Stifel Financial Corp. reports developments across a diversified financial-services business that includes wealth management, investment banking, lending, trading, and retail and institutional brokerage. Company news commonly covers earnings releases, selected operating data, client assets, fee-based assets, bank loans, client money market and insured products, treasury deposits, and capital returns on common and preferred stock.
Other updates describe Stifel’s platform expansion, including project finance for energy and infrastructure, venture banking and fund banking capabilities, public finance work for hospitals and health systems, and equity sales and research coverage. News also includes subsidiary activity such as Keefe, Bruyette & Woods index administration and changes affecting Stifel’s advisory and capital markets franchises.
Stifel Financial Corp (NYSE: SF) reported net revenues of $895.8 million for Q2 2020, marking an 11.9% increase from Q2 2019. Net income available to common shareholders was $103 million, or $1.39 per diluted share, slightly down from $103.8 million in the previous year. Non-GAAP net income was $115.3 million, or $1.55 per diluted share. The Institutional Group achieved record revenues, primarily in fixed income brokerage. Despite strong financial performance, net interest income and asset management revenues saw declines, affected by COVID-19 and economic uncertainties.
Stifel Financial Corp. (NYSE: SF) has expanded its European Fixed Income division by hiring five senior professionals, enhancing its Leveraged Loans and GBP franchises. Key hires include Matt Smith, who brings over 25 years of trading experience, and Cedric Beaumont, who has over 20 years in bank coverage on distressed loan trading. These additions are aimed at strengthening Stifel's global presence in the competitive financial services landscape, as stated by Michael Levy, Head of European Fixed Income.
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Stifel Financial Corp. (NYSE: SF) has appointed David Carpenter, former CEO of PureStar, as a senior advisor. Carpenter will collaborate with Stifel professionals, focusing primarily on Business Services. His track record includes leading PureStar to become a dominant player in the hospitality linen sector and serving as President of ABM's Education Group. Stifel aims to enhance its investment banking capabilities, particularly in Business Services, having nearly doubled its Managing Directors in this area over the past year.
Stifel Financial Corp. (NYSE: SF) announced the hiring of Rob Wagman, former President and CEO of LKQ Corp., as a senior advisor. Wagman will support Stifel’s investment banking team, leveraging over three decades of experience in the automotive and industrial sectors. His past achievements include growing LKQ into a $12 billion market leader and facilitating over 260 global transactions. Stifel anticipates that Wagman will enhance its industry insights and advisory capabilities, aligning with their strategic goals.
Stifel Financial Corp. (NYSE: SF) announced the hiring of two Managing Directors in its Investment Banking division, Alex Rohan and Greg Urban, to enhance its restructuring and automotive sector offerings. Rohan, with over 25 years of experience, joins the Miller Buckfire restructuring unit, having advised on 125 transactions worth over $150 billion. Urban, previously at UBS, will focus on the automotive sector, crucial amid COVID-19 disruptions. Stifel aims to leverage these hires to provide strategic solutions for businesses impacted by the pandemic.
Stifel Financial Corp. (NYSE: SF) has announced the pricing of $400 million in 4.000% Senior Notes, maturing on May 15, 2030. The notes will yield 4.000% annually, with proceeds aimed for general corporate purposes. The offering is set to close on May 20, 2020, contingent on customary closing conditions. The issuance follows an effective shelf registration statement with the SEC. Leading managers for the offering include Keefe, Bruyette & Woods, BofA Securities, Citigroup, Morgan Stanley, and Wells Fargo.
Stifel Financial Corp. (NYSE: SF) has priced a public offering of 8,000,000 depositary shares, totaling $200 million, representing a 1/1000th interest in perpetual 6.125% Non-Cumulative Preferred Stock, Series C. Dividends will be paid quarterly at an annual rate of 6.125%. The stock may be redeemed after June 15, 2025, with a liquidation preference of $25,000 per share. The offering is expected to close on May 19, 2020. Proceeds will be used for general corporate purposes.
Stifel Financial Corp. (NYSE: SF) has declared a cash dividend of $0.17 per share, payable on June 15, 2020, to shareholders recorded by June 1, 2020. Additionally, dividends for its 6.25% Non-Cumulative Perpetual Preferred Stock, Series A and B, were announced at $0.390625 per depositary share, also payable on June 15, 2020. This move signals the company's commitment to returning value to its shareholders amidst ongoing operations in banking and financial services.
Stifel Financial Corp. (NYSE: SF) has appointed Kathleen Brown as the new Lead Independent Director, effective after the annual shareholders meeting on May 15, 2020. Brown succeeds Robert Grady, who will continue to serve on the Board as an independent member and will chair the Risk Management & Corporate Governance Committee. Kathleen Brown, a board member since 2016, brings valuable experience from the financial services industry and public service, enhancing Stifel's corporate governance strategies.