reported record net revenues of $1.4 billion for Q3 2025, a 16.7% increase from $1.2 billion in Q3 2024, with net income available to common shareholders rising to $202.1 million or $1.84 per diluted share, compared to $149.2 million or $1.34 per diluted share in the same quarter last year [1][5][39] Financial Performance - The company achieved non-GAAP net income of $214.4 million, or $1.95 per diluted share for Q3 2025, up from $166.3 million or $1.50 per diluted share in Q3 2024 [5][41] - Total client assets reached a record $544.0 billion, reflecting a 10% increase year-over-year [5][14] - The pre-tax margin improved to 21.2% for Q3 2025, compared to 19.2% in Q3 2024 [4][41] Revenue Breakdown - Investment banking revenues increased by 34% year-over-year, with capital raising revenues up 36% and advisory revenues up 31% [5][25] - Global Wealth Management reported net revenues of $907.4 million, a 9.7% increase from $827.1 million in Q3 2024, with pre-tax net income rising to $342.7 million from $301.7 million [8][39] - Institutional Group net revenues were $500.4 million, a 34% increase from $372.4 million in Q3 2024, with pre-tax net income increasing to $89.3 million from $41.8 million [17][39] Operational Highlights - The company recruited 33 financial advisors during the quarter, contributing to a trailing 12-month production of $18.9 million [5][14] - Compensation expense as a percentage of net revenues remained stable at 58.8% for Q3 2025, compared to 58.6% in Q3 2024 [4][43] - The company repurchased $31.2 million of its common stock during the quarter, with a quarterly dividend of $0.46 declared [33][39] Market Position - Stifel's Chairman and CEO expressed optimism about future opportunities, citing record investment banking pipelines and client assets [2][5] - The company maintains a strong capital position with a Tier 1 common capital ratio of 14.8% [28][39]

Core Viewpoint - Stifel Financial Corp. is set to release its third quarter financial results on October 22, 2025, before market opening, followed by a conference call to discuss the results [1][2]. Company Information - Stifel Financial Corp. is a financial services holding company based in St. Louis, Missouri, operating through various wholly owned subsidiaries [3]. - The company provides a range of services including securities brokerage, investment banking, trading, investment advisory, and related financial services to individual investors, professional money managers, businesses, and municipalities [3]. - Stifel operates in the United States through Stifel, Nicolaus & Company, and has a presence in Canada and Europe through its respective subsidiaries [3]. Conference Call Details - The conference call will be hosted by Stifel Chairman and CEO Ronald J. Kruszewski at 9:30 a.m. Eastern time on the same day as the financial results release [2]. - Interested parties can join the call by dialing (866) 409-1555 and using participant ID 2769458, with a live audio webcast available on Stifel's website [2]. - A replay of the conference call will be accessible approximately one hour after its conclusion [2].

Core Insights - 1919 Investment Counsel, LLC has been recognized in multiple prestigious industry rankings in 2025, highlighting its excellence in investment management and client service [1][4] - The firm emphasizes the importance of long-term relationships with clients, focusing on helping them understand the purpose behind their wealth [2] Company Overview - 1919 Investment Counsel is a registered investment advisor with over 100 years of experience, serving families, individuals, foundations, and endowments to achieve financial goals [2] - The firm is headquartered in Baltimore and has offices in several major cities across the United States, including Birmingham, Cincinnati, New York, Philadelphia, San Francisco, and Vero Beach [2] Industry Recognition - Barron's has named 1919 to its Top 100 RIA Firms list for the sixth consecutive year, evaluating firms based on assets under management, technology investments, staff diversity, and succession planning [4] - Forbes included 1919 in its 2025 Top RIA Firms list, which features 250 firms managing over $1.9 trillion in assets, ranked based on qualitative and quantitative factors [4] - InvestmentNews recognized 1919 as one of its inaugural 5-Star RIA Firms for 2025, honoring wealth managers with a minimum of $1 billion in AUM based on verified data [4] - Financial Advisor Magazine included 1919 in its 2025 RIA Survey & Ranking, showcasing leading firms based on reported assets [4]

Group 1 - The core focus of the research service is on identifying Asia-listed stocks that exhibit a significant disparity between market price and intrinsic value, particularly emphasizing deep value balance sheet bargains and wide moat stocks [1][2] - Stifel Financial Corp. (NYSE: SF) is viewed positively, with a promising outlook for its Investment Banking (IB) business, and potential value unlocking in its Wealth Management (WM) segment through acquisition or becoming an investment target [1] Group 2 - The investing group provides a range of watch lists with monthly updates, targeting value investors interested in the Hong Kong market and deep value opportunities [2]

Core Viewpoint - The article maintains a bullish outlook on Stifel Financial Corp. (NYSE: SF), highlighting promising prospects for its Investment Banking (IB) business and potential value unlocking in its Wealth Management (WM) segment through acquisition or becoming an investment target [1]. Group 1: Investment Focus - The research service Asia Value & Moat Stocks targets value investors looking for Asia-listed stocks with significant discrepancies between price and intrinsic value, focusing on deep value balance sheet bargains and wide moat stocks [1][2]. - The service emphasizes identifying stocks that are undervalued, such as net cash stocks, net-nets, low price-to-book (P/B) stocks, and those with sum-of-the-parts discounts [1]. Group 2: Company Analysis - Stifel Financial Corp.'s Investment Banking business is projected to have a positive outlook, indicating potential growth and profitability [1]. - The Wealth Management segment of Stifel could create additional value by either pursuing acquisitions or positioning itself as an attractive investment target [1].

Core Insights - 1919 Investment Counsel, LLC has hired Braxton Comer as a Principal, Business Development Officer, enhancing its capabilities in wealth transfer strategies and philanthropic giving [1][2][3] Company Overview - 1919 Investment Counsel manages approximately $24.4 billion in assets as of June 30, 2025, including $3.0 billion in responsible investing strategies [5] - The firm serves a diverse client base, including individuals, families, corporations, foundations, charitable trusts, and educational institutions [5] - 1919 has been recognized as one of the nation's top registered investment advisory firms by Barron's, Forbes, and Financial Advisor Magazine [5][6] New Hire Impact - Braxton Comer will focus on cultivating new client relationships and delivering tailored investment counsel, particularly in philanthropic strategies [3][4] - His legal expertise and experience in advising family offices and non-profits will strengthen the firm's mission of providing purpose-driven financial guidance [2][3] Strategic Goals - The addition of Braxton Comer is expected to enhance the firm's ability to coordinate complex wealth transfer strategies, with an emphasis on philanthropy [2][3] - Comer expressed a commitment to helping clients utilize tax-efficient strategies for charitable giving and building meaningful legacies [4]