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Stifel Financial Corp SF Stock Quote

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Stifel Lowered Its Revenue Outlook to Flat With 2021; Shares Undervalued

Michael Wong, CFA, CPA Sector Director

Analyst Note

| Michael Wong, CFA, CPA |

Stifel Financial lowered its revenue outlook for 2022 to plus or minus 5% compared with 2021, which is still fairly good compared with most investment banks and wealth management firms. The company reported net income to common shareholders of $151 million, or $1.29 per diluted share, on $1.1 billion of net revenue. Net revenue declined 3.9% from the previous year, as a 21% decline in its institutional segment revenue to $411 million more than offset 9% growth in its wealth management business to $698 million. We don’t anticipate making a material change to our $86 fair value estimate for no-moat Stifel Financial and assess shares are moderately undervalued.

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Company Profile SF

Business Description

Stifel Financial is a middle-market-focused investment bank that produces more than 90% of its revenue in the United States. Approximately 65% 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, One Financial Plaza
Saint Louis, MO, 63102-2188
T +1 314 342-2000
Industry Capital Markets
Most Recent Earnings Jun 30, 2022
Fiscal Year End Dec 31, 2022
Stock Type Cyclical
Employees 8,600

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