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]

Core Insights - Nanjing has introduced innovative services to enhance tourist experiences, allowing visitors to travel light during the National Day and Mid-Autumn Festival holidays [1][2] Group 1: Service Innovations - A total of 2,491 storage lockers have been installed across 110 key locations in Nanjing, including major tourist attractions, hotels, and transportation hubs, to facilitate luggage storage [2] - SF Express has partnered with all transportation hubs, 21 A-level tourist attractions, and 52 star-rated hotels in Nanjing to provide a "light travel" service, enabling luggage delivery directly to hotels [2][3] - The "luggage delivery" service aims to integrate postal and express delivery services with local economic development, enhancing the tourism experience [3] Group 2: Event-Specific Services - During the first day of the music festival at Tangshan Music Valley, over 800 items were shipped from the dedicated SF Express delivery point, with expectations to serve around 15,000 fans during the holiday [4][5] - The service at the music festival has been praised for its efficiency, with a complete delivery process taking less than five minutes [5] - At the Hongshan Forest Zoo, approximately 40 storage lockers were deployed to accommodate thousands of visitors, offering both local and express delivery options for luggage [6][7]