Stifel Financial Reports Strong Growth in Client Assets

Stifel Financial Corp. (NYSE: SF) has reported its selected operating data for May 31, 2024, showing significant changes in several key performance metrics compared to the same period last year and the previous month.

Total client assets increased to $465,959 million, marking a 16% rise from May 31, 2023, and a 3% increase from April 30, 2024. Fee-based client assets also saw substantial growth, reaching $176,461 million, reflecting a 20% surge from the previous year and a 3% increase from the prior month.

Within the Private Client Group, fee-based client assets amounted to $154,544 million, representing a notable 19% increase from May 31, 2023, and a 3% rise from April 30, 2024.

However, bank loans, net, which include loans held for sale, experienced a decrease, amounting to $19,822 million, down 5% from May 31, 2023, and 1% from April 30, 2024.

Client money market and insured product levels, including Sweep deposits, Smart Rate deposits, Third-party Bank Sweep Program, and Other Sweep cash, totaled $26,230 million, reflecting a 5% increase from the prior year, but remaining essentially flat compared to the previous month.

Stifel's Chairman and CEO, Ronald J. Kruszewski, attributed the 3% increase in total client and fee-based assets to recruiting and market appreciation, while noting that cash sorting slowed due to flat client money market and insured product levels. Kruszewski also mentioned modest growth in Smart Rate balances, which offset declines in Sweep balances, and highlighted the improving environment for investment banking activity, although forecasting the timing of M&A transaction closings remains challenging.

For further details, the company's broker-dealer clients are served in the United States through various subsidiaries, including Stifel, Nicolaus & Company, Incorporated, Keefe, Bruyette & Woods, Inc., and Stifel Independent Advisors, LLC, among others. Additionally, Stifel Bank and Stifel Bank & Trust offer a range of consumer and commercial lending solutions, while Stifel Trust Company, N.A. and Stifel Trust Company Delaware, N.A. provide trust and related services.

The company's website can be visited for additional information and global disclosures. As a result of these announcements, the company's shares have moved 0.2% on the market, and are now trading at a price of $80.65. For more information, read the company's full 8-K submission here.

The above analysis is intended for educational purposes only and was performed on the basis of publicly available data. It is not to be construed as a recommendation to buy or sell any security. Any buy, sell, or other recommendations mentioned in the article are direct quotations of consensus recommendations from the analysts covering the stock, and do not represent the opinions of Market Inference or its writers. Past performance, accounting data, and inferences about market position and corporate valuation are not reliable indicators of future price movements. Market Inference does not provide financial advice. Investors should conduct their own review and analysis of any company of interest before making an investment decision.