Stifel Beats Q1 Forecasts as Revenue Rises, Shares Fall

Overview

• Stifel, which reported first-quarter results Wednesday, posted adjusted earnings of $1.45 per share versus $1.39 expected with revenue of $1.47 billion and net revenue up 18% from a year ago.
• Global Wealth Management and the Institutional Group generated higher revenue and profit year over year, and client assets rose 11% to $538.7 billion.
• GAAP earnings were $1.48 per share, helped by a one-time gain from selling Stifel and Independent Advisors and an easier comparison after last year’s $180 million legal accrual.
• The company repurchased $224.4 million of stock, equal to 2.8 million shares, and declared a quarterly dividend of $0.34 per share.
• Shares fell about 3.6% after the release as leaders highlighted investments in AI, a conservative lending approach with limited problematic credit, and uncertainty tied to interest rates and geopolitics.