Overview
Stifel Financial's Q3 revenue rises 17.2% to $1.43 bln, beating analysts' expectations
Adjusted EPS of $1.95 for Q3 surpasses consensus estimates
Company repurchased $31.2 mln of common stock during Q3
Outlook
Stifel optimistic about future opportunities with record investment banking pipelines
Company cites record client assets as a positive indicator for future growth
Result Drivers
INVESTMENT BANKING - Investment banking revenues increased 33% over the year-ago quarter, driven by higher advisory and capital raising activities
GLOBAL WEALTH MANAGEMENT - Record net revenues of $907.4 mln driven by increased client assets and higher asset management revenues
INSTITUTIONAL REVENUE - Institutional revenue rose 34%, with growth in advisory and capital raising activities
Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Revenue
Beat
$1.43 bln
$1.32 bln (5 Analysts)
Q3 Adjusted EPS
Beat
$1.95
$1.88 (7 Analysts)
Q3 EPS
$1.84
Q3 Adjusted Net Income
$214.42 mln
Q3 Net Income
$202.05 mln
Q3 ROCE
17%
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", 5 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the investment banking & brokerage services peer group is "buy"
Wall Street's median 12-month price target for Stifel Financial Corp is $131.00, about 14.2% above its October 21 closing price of $112.38
The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 13 three months ago
Press Release: ID:nGNX2Lngwj
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)