Stifel Reports August 2024 Operating Data

Rhea-AI Summary

Stifel Financial Corp. (NYSE: SF) has released its operating results for August 31, 2024. The report shows total client assets increased by 15% and fee-based assets grew by 20% compared to the same period last year. This growth is attributed to successful recruiting efforts and market appreciation. Client money market and insured product balances saw a 1% month-on-month increase, driven by growth in Smart Rate and Sweep balances.

CEO Ronald J. Kruszewski stated that the company anticipates stronger investment banking revenue in the second half of the year compared to the first half, as activity levels increase. However, he noted that both the timing of deal closings and market volatility continue to impact revenue. The report also indicates that bank loans remained relatively stable compared to the previous year and month.

Positive

• Total client assets increased by 15% year-over-year to $489,237 million
• Fee-based client assets grew by 20% year-over-year to $187,344 million
• Client money market and insured product balances increased by 1% month-on-month
• Anticipation of stronger investment banking revenue in the second half of the year

Negative

• Bank loans slightly decreased by 0.4% year-over-year to $20,323 million
• Market volatility and timing of deal closings continue to impact revenue

ST. LOUIS, Sept. 26, 2024 (GLOBE NEWSWIRE) -- Stifel Financial Corp. (NYSE: SF) today reported selected operating results for August 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, “Total client assets and fee-based assets increased 15% and 20%, respectively, from the same period a year ago, due to solid recruiting and market appreciation. Client money market and insured product balances increased 1% month-on-month, driven by growth in both Smart Rate and Sweep balances as cash sorting further slows. We continue to anticipate stronger investment banking revenue in the second half of the year versus the first half as activity levels increase. However, both the timing of deal closings and market volatility continue to impact revenue.”

Selected Operating Data (Unaudited)
	As of							% Change
(millions)	8/31/2024		8/31/2023		7/31/2024			8/31/2023		7/31/2024
Total client assets	$489,237		$424,939		$481,452			15	%	2	%
Fee-based client assets	$187,344		$156,359		$183,421			20	%	2	%
Private Client Group fee-based client assets	$163,824		$137,248		$160,526			19	%	2	%
Bank loans, net (includes loans held for sale)	$20,323		$20,401		$20,267			(0	)%	0	%
Client money market and insured product (1)	$26,503		$25,481		$26,301			4	%	1	%

(1) Includes Smart Rate deposits, Sweep deposits, Third-party Bank Sweep Program, and Other Sweep cash.

Company Information

Stifel Financial Corp. (NYSE: SF) is a financial services holding company headquartered in St. Louis, Missouri, that conducts its banking, securities, and financial services business through several wholly owned subsidiaries. Stifel’s broker-dealer clients are served in the United States through Stifel, Nicolaus & Company, Incorporated, including its Eaton Partners and Miller Buckfire business divisions; Keefe, Bruyette & Woods, Inc.; and Stifel Independent Advisors, LLC; in Canada through Stifel Nicolaus Canada Inc.; and in the United Kingdom and Europe through Stifel Nicolaus Europe Limited. The Company’s broker-dealer affiliates provide securities brokerage, investment banking, trading, investment advisory, and related financial services to individual investors, professional money managers, businesses, and municipalities. Stifel Bank and Stifel Bank & Trust offer a full range of consumer and commercial lending solutions. Stifel Trust Company, N.A. and Stifel Trust Company Delaware, N.A. offer trust and related services. To learn more about Stifel, please visit the Company’s website at www.stifel.com. For global disclosures, please visit www.stifel.com/investor-relations/press-releases.

Media Contact: Neil Shapiro (212) 271-3447 | Investor Contact: Joel Jeffrey (212) 271- 3610 | www.stifel.com/investor-relations

FAQ

What was Stifel Financial Corp's (SF) total client assets as of August 31, 2024?

Stifel Financial Corp's (SF) total client assets as of August 31, 2024, were $489,237 million, representing a 15% increase from the same period last year.

How much did Stifel's (SF) fee-based client assets grow year-over-year in August 2024?

Stifel's (SF) fee-based client assets grew by 20% year-over-year, reaching $187,344 million as of August 31, 2024.

What factors contributed to Stifel's (SF) client asset growth in August 2024?

Stifel's (SF) client asset growth in August 2024 was attributed to solid recruiting efforts and market appreciation, according to the company's report.

How did Stifel's (SF) bank loans perform as of August 31, 2024?

Stifel's (SF) bank loans, net (including loans held for sale), were $20,323 million as of August 31, 2024, showing a slight decrease of 0.4% year-over-year and a marginal increase of 0.3% month-on-month.