SF Insider Sale: Victor Nesi Disposes 35,000 Shares, Retains Phantom Units

Rhea-AI Filing Summary

Victor Nesi, Co-President of Stifel Financial Corp. (SF), reported a sale of 35,000 shares of the issuer's common stock on 08/19/2025 at a price of $112.9 per share. After the reported transaction the filing shows 149,360 shares beneficially owned as a direct owner and additional indirect holdings of 22,574 shares (trust), 31,000 shares (family trust) and 44,232 shares (children's trust).

The filing also discloses 82,251 phantom stock units held directly, described as vesting in 20% increments over five years with no expiration. The document is a Form 4 reporting changes in beneficial ownership by an officer and provides specific transaction, ownership and derivative-unit details.

Insights

Financial Analyst

TL;DR: Officer sale of 35,000 shares reduces direct stake; material but routine insider disposition with continued indirect and phantom holdings.

The sale of 35,000 shares at $112.9 is a clear reduction in direct ownership reported on 08/19/2025. While this is a material transaction in absolute share count, the filing also documents multiple indirect holdings via trusts and a sizeable balance of 82,251 phantom units that vest over five years. From an investor perspective, the mixed ownership profile—direct, trust-held, and phantom units—means the reporting person maintains exposure to the issuer despite the outright sale. This disclosure is precise and allows investors to track net insider exposure changes without speculation.

Corporate Governance Expert

TL;DR: Timely, detailed Form 4 shows governance transparency: officer sold shares but retains indirect and long-term incentive holdings.

The form identifies the reporting person as Co-President and lists the disposition, trusts and phantom stock units along with vesting terms for the units. The phantom units vest 20% annually over five years and have no expiration, indicating long-term incentive alignment. The presence of multiple trust holdings suggests estate or succession planning rather than immediate liquidity needs alone. The filing meets Section 16 disclosure requirements and provides stakeholders with useful governance-related ownership information.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Nesi Victor

(Last) (First) (Middle)

787 7TH AVENUE

(Street)

NEW YORK NY 10019

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
STIFEL FINANCIAL CORP [ SF ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Co-President

3. Date of Earliest Transaction (Month/Day/Year)
08/19/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/19/2025		D		35,000	D	$112.9	149,360	D
Common Stock								22,574	I	by Trust
Common Stock								31,000	I	Family Trust
Common Stock								44,232	I	Children's Trust

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Phantom Stock Units	$0							(1)	(2)	Common Stock	0		82,251	D

Explanation of Responses:

1. Units vest in 20% increments over a five year period.

2. No expiration date for these Units

	/s/ Victor Nesi	08/21/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
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