OPEN
Stifel Financial Corp. is a diversified financial services holding company that conducts its business through several wholly owned subsidiaries. Its primary broker-dealer subsidiary, Stifel, Nicolaus & Company, Incorporated, is a full-service brokerage and investment banking firm established in 1890.
Stifel Financial Corp. was formed as a holding company in July 1983 and is publicly traded on the New York Stock Exchange under the symbol "SF."
“The financial performance during the quarter, and over the past few years, has been driven by a diverse business mix that’s enabled
both our Institutional Group and Wealth Management segments to generate strong growth. This diversification is illustrated by record
nine month Wealth Management revenues despite significant declines in net interest income and deposit sweep fees, both a result of
the Federal Reserve’s implementation of a zero rate environment. Likewise, we achieved record nine-month Institutional Group
revenues as record capital raising and brokerage revenues more than compensated for the 13% decline in advisory revenue.”
“Simply, Stifel is a growth company with diversified, balanced, and synergistic businesses. Over the last
12 months, Wealth Management, under both brokerage and fee-based models, has contributed 46% of net revenues. Institutional
revenues, comprised of equity and fixed income, investment banking and trading, made up 41% of net revenues, while net interest
income accounted for the remaining 13%. The complementary nature of these businesses is reflected in our return on tangible
common equity, which is 23% over the past 12 months.”
- Ron Kruszewski
Chairman and CEO
"The benefits of the investments we have made in our business were again evident in our second quarter results. Net revenue and earnings per share were the third highest in our history. Our Institutional Group had a record quarter led by record fixed income brokerage revenue as well as strong investment banking results primarily from robust capital raising activity in both fixed income and equity. This helped to counter the impact of the market sell off in the first quarter and the zero rate environment had on revenue lines such as asset management and net interest income, respectively. In terms of the future, I remain cautiously optimistic. We enter the third quarter, with a strong and liquid balance sheet, our strongest capital ratios in nearly four years, and a solid and improving recruiting pipeline. While the economic outlook for the second half of the year remains unclear, I believe that the performance of our diversified financial services model will remain strong."
- Ron Kruszewski
Chairman and CEO
“Given the impact of the current healthcare crisis on the economy and our daily lives, I’d like to say how proud I am of my Stifel
partners and associates who have shown resolve, creativity, and teamwork to achieve the dual objectives of promoting the safety of
our people while delivering essential and exceptional service to our clients. Our results in the first quarter illustrate the value of our
diversified business as we generated our second highest quarterly revenue despite the sudden and dramatic change in the economy
following the COVID-19 outbreak. Record Global Wealth Management revenue and our second strongest quarter for our Institutional
Group was driven by record brokerage revenue as well as strong investment banking, net interest income and fee-based revenue.
Given the operating conditions in the quarter, I believe that our brokerage results deserve special praise. In a matter of days, and with a
focus on employee safety, we rapidly deployed our business continuity plan that resulted in more than 90% of our employees working
remotely and enabled our Institutional Group to go from eight primary trading desks to more than 180 separate trading locations. This
underscores the value of the investments we have made over the years in both people and technology.”
"The next few months have a high level of uncertainty, which can drive a wide range of economic
outcomes. Longer term, we believe the world and our economy will overcome this pandemic. Looking forward, Stifel is well
positioned because of its diversified business model, solid and liquid balance sheet, and our associates’ commitment to excellence.”
- Ron Kruszewski
Chairman and CEO
Boca Raton Resort
February 13-14, 2020
“2019 was a remarkable year for Stifel as we achieved our 24th consecutive year of record net revenues. We continued to execute on
our long-term strategy of combining organic growth with accretive acquisitions. As evidenced by our record non-GAAP earnings per
share of $6.10, non-GAAP return on tangible equity of nearly 25%, and the return of more than $300 million to common shareholders
through repurchases and dividends, we have been able to grow our business and enhance shareholder value.”
“As I look to 2020, I am optimistic about our success. The market environment remains strong and we enter
the year with record client assets, robust recruiting and investment banking pipelines, and incremental revenue from the six acquisitions
we closed in 2019. In short, Stifel remains well positioned to capitalize on current market trends as the diversity of our business model
enables us to generate strong results in various operating environments.”
