Stifel (NYSE: SF) reported selected operating data for May 31, 2026. Total client assets were $579.7B, up 16% year-over-year and 2% from April. Fee-based client assets reached $238.7B, up 20% year-over-year and 3% sequentially. Bank loans rose 13% year-over-year to $23.9B, with fund banking demand described as robust.
Treasury deposits were $10.8B, up 76% year-over-year but down 3% month-over-month, while client money market and insured products declined 3% year-over-year. Stifel expects second-quarter 2026 investment banking revenue to increase 25%–30% compared with the second quarter of 2025.
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AI-generated analysis. Not financial advice.
Positive
Total client assets $579.7B, up 16% YoY and 2% MoM
Fee-based client assets $238.7B, up 20% YoY and 3% MoM
Private Client Group fee-based assets $208.8B, up 20% YoY and 3% MoM
Bank loans $23.9B, up 13% YoY and 2% MoM
Treasury deposits $10.8B, up 76% year-over-year
Q2 2026 investment banking revenue guided up 25%–30% vs Q2 2025
Negative
Treasury deposits down 3% from April 30, 2026
Client money market and insured products down 3% year-over-year
Reported metrics are limited and may not correlate consistently with earnings
Key Figures
Total client assets:$579,678 millionFee-based client assets:$238,727 millionBank loans, net:$23,932 million+5 more
8 metrics
Total client assets$579,678 millionAs of May 31, 2026
Fee-based client assets$238,727 millionAs of May 31, 2026
Bank loans, net$23,932 millionAs of May 31, 2026
Treasury deposits$10,805 millionAs of May 31, 2026
Client money market and insured product$24,967 millionAs of May 31, 2026
Total client assets YoY change16%May 31, 2026 vs May 31, 2025
Fee-based client assets YoY change20%May 31, 2026 vs May 31, 2025
Expected investment banking revenue increase25% to 30%Management outlook for 2Q26 vs 2Q25
Peers on Argus
SF was down about 1% while key peers JEF, EVR, HLI, TW, and LPLA all traded lowe...
SF was down about 1% while key peers JEF, EVR, HLI, TW, and LPLA all traded lower by roughly 2–4%, indicating the move occurred alongside broad weakness in capital-markets peers.
Announcement of schedule for first-quarter 2026 results and conference call.
Pattern Detected
Recent operating and earnings updates have often met with muted or negative share reactions, even when fundamentals appear strong.
Regulatory & Risk Context
Short Interest: 2.62%
Short Interest
2.62% of float
0%15%30%+
lowas of 2026-05-29Days to cover: 2.93
Reported short interest appears relatively low, suggesting limited short-squeeze potential and a generally moderate contribution to share price volatility.
Market Pulse Summary
This announcement highlights record client assets of $579,678 million and strong expected investment...
Analysis
This announcement highlights record client assets of $579,678 million and strong expected investment banking growth of 25%–30% versus last year. Investors may watch loan growth, treasury deposit trends, and how these operating metrics translate into upcoming quarterly earnings.
Key Terms
fund banking, sweep deposits, third-party bank sweep program, third-party commercial treasury deposits
4 terms
fund bankingfinancial
"Loan balances rose more than 2% from the prior month as demand in fund banking remained robust."
Fund banking describes specialized banking and credit services tailored to investment funds—such as private equity, venture capital, or hedge funds—including deposit and custodial accounts, short-term loans against a fund’s assets or promised investor commitments, and day-to-day cash management. Investors care because these services determine how quickly a fund can act on opportunities, smooth out cash shortfalls, and protect value; like a bridge loan that keeps a project moving until longer-term money arrives, fund banking affects liquidity and potential returns.
sweep depositsfinancial
"Includes Smart Rate deposits, Sweep deposits, Third-party Bank Sweep Program, and Other Sweep cash."
Sweep deposits are a bank or brokerage feature that automatically moves idle cash from a checking or brokerage account into short-term interest-earning accounts or investments overnight, then returns it when you need to spend or trade. For investors this is important because it boosts the return on idle cash without manual steps while preserving quick access, and the specific destination affects interest earned and the type of protection (like deposit insurance) your cash receives.
third-party bank sweep programfinancial
"Includes Smart Rate deposits, Sweep deposits, Third-party Bank Sweep Program, and Other Sweep cash."
A third-party bank sweep program automatically moves uninvested cash from an account at a brokerage or financial firm into deposit accounts at outside banks so the money can earn interest and often receive federal deposit insurance. Think of it like an automatic system that tucks spare change into several separate piggy banks to earn a little return and reduce the risk of losing all your cash if one bank fails. Investors care because the program affects how much idle cash earns, how quickly it can be accessed, and what kinds of safety or counterparty risk apply.
third-party commercial treasury depositsfinancial
"Includes Other Bank deposits and Third-party Commercial Treasury deposits, which represent Venture, Fund, and Commercial deposits"
Funds that other businesses place with a company’s treasury function or with a bank for short‑term cash management, payments and liquidity needs, where the depositor is a commercial third party rather than the company itself. Investors care because the amount, stability and concentration of these deposits affect a firm’s available cash, interest income and funding risk—similar to how relying on a few big customers for steady revenue can create vulnerability if those sources withdraw funds.
