Stifel Reports May 2023 Operating Data
23 June 2023 - 6:05AM
Stifel Financial Corp. (NYSE: SF) today reported selected operating
results for May 31, 2023 in an effort to provide timely information
to investors on certain key performance metrics. Due to the limited
nature of this data, a consistent correlation to earnings should
not be assumed.
Ronald J. Kruszewski, Chairman
and Chief Executive Officer, said, “In May, total deposits
increased while client cash balances were relatively flat with
April’s levels. Through the first two months of the quarter, we
experienced consistent growth in Smart Rate balances and have seen
cash sorting continue to slow during June. Total client assets
declined as solid recruiting was offset by declines in equity
markets. Operating conditions for investment banking and our
transactional businesses remain challenging. As such, we estimate
that second quarter investment banking and transactional revenue
will be down 10-15% and 5-10%, respectively, from the prior
quarter.”
Selected Operating Data (Unaudited) |
|
As of |
|
% Change |
(millions) |
5/31/2023 |
|
5/31/2022 |
|
4/30/2023 |
|
5/31/2022 |
|
4/30/2023 |
Total client assets |
$402,399 |
|
$397,594 |
|
$406,620 |
|
1% |
|
(1)% |
Fee-based client assets |
$147,637 |
|
$149,281 |
|
$149,604 |
|
(1)% |
|
(1)% |
Private Client Group fee-based
client assets |
$129,499 |
|
$131,256 |
|
$131,321 |
|
(1)% |
|
(1)% |
Bank loans, net (includes
loans held for sale) |
$20,777 |
|
$19,047 |
|
$20,857 |
|
9% |
|
(0)% |
Client
money market and insured product(1) |
$25,091 |
|
$27,341 |
|
$25,220 |
|
(8)% |
|
(1)% |
(1) Includes Sweep deposits, Smart Rate deposits,
Third-party Bank Sweep Program, and Other Sweep cash.
Company Information
Stifel Financial Corp. (NYSE: SF) is a financial
services holding company headquartered in St. Louis, Missouri, that
conducts its banking, securities, and financial services business
through several wholly owned subsidiaries. Stifel’s broker-dealer
clients are served in the United States through Stifel, Nicolaus
& Company, Incorporated, including its Eaton Partners business
division; Keefe, Bruyette & Woods, Inc.; Miller Buckfire &
Co., LLC; and Stifel Independent Advisors, LLC. The Company’s
broker-dealer affiliates provide securities brokerage, investment
banking, trading, investment advisory, and related financial
services to individual investors, professional money managers,
businesses, and municipalities. Stifel Bank and Stifel Bank &
Trust offer a full range of consumer and commercial lending
solutions. Stifel Trust Company, N.A. and Stifel Trust Company
Delaware, N.A. offer trust and related services. To learn more
about Stifel, please visit the Company’s website at www.stifel.com.
For global disclosures, please visit
www.stifel.com/investor-relations/press-releases.
Media Contact: Neil Shapiro (212) 271-3447 |
Investor Contact: Joel Jeffrey (212) 271- 3610 |
www.stifel.com/investor-relations
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