Stifel Reports November 2022 Operating Data

Rhea-AI Summary

Stifel Financial Corp. (NYSE: SF) provided key performance metrics as of November 30, 2022. The Wealth Management business showed resilience with a 2.1% increase in client cash balances and strong client asset growth—4.5% in total assets and 4.7% in fee-based assets. However, challenges persist with expected lower Advisory revenue due to transaction closing delays and reduced activity in the fixed income sector. Total client assets stood at $399.6 billion, reflecting a 5.3% year-over-year decline. Despite these headwinds, Stifel remains optimistic about its Institutional Group's performance.

Positive

• 2.1% increase in client cash balances month-over-month.
• Total client assets growth of 4.5% and fee-based client assets growth of 4.7%.
• Strong recruiting of financial advisors contributing to asset growth.

Negative

• Total client assets decreased by 5.3% year-over-year.
• Expected lower Advisory revenue due to delays in transaction closings.
• Reduced activity levels negatively impacting fixed income transactional business.

ST. LOUIS, Dec. 22, 2022 (GLOBE NEWSWIRE) -- Stifel Financial Corp. (NYSE: SF) today reported selected operating results for November 30, 2022 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, “Our Wealth Management business continued its strong performance in November. Client cash balances increased 2.1% and continued to increase month-to-date in December, driven by net inflows. Additionally, improved equity market performance and solid recruiting of financial advisors resulted in growth in total client assets and fee-based client assets of 4.5% and 4.7%, respectively. Our Institutional Group is on track for a strong year despite continued headwinds from the market environment. Our M&A pipelines remain strong, but delays in transaction closings will result in lower than anticipated Advisory revenue in the quarter and lower activity levels in our rates business will negatively impact our fixed income transactional business.”

Selected Operating Data (Unaudited)
	As of							% Change
(millions)	11/30/2022		11/30/2021		10/31/2022			11/30/2021	10/31/2022
Total client assets	$399,626		$422,141		$382,445			(5.3)%	4.5%
Fee-based client assets	$148,902		$156,881		$142,242			(5.1)%	4.7%
Private Client Group fee-based client assets	$130,747		$136,616		$124,845			(4.3)%	4.7%
Bank loans, net (includes loans held for sale)	$20,844		$15,158		$21,182			37.5%	(1.6)%
Client money market and insured product	$26,641		$26,303		$26,092			1.3%	2.1%

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 business division; Keefe, Bruyette & Woods, Inc.; Miller Buckfire & Co., LLC; and Stifel Independent Advisors, LLC. 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 are the key financial metrics for Stifel Financial Corp. as of November 30, 2022?

Stifel reported total client assets of $399.6 billion, down 5.3% year-over-year, and a 2.1% increase in client cash balances.

What is the growth rate of Stifel's fee-based client assets as of November 2022?

Stifel's fee-based client assets grew by 4.7% compared to the previous year.

How are the Institutional Group and Advisory revenues performing for Stifel Financial?

The Institutional Group is on track for a strong year, but expected delays in transaction closings will reduce Advisory revenues.

What challenges is Stifel Financial facing in its fixed income business?

Stifel is experiencing lower activity levels in its fixed income transactional business, impacting its performance.