Stifel Reports May 2024 Operating Data

Rhea-AI Summary

Stifel Financial Corp. (NYSE: SF) reported operating results for May 31, 2024. Key highlights include a 3% increase in total client assets to $465.96 billion, up from $454.02 billion in April 2024 and $402.40 billion in May 2023. Fee-based client assets rose by 3% month-over-month to $176.46 billion. Private Client Group fee-based assets also increased by 3% to $154.54 billion. However, net bank loans decreased by 1% to $19.82 billion. Client money market and insured product levels remained flat at $26.23 billion. Stifel noted improved investment banking activity, although the timing of M&A transaction closings remains unpredictable.

Ronald J. Kruszewski, Chairman and CEO, attributed the asset growth to successful recruiting and market appreciation. The company continues to navigate a challenging environment for closing M&A transactions.

Positive

• Total client assets increased by 3% to $465.96 billion.
• Fee-based client assets rose by 3% to $176.46 billion.
• Private Client Group fee-based assets grew by 3% to $154.54 billion.
• Improvement in the environment for investment banking activity.

Negative

• Net bank loans decreased by 1% to $19.82 billion.
• Timing of M&A transaction closings remains difficult to forecast.

ST. LOUIS, June 27, 2024 (GLOBE NEWSWIRE) -- Stifel Financial Corp. (NYSE: SF) today reported selected operating results for May 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, “Recruiting and market appreciation drove a 3% increase in total client and fee-based assets during the month. Cash sorting slowed as client money market and insured product levels were essentially flat. Modest growth in Smart Rate balances essentially offset declines in Sweep balances. We continue to see improvement in the environment for investment banking activity, but the timing of closings for M&A transactions remains difficult to forecast.”

Selected Operating Data (Unaudited)
	As of						% Change
(millions)	5/31/2024		5/31/2023		4/30/2024		5/31/2023		4/30/2024
Total client assets	$465,959		$402,399		$454,023		16%		3%
Fee-based client assets	$176,461		$147,637		$171,422		20%		3%
Private Client Group fee-based client assets	$154,544		$129,499		$150,125		19%		3%
Bank loans, net (includes loans held for sale)	$19,822		$20,777		$19,962		(5)%		(1)%
Client money market and insured product(1)	$26,230		$25,091		$26,318		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 was the total client asset value reported by Stifel Financial Corp (SF) for May 31, 2024?

Stifel Financial Corp. reported total client assets of $465.96 billion for May 31, 2024.

How much did Stifel's fee-based client assets increase in May 2024?

Stifel's fee-based client assets increased by 3% in May 2024, reaching $176.46 billion.

What was the change in Stifel's net bank loans as of May 31, 2024?

Stifel's net bank loans decreased by 1% to $19.82 billion as of May 31, 2024.

Did Stifel report any improvement in investment banking activity for May 2024?

Yes, Stifel reported an improvement in the environment for investment banking activity for May 2024.

How did Private Client Group fee-based assets perform for Stifel in May 2024?

Private Client Group fee-based assets increased by 3% to $154.54 billion in May 2024.

What challenges did Stifel mention regarding M&A transactions in May 2024?

Stifel mentioned that the timing of M&A transaction closings remains difficult to forecast.