Stifel Financial Corp. Sees Record $481.452 Billion in Client Assets

By Bobby Samwell • Friday, August 23 06:04 • Permanent Link

Stifel Financial Corp. (NYSE: SF) released its selected operating results for July 31, 2024, showcasing significant growth in key performance metrics. The company's total client assets reached a record level of $481.452 billion, marking a 13% increase from the previous year and a 2% increase from the prior month. Fee-based client assets also experienced substantial growth, reaching $183.421 billion, reflecting a 16% increase from the previous year and a 2% increase from the prior month.

Within the Private Client Group, fee-based client assets surged to $160.526 billion, demonstrating a 16% increase from the previous year and a 2% increase from the prior month. Moreover, bank loans, net, including loans held for sale, amounted to $20.267 billion, exhibiting a 2% increase from the prior month.

The client money market and insured product, including Sweep deposits, Smart Rate deposits, Third-party Bank Sweep Program, and Other Sweep cash, totaled $26.301 billion, showing a 5% increase from the prior month.

Stifel Financial Corp. attributed these increases to continued market appreciation and solid recruiting, with client money market and insured product growing approximately $100 million in July. The company also noted that higher Smart Rate balances more than offset the decline in Sweep balances, as cash sorting continues to slow. Additionally, bank loans grew 2% in July, driven by increased Fund Banking, C&I, and Residential Mortgage activity.

Stifel Financial Corp. is a financial services holding company headquartered in St. Louis, Missouri, conducting its banking, securities, and financial services business through several wholly owned subsidiaries. Stifel's broker-dealer affiliates provide securities brokerage, investment banking, trading, investment advisory, and related financial services to various clients.

For more information about Stifel Financial Corp., visit the Company’s website at www.stifel.com. As a result of these announcements, the company's shares have moved -0.8% on the market, and are now trading at a price of $84.92. For the full picture, make sure to review Stifel Financial's 8-K report.

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