Stifel Reports July 2024 Operating Data

Rhea-AI Summary

Stifel Financial Corp. (NYSE: SF) reported record levels of client assets under administration and fee-based client assets for July 31, 2024, reaching $481 billion and $183 billion respectively, a 2% increase from the previous month. The growth was attributed to market appreciation and solid recruiting. Client money market and insured products grew by approximately $100 million in July, with higher Smart Rate balances offsetting a decline in Sweep balances. Bank loans increased by 2%, driven by growth in Fund Banking, C&I, and Residential Mortgage activity. The company's total client assets saw a 13% year-over-year increase, while fee-based client assets grew by 16% compared to the previous year.

Positive

• Record levels of client assets under administration ($481 billion) and fee-based client assets ($183 billion)
• 2% month-over-month increase in client assets and fee-based client assets
• 13% year-over-year increase in total client assets
• 16% year-over-year increase in fee-based client assets
• 2% growth in bank loans driven by increased Fund Banking, C&I, and Residential Mortgage activity
• $100 million growth in client money market and insured products

Negative

• 2% year-over-year decrease in bank loans

ST. LOUIS, Aug. 22, 2024 (GLOBE NEWSWIRE) -- Stifel Financial Corp. (NYSE: SF) today reported selected operating results for July 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, “Client assets under administration and fee-based client assets increased 2% from the prior month and reached record levels of $481 billion and $183 billion, respectively. The increases were driven by continued market appreciation and solid recruiting. Client money market and insured product grew roughly $100 million in July. Higher Smart Rate balances more than offset the decline in Sweep balances, as cash sorting continues to slow. Bank loans grew 2% in July, driven by increased Fund Banking, C&I, and Residential Mortgage activity.”

Selected Operating Data (Unaudited)
	As of							% Change
(millions)	7/31/2024		7/31/2023		6/30/2024			7/31/2023		6/30/2024
Total client assets	$	481,452	$	426,667	$	474,137		13	%	2	%
Fee-based client assets	$	183,421	$	157,996	$	179,749		16	%	2	%
Private Client Group fee-based client assets	$	160,526	$	138,692	$	157,124		16	%	2	%
Bank loans, net (includes loans held for sale)	$	20,267	$	20,753	$	19,820		(2	)%	2	%
Client money market and insured product (1)	$	26,301	$	24,976	$	26,204		5	%	0	%

(1) Includes Sweep deposits, Smart Rate 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 were Stifel's (SF) total client assets as of July 31, 2024?

Stifel Financial Corp. (NYSE: SF) reported total client assets of $481.452 billion as of July 31, 2024.

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

Stifel's fee-based client assets grew by 16% year-over-year, reaching $183.421 billion as of July 31, 2024.

What was the growth rate of Stifel's (SF) bank loans in July 2024?

Stifel reported a 2% growth in bank loans for July 2024, driven by increased Fund Banking, C&I, and Residential Mortgage activity.

How much did Stifel's (SF) client money market and insured products grow in July 2024?

Stifel's client money market and insured products grew by approximately $100 million in July 2024.