- Ron Kruszewski
Chairman and CEO
JMP Securities Financial Services Conference
Thursday, November 14, 2019
The St. Regis New York in New York City
“I am pleased with our performance in the third quarter. We generated record net revenue of $822 million, a pre-tax margin greater than 20%, and return on tangible common equity of more than 24%. Our record results and the growth in the business validate our long-term strategy to build a diversified financial services firm that can consistently generate strong performance in various market conditions. This was illustrated by our record wealth management revenue and our second strongest institutional revenues in our history despite less than optimal market conditions. As I look forward, I am optimistic about our business as the investments we’ve made in our firm will continue to drive revenue growth.”
- Ron Kruszewski
Chairman and CEO
“I’m very pleased with our second quarter results. The $801 million in net revenue in the second quarter was the second highest quarterly revenue in our history and, through the first half of 2019, we have generated a record $1.6 billion of net revenue. In addition to our revenue growth, our expense discipline contributed to margins of nearly 20% in the quarter which drove non-GAAP return on tangible common equity of 23% and non-GAAP earnings per share of $1.41, up nearly 16% over 2018. We repurchased approximately 2.3 million shares in the first half of the year while maintaining our commitment to growing our business both organically and through accretive acquisitions. In the first half of 2019, we recruited 80 financial advisors and our pipeline remains very strong. Additionally, we announced two acquisitions in the first half of 2019 and closed another. As I look forward, I am optimistic about the second half of 2019 as well as our longer-term future.”
- Ron Kruszewski
Chairman and CEO
“Stifel generated record first quarter results highlighting the diversity of our business model. Net revenue of $770 million increased 3% from last year’s first quarter record and we achieved non-GAAP pre-tax margins of 19% and return on tangible equity of 22%. Our Global Wealth Management segment posted record net revenues and record pre-tax income, overcoming the expected decline in asset management revenue resulting from the market sell off in the fourth quarter of 2018. Our Institutional Group generated strong advisory, public finance, and fixed income brokerage revenue that helped to minimize the impact of the government shutdown on our equities business. As we look forward, we are optimistic about our business prospects for the remainder of 2019 and beyond.”
- Ron Kruszewski
Chairman and CEO
Boca Raton Resort
February 14-15, 2019
“We had a great year. 2018 represented our 23rd consecutive year of record net revenues as our wealth management segment
generated record results and our institutional business posted its second strongest year. Additionally, our focus on expense
management contributed to our record pre-tax income and net income available to shareholders. Our non-GAAP return on common
and tangible equity was 14.9% and 24.4%, respectively, and we returned approximately $215 million to shareholders through
dividends and share repurchases.”
“As I look forward, I’m highly optimistic about our ability to grow and add value to our clients and our
shareholders. We continue to expand our wealth management business through successful recruiting of financial advisors as well as
through our bank. In our institutional business, our growth will continue to be driven by the addition of high quality talent through
selective hires and strategic acquisitions. While market conditions can be volatile, our long term strategy remains focused on growth
and deploying our capital with a focus on generating the best risk adjusted returns.”
- Ron Kruszewski
Chairman and CEO
“I’m pleased with our results which highlight the strength of our diversified business model. Record Global Wealth Management revenue was driven by another record quarter for both net interest income and fee-based revenues. Additionally, our continued focus on recruiting resulted in the addition of 31 net new advisers, our highest quarterly increase in roughly 10 years, excluding acquisitions. The increased operating leverage from the growth in our recurring revenue lines and our continued focus on cost discipline enabled us to overcome slower seasonal revenues and generate pre-tax margins of nearly 21%, double digit sequential EPS growth, as well as returns on common and tangible equity of 15.5% and 25.2% respectively. Year-to-date, our EPS is up nearly 50% as our pre-tax margins have improved by nearly 300 bps to 18.8%. Looking forward, the momentum we are building in our recruiting efforts should help to drive revenue growth in our wealth management business and our investment banking pipelines remain strong. As such, assuming continued growth in the U.S. economy, I’m optimistic about our future.”
Stifel submitted a comment letter in response to the Securities and Exchange Commission (“SEC”) request for comment on its proposed Regulation Best Interest (“Reg BI”) and Form CRS Relationship Summary (“Reg CRS”). Stifel has long supported a uniform standard of care for both brokerage and advisory relationships that protects investors, provides client choice, and supports effective capital formation in our capital markets.
