Stifel Financial Corp. (NYSE: SF) has reported selected operating results for May 31, 2024. Chairman and Chief Executive Officer, Ronald J. Kruszewski, highlighted a 3% increase in total client and fee-based assets driven by recruiting and market appreciation. Notably, there was a 16% increase in total client assets compared to May 31, 2023, and a 3% increase compared to April 30, 2024.
Fee-based client assets also saw significant growth, with a 20% increase compared to May 31, 2023, and a 3% increase compared to April 30, 2024. Private Client Group fee-based client assets experienced a 19% increase compared to May 31, 2023, and a 3% increase compared to April 30, 2024.
In terms of specific financial metrics, bank loans, net (which includes loans held for sale) decreased by 5% compared to May 31, 2023, and 1% compared to April 30, 2024. Client money market and insured product levels increased by 5% compared to May 31, 2023, but remained essentially flat, with a 0% change, compared to April 30, 2024.
These figures indicate notable growth in client and fee-based assets, while also reflecting fluctuations in bank loans and client money market levels. Stifel Financial Corp. continues to navigate an evolving investment banking environment, with cautious optimism regarding the timing of M&A transaction closings.
Stifel Financial Corp. is a financial services holding company headquartered in St. Louis, Missouri, and conducts its banking, securities, and financial services business through several wholly owned subsidiaries. Stifel's broker-dealer clients are served in the United States, Canada, and the United Kingdom and Europe, offering a range of financial services to individual investors, professional money managers, businesses, and municipalities. Following these announcements, the company's shares moved 0.2%, and are now trading at a price of $80.65. For more information, read the company's full 8-K submission here.
