Stifel Reports October 2024 Operating Data

Rhea-AI Summary

Stifel Financial Corp. (NYSE: SF) has released its October 2024 operating results, showing significant year-over-year growth in key metrics. Total client assets reached $493,469 million, up 22% from the previous year, while fee-based assets increased 28% to $189,326 million. However, both metrics declined 1% compared to September 2024 due to market conditions. Client money market and insured product balances grew 2% in October, driven by Smart Rate and Sweep balances growth. Bank loans remained relatively stable at $20,722 million.

Positive

• Total client assets increased 22% YoY to $493,469 million
• Fee-based client assets grew 28% YoY to $189,326 million
• Client money market and insured product balances increased 10% YoY and 2% MoM to $27,613 million

Negative

• Total client assets declined 1% MoM due to market conditions
• Fee-based assets decreased 1% MoM

Insights

Financial Analyst

The October operating data shows mixed results with notable strengths in asset management. Total client assets reached $493.5 billion, marking a substantial 22% year-over-year increase, while fee-based assets grew even more impressively at 28%. The 2% monthly increase in client money market and insured product balances to $27.6 billion indicates healthy cash management and client confidence.

Despite a slight 1% month-over-month decline due to market conditions, the strong year-over-year growth in assets under management demonstrates Stifel's robust business model and successful recruiting initiatives. Bank loans remained stable at $20.7 billion, suggesting conservative lending practices in the current rate environment. The growth in Smart Rate and Sweep balances points to effective cash management strategies and potential for improved net interest income.

ST. LOUIS, Nov. 21, 2024 (GLOBE NEWSWIRE) -- Stifel Financial Corp. (NYSE: SF) today reported selected operating results for October 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, “Total client assets and fee-based assets increased 22% and 28%, respectively, from the same period a year ago, as we benefitted from strong market appreciation and our recruiting efforts. However, both metrics declined 1%, versus September 2024 levels, due to market declines. We continue to see positive trends in client cash levels, as client money market and insured product balances increased 2% in October, driven by growth in both Smart Rate and Sweep balances.”

Selected Operating Data (Unaudited)
	As of							% Change
(millions)	10/31/2024		10/31/2023		9/30/2024			10/31/2023	9/30/2024
Total client assets	$493,469		$404,057		$496,298			22%	(1)%
Fee-based client assets	$189,326		$147,667		$190,771			28%	(1)%
Private Client Group fee-based client assets	$165,530		$129,687		$166,768			28%	(1)%
Bank loans, net (includes loans held for sale)	$20,722		$20,654		$20,633			0%	0%
Client money market and insured product(1)	$27,613		$25,184		$26,970			10%	2%

(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 Financial's (SF) total client assets in October 2024?

Stifel Financial's total client assets were $493,469 million in October 2024, representing a 22% increase year-over-year but a 1% decrease from September 2024.

How did Stifel's (SF) fee-based assets perform in October 2024?

Stifel's fee-based assets reached $189,326 million in October 2024, showing a 28% increase from October 2023 but a 1% decrease from September 2024.

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

Stifel's client money market and insured products grew by 2% in October 2024 compared to September, reaching $27,613 million, driven by growth in both Smart Rate and Sweep balances.