“I am very pleased with our performance this quarter and year-to-date as total net revenue in the second quarter was up 2% year-onyear driven by a nearly 20% increase in our recurring revenues. Additionally, the growth in higher margin businesses such as our bank helped to drive our quarterly compensation ratio to its lowest level in more than seven years. This resulted in a 36% year-on-year increase in non-GAAP EPS as well as a nearly 15% return on common equity and a 24% return on tangible common equity in the quarter. Barring a significant change in market conditions in the second half of the year, we expect that increases in investment banking and recruiting activity, along with continued balance sheet growth and a more favorable compensation ratio, will lead to improved results versus the first half of the year.”
- Ron Kruszewski
Chairman and CEO
JMP Securities Financial Services Conference
Tuesday, June 19, 2018
10:30 a.m. Eastern time
The St. Regis New York in New York City
Wells Fargo Financial Services Investor Forum
Wednesday, May 23, 2018
Fairmont in Chicago
Goldman Sachs US Financial Services Conference
Wednesday, December 6, 2017
11:30 a.m. Eastern time
The Conrad New York in New York City
“The addition of the Ziegler businesses is another step in the growth strategy for Stifel. We have worked with the management team at Ziegler in the past and we are excited to add not only a growing and profitable business to our platform but one whose culture of integrity and putting the client first is very similar to our own.”
- Ron Kruszewski
Chairman and CEO
"Management and our board of directors consistently focus on shareholder returns, whether through investments in new initiatives, acquisitions, share repurchases, or now, dividends on our common stock. Stifel continues to be a growth company but given the strength of our balance sheet and the increased diversity of our business, we are generating significant amounts of excess capital and we believe that a dividend is now appropriate. That said, we will continue to evaluate opportunities that maximize the risk adjusted returns on our capital for the benefit of our common shareholders."
- Ron Kruszewski
Chairman and CEO
JMP Securities Financial Services & Real Estate Conference
Thursday, June 22, 2017
8:45 a.m. Eastern time
The St. Regis New York in New York City
"We are excited to welcome David to our Board, as he has been a highly respected member of the St. Louis business community for over two decades. His proven long-term success in bringing entrepreneurial spirit and marketing acumen to an established industry and building the strength of a well-known consumer brand will further broaden the professional diversity of our Board."
- Ron Kruszewski
Chairman and CEO
Wells Fargo Securities Asset Managers
Brokers & Exchange Forum
Tuesday, March 21, 2017
The JW Marriott in Chicago
"I’m very happy to announce we posted our 21st consecutive year of record net revenues despite what was a challenging operating environment for the vast majority of the year. The business we’ve built over the past 20 years continues to benefit from the diversity of our revenue streams and is well positioned if the post-election market optimism continues. Our results underscore this diversity as the investments we made in 2015 helped drive substantial growth in net interest income, asset management & service fees, fixed income brokerage and trading, and advisory revenue. These more than offset weaker institutional commissions and underwriting revenue"
"The improved market environment is a solid backdrop for continued organic revenue growth in 2017 and we will continue look to deploy our excess capital in ways that generate the best returns. However, as we continue to grow our top line, we will put increased emphasis on improved operating leverage through expense efficiencies. In 2016, we illustrated our commitment to meeting our expense expectations as our comp. and non-comp. expenses consistently fell within our guidance. We have instituted a firm-wide cost reduction initiative that I expect will continue to generate positive results that will ultimately result in improved operating margins. Lastly, I’d note that the vast majority of our non-GAAP deal related charges are behind us and as we have consistently stated over the past year, we expect the difference between GAAP and non-GAAP results in 2017 will be materially less than our 2016 results."
- Ron Kruszewski
Chairman and CEO
Wednesday, December 7th, 2016
The Conrad New York
Stifel is a diversified global wealth management and investment banking company focused on building relationships that help individuals, families, and organizations pursue their financial goals.
The iconic image of the bull and bear shows the dedication and spirit of each member of our firm. We are individually and collectively committed to using the forces of the market to benefit our clients.
This site is published in the United States for U.S. residents only. The services offered within this site are available exclusively through our U.S. Financial Advisors. Stifel Financial Advisors may only conduct business with residents of the states in which they are properly registered. The information on this web site is not an offer to sell or a solicitation of an offer to buy any security, nor shall any such security be offered or sold to any person in any jurisdiction in which such offer, solicitation, purchase, or sale may not lawfully be made. References to Stifel herein may apply to parent company Stifel Financial Corp. or any of its wholly owned subsidiaries, including Stifel, Nicolaus & Company, Incorporated, Member NYSE, FINRA, and SIPC.
