ST. LOUIS - Stifel Financial Corp . (NYSE: NYSE:SF), a $10.4 billion market cap financial services firm, has disclosed selected operating results for the end of November 2024, revealing a record high in total client assets under management, which reached $514 billion, including a record $197 billion in fee-based assets. This marks a 4% increase from October 2024, attributed to robust equity markets and successful financial advisor recruiting efforts. According to InvestingPro analysis, the company currently trades below its Fair Value, suggesting potential upside for investors.
The company's Private Client Group saw a similar growth trend, with fee-based client assets climbing 4% since October to $172.5 billion. Additionally, client money market and insured product balances, which include sweep deposits and Smart Rate balances, experienced a 3% rise from the previous month. This growth complements Stifel's impressive YTD stock performance of +50.8% and one-year return of +53%. InvestingPro subscribers can access 8 additional key insights about Stifel's growth prospects and financial health metrics.
Stifel's Institutional Group also indicated positive momentum, with both client activity levels and investment banking pipelines showing improvement. However, the company cautions that the limited data provided should not be used to infer a direct correlation to earnings.
The financial services holding company headquartered in St. Louis operates through several wholly owned subsidiaries, offering a wide range of banking, securities, and financial services. Stifel's broker-dealer clients are served in the United States, Canada, the United Kingdom (TADAWUL:4280), and Europe through its various divisions and affiliates. The company maintains a shareholder-friendly dividend policy, having raised its dividend for 8 consecutive years, with a current yield of 1.64%.
The data released also showed a slight increase in net bank loans, which includes loans held for sale, with a 2% rise year-over-year and remaining stable from October to November 2024.
This press release statement is the source of the information reported, and it emphasizes Stifel's growth in key performance metrics for November 2024, providing investors with timely updates on the company's financial health.
In other recent news, Stifel Financial has been displaying robust financial growth, with its third-quarter earnings showing a significant rise in both earnings per share (EPS) and net revenue. The EPS jumped to $1.50, marking a 150% increase from the previous year, while net revenue reached $1.23 billion, a 17% year-over-year increase. This strong performance led TD Cowen to increase Stifel Financial's stock price target from $100.00 to $105.00, while retaining a Hold rating on the company's shares. JPMorgan also initiated coverage of Stifel Financial with a Neutral rating and a price target of $120.00, highlighting the company's balanced earnings potential.
In addition to these earnings and revenue results, Stifel Financial has declared dividends for its common and preferred stock, with payments scheduled for mid-December. The company's future expectations include surpassing $5 billion in revenue and achieving $8 in EPS by 2025, according to recent analyst notes. These recent developments underscore Stifel Financial's commitment to growth and profitability, and its strategic focus on enhancing its institutional group and net interest income.
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