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Stifel Financial Corp SF

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Morningstar’s Analysis

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2021 Is Starting Out Well for Stifel, as the Company Books Record Quarterly Revenue

Michael Wong, CFA, CPA Sector Director

Analyst Note

| Michael Wong, CFA, CPA |

Stifel Financial reported record first-quarter net revenue, as wealth management has continued its steady growth and the institutional group benefited from abnormally high investment banking and trading volume. The company reported net income to common shareholders of $165 million, or $1.40 per diluted share, on $1.13 billion of net revenue. Trading revenue in the quarter was about 32% greater, and investment banking revenue was 64% greater than their respective, trailing three-year quarterly average. We don’t anticipate making a material change to our $52 fair value estimate for no-moat Stifel Financial.

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Company Profile

Business Description

Stifel Financial is a middle-market-focused investment bank that produces more than 90% of its revenue in the United States. Approximately 60% of the company's net revenue is derived from its global wealth management division, which supports over 2,000 financial advisors, with the remainder coming from its institutional securities business. Stifel has a history of being an active acquirer of other financial service firms.

501 North Broadway
St. Louis, MO, 63102-2188
T +1 314 342-2000
Sector Financial Services
Industry Capital Markets
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2020
Stock Type Cyclical
Employees 8,500