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Stifel Financial beats Q3 revenue, profit estimates

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

MetricBeat/MissActualConsensus Estimate
Q3 RevenueBeat$1.43 bln$1.32 bln (5 Analysts)
Q3 Adjusted EPSBeat$1.95$1.88 (7 Analysts)
Q3 EPS$1.84
Q3 Adjusted Net Income$214.42 mln
Q3 Net Income$202.05 mln
Q3 ROCE17%
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 For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com. (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.)

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