AI-generated analysis. Not financial advice.
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ST. LOUIS, June 25, 2026 (GLOBE NEWSWIRE) -- Stifel Financial Corp. (NYSE: SF) today reported selected operating results for May 31, 2026, 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 and fee-based client assets increased 18% and 23%, respectively, year-over-year, excluding the sale of Stifel Independent Advisors, LLC. Growth was driven by market appreciation and solid advisor recruiting. Loan balances rose more than 2% from the prior month as demand in fund banking remained robust. Treasury deposits declined 3% in May, which was primarily a function of the timing of inflows and outflows by our corporate clients, but we continue to expect strong growth in the second quarter and beyond. Investment banking momentum remains strong, supported by increased capital raising activity. We expect second-quarter investment banking revenue to increase 25% to 30% from the second quarter of 2025.”
Selected Operating Data (Unaudited)
As of
% Change
(millions)
5/31/2026
5/31/2025 (1)
4/30/2026
5/31/2025
4/30/2026
Total client assets
$
579,678
$
501,357
$
568,887
16
%
2
%
Fee-based client assets
$
238,727
$
199,078
$
232,400
20
%
3
%
Private Client Group fee-based client assets
$
208,755
$
173,557
$
202,919
20
%
3
%
Bank loans, net (includes loans held for sale)
$
23,932
$
21,204
$
23,409
13
%
2
%
Client money market and insured product (2)
$
24,967
$
25,827
$
25,038
(3
%)
(0
%)
Treasury deposits (3)
$
10,805
$
6,155
$
11,116
76
%
(3
%)
(1) Total client assets and Private Client Group fee-based client assets as of May 31, 2025, include $9.3 billion and $4.4 billion, respectively, of client assets from the Stifel Independent Advisors business that was sold on February 2, 2026. (2) Includes Smart Rate deposits, Sweep deposits, Third-party Bank Sweep Program, and Other Sweep cash. (3) Includes Other Bank deposits and Third-party Commercial Treasury deposits, which represent Venture, Fund, and Commercial deposits at Stifel Bancorp and third-party banks.
Company Information
Stifel Financial Corp. (NYSE: SF) is a diversified financial services firm providing wealth management, commercial and investment banking, trading, and research services to individuals, institutions, and municipalities. Founded in 1890 and headquartered in St. Louis, Missouri, the firm operates more than 400 offices across the United States and in major global financial centers. As a firm where success meets success, Stifel works closely with retail and institutional clients aiming to transform opportunities into achievement. 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.
What operating results did Stifel (SF) report for May 31, 2026?
Stifel reported higher client assets and loan balances for May 31, 2026. According to Stifel, total client assets were $579.7 billion and bank loans were $23.9 billion, reflecting year-over-year growth across wealth management and banking metrics.
How much did Stifel’s total client assets grow year-over-year in May 2026?
Stifel’s total client assets grew 16% year-over-year to $579.7 billion in May 2026. According to Stifel, assets also increased 2% from April 30, 2026, reflecting market appreciation and advisor recruiting contributions.
What were Stifel’s fee-based client assets as of May 31, 2026 (SF)?
Fee-based client assets were $238.7 billion as of May 31, 2026. According to Stifel, this represents 20% year-over-year growth and a 3% increase from April 30, 2026, including $208.8 billion in Private Client Group fee-based assets.
How did Stifel’s bank loans and treasury deposits change in May 2026?
Bank loans reached $23.9 billion, up 13% year-over-year and 2% month-over-month in May 2026. According to Stifel, treasury deposits were $10.8 billion, 76% higher year-over-year but 3% lower than April 30, 2026.
What guidance did Stifel give for Q2 2026 investment banking revenue (SF)?
Stifel expects Q2 2026 investment banking revenue to rise 25%–30% versus Q2 2025. According to Stifel, this outlook is supported by strong momentum and increased capital raising activity across its investment banking franchise.
How did client money market and insured product balances trend for Stifel in May 2026?
Client money market and insured product balances were $25.0 billion in May 2026, down 3% year-over-year. According to Stifel, these balances were essentially flat versus April 30, 2026, showing a 0% sequential change.
Does Stifel’s May 2026 operating data directly indicate future earnings for SF stock?
Stifel cautions that the May 2026 operating data should not be assumed to correlate consistently with earnings. According to Stifel, the metrics are limited and intended primarily to provide timely transparency on key performance indicators.
