Stifel Financial stock rises as Q1 results meet analyst expectations

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Stifel Financial stock rises as Q1 results meet analyst expectations
Credit: © Reuters.

ST. LOUIS - Stifel Financial Corp . (NYSE: NYSE: SF ) has announced a robust start to the year with first quarter earnings surpassing analyst expectations, sending shares up 0.76% in premarket trading.

The company reported adjusted earnings per share (EPS) of $1.49, slightly ahead of the analyst estimate of $1.48. Revenue for the quarter was also strong, coming in at $1.16 billion, which exceeded the consensus estimate of $1.14 billion and marked an increase from the $1.1 billion reported in the same quarter last year.

Ronald J. Kruszewski, Chairman and Chief Executive Officer, highlighted the company's second-highest quarterly net revenue ever, attributing the success to record Global Wealth Management revenue and improved market conditions for their Institutional Group. "As the momentum we highlighted at the end of 2023 carried into the first quarter, we are seeing top and bottom line growth from the same period a year ago," Kruszewski stated.

Asset management revenues saw a notable rise of 16% compared to the first quarter of the previous year, while capital raising revenues jumped by an impressive 56% over the same period. The firm also reported a record high in client assets, which grew by 15% to $467.7 billion.

Stifel's focus on expense discipline contributed to a non-GAAP pre-tax margin of 19.8%, despite the costs associated with continued investment in the business. The company's credit rating was upgraded by S&P Global (NYSE: SPGI ) Ratings to BBB from BBB-, reflecting a stable outlook.

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