Stifel Reports November 2024 Operating Data

Rhea-AI Summary

Stifel Financial Corp. (NYSE: SF) reported strong operating results for November 2024, with total client assets reaching a record $514 billion, including record fee-based assets of $197 billion. This represents a 20% increase year-over-year and 4% growth from October 2024. The company saw a 3% increase in client money market and insured product balances from October, reaching $28.6 billion. Bank loans remained stable at $20.7 billion. The growth was attributed to strong equity markets and successful financial advisor recruiting, while the Institutional Group experienced improved client activity levels and growing investment banking pipelines.

Positive

• Record total client assets of $514 billion, up 20% YoY
• Record fee-based assets of $197 billion, up 25% YoY
• Client money market and insured products increased 12% YoY to $28.6 billion
• Improved institutional client activity and growing investment banking pipeline

Negative

• None.

Insights

Financial Analyst

The November operating data reveals strong momentum in Stifel's wealth management business. Total client assets reached a record $514 billion, with fee-based assets hitting $197 billion - a 20% year-over-year increase. This growth trajectory, driven by both market appreciation and successful advisor recruiting, suggests robust revenue potential for upcoming quarters. The 4% month-over-month increase in fee-based assets is particularly noteworthy as these generate recurring revenues, enhancing earnings predictability. The 3% growth in money market and insured product balances to $28.6 billion indicates effective cash management strategies in a high-rate environment. Bank loans remained stable at $20.7 billion, showing disciplined lending practices amid market uncertainties.

Market Research Analyst

The improving institutional business pipeline signals potential acceleration in investment banking revenues, a important catalyst for Stifel's stock performance. The 25% year-over-year growth in Private Client Group fee-based assets to $172.5 billion demonstrates successful execution in the high-net-worth segment. This growth significantly outpaces industry averages, suggesting market share gains. The diversified revenue mix between wealth management and institutional business positions Stifel well for various market environments. The continued expansion in client assets and strong advisor recruiting momentum indicate potential for sustained organic growth, while the increasing institutional pipeline could drive earnings upside if market conditions remain favorable.

ST. LOUIS, Dec. 19, 2024 (GLOBE NEWSWIRE) -- Stifel Financial Corp. (NYSE: SF) today reported selected operating results for November 30, 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, “In November, total client assets under management climbed to a record $514 billion, including a record $197 billion in fee-based assets. This represents a 4% increase from the prior month, driven by strong equity markets and financial advisor recruiting. Client money market and insured product balances increased 3% from October as growth in sweep deposits and Smart Rate balances were comparable. The operating environment for our Institutional Group continues to improve as both client activity levels and investment banking pipelines increased.”

Selected Operating Data (Unaudited)
	As of							% Change
(millions)	11/30/2024		11/30/2023		10/31/2024			11/30/2023		10/31/2024
Total client assets	$513,931		$427,843		$493,469			20%		4%
Fee-based client assets	$197,333		$157,488		$189,326			25%		4%
Private Client Group fee-based client assets	$172,527		$138,296		$165,530			25%		4%
Bank loans, net (includes loans held for sale)	$20,727		$20,300		$20,722			2%		0%
Client money market and insured product (1)	$28,558		$25,526		$27,613			12%		3%

(1)   Includes Smart Rate deposits, Sweep 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 Stifel's (SF) total client assets in November 2024?

Stifel (SF) reported record total client assets of $513.9 billion in November 2024, representing a 20% increase year-over-year and 4% growth from October 2024.

How much did Stifel's (SF) fee-based assets grow in November 2024?

Stifel's fee-based assets reached a record $197.3 billion in November 2024, showing a 25% increase from November 2023 and a 4% increase from October 2024.

What was the growth in Stifel's (SF) client money market and insured products for November 2024?

Stifel's client money market and insured products increased to $28.6 billion, showing a 12% year-over-year growth and a 3% increase from October 2024.

How did Stifel's (SF) bank loans perform in November 2024?

Stifel's bank loans stood at $20.7 billion in November 2024, showing a 2% increase year-over-year and remaining stable compared to October 2024.