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ST. LOUIS, Oct. 21, 2026 (GLOBE NEWSWIRE) -- Stifel Financial Corp. (NYSE: SF) today reported net revenues of $1.43 billion for the three months ended September 30, 2026, compared with $1.43 billion a year ago. Net income available to common shareholders was $224.8 million, or $1.40 per diluted common share, compared with $202.1 million, or $1.22 per diluted common share (1) for the third quarter of 2025. Non-GAAP net income available to common shareholders was $234.1 million, or $1.46 per diluted common share for the third quarter of 2026.

Ronald J. Kruszewski, Chairman and Chief Executive Officer, said “Stifel is on track for another record year, with year-to-date revenue of $4.3 billion up 9%, core earnings per share of $4.33 up 22%, and return on tangible common equity of 24.1%. The investments we’ve made in our business continued to drive operating efficiencies, as we delivered our highest ever third quarter earnings per share of $1.46, up 12% versus the prior year, on net revenue of $1.43 billion. I am optimistic about our outlook, as Stifel’s diversified business model, recurring revenue stream, and disciplined capital management position us to keep compounding value for shareholders.”

Highlights

The Company reported net revenues of $1.43 billion, the second best third quarter in its history, driven by higher asset management revenues and net interest income.Non-GAAP net income available to common shareholders of $1.46 per diluted common share, the best third quarter in its history.Asset management revenues increased 14% over the year-ago quarter.Net interest income increased 9% over the year ago quarter.Bank loans increased 21% over the year ago quarter.Client assets of $576.5 billion, up 6% over the year-ago quarter.Over the last twelve months, recruited trailing twelve-month production totaled approximately $19 million.Non-GAAP pre-tax margin of 22.5%.Annualized return on tangible common equity (ROTCE) (6) of 23.9%.Tangible book value per common share (9) of $26.05, up 12% from prior year.The Company repurchased $124.0 million, or 1.6 million shares, of its outstanding common stock during the third quarter at an average price of $76.95.Announced strategic investment in Meow Technologies. Financial Summary (Unaudited)(000s)3Q 20263Q 20259m 20269m 2025GAAP Financial Highlights:   Net revenues$1,426,211 $1,429,396 $4,355,176 $3,969,151 Net income(2)$224,823 $202,051 $684,078 $391,457 Diluted EPS(1) (2)$1.40 $1.22 $4.23 $2.37 Comp. ratio 57.0%  58.8%  57.3%  59.1% Non-comp. ratio 21.3%  21.2%  21.2%  26.7% Pre-tax margin 21.7%  20.0%  21.5%  14.2% Non-GAAP Financial Highlights:   Net revenues$1,429,077 $1,429,398 $4,323,903 $3,969,231 Net income(2)(3)$234,096 $214,419 $700,872 $454,281 Diluted EPS(1) (2) (3)$1.46 $1.30 $4.33 $2.76 Comp. ratio(3) 56.6%  58.0%  57.0%  58.0% Non-comp. ratio(3) 20.9%  20.8%  20.9%  25.9% Pre-tax margin(4) 22.5%  21.2%  22.1%  16.1% ROCE(5) 17.4%  17.0%  17.5%  12.2% ROTCE(6) 23.9%  24.3%  24.1%  17.3% Global Wealth Management (assets and loans in millions) Net revenues$980,293 $907,440 $2,868,950 $2,603,630 Pre-tax net income$374,408 $342,650 $1,066,970 $775,111 Total client assets(7)$576,482 $544,010   Fee-based client assets(7)$239,661 $219,178   Bank loans(8)$26,065 $21,635   Institutional Group     Net revenues$430,281$500,435$1,406,233$1,305,143Equity$282,574$296,677$915,506$753,037Fixed Income$147,707$203,758$490,727$552,106Pre-tax net income$76,261$89,291$266,348$177,762          Global Wealth Management

Global Wealth Management reported record net revenues of $980.3 million for the three months ended September 30, 2026, compared with $907.4 million during the third quarter of 2025. Pre-tax net income was $374.4 million compared with $342.7 million in the third quarter of 2025.

Highlights

Client assets of $576.5 billion, up 6% over the year-ago quarter, which included $10.2 billion of client assets from the Stifel Independent Advisors business that was sold on February 2, 2026.
Fee-based client assets of $239.7 billion, up 9% over the year-ago quarter, which included $4.8 billion of client assets from the Stifel Independent Advisors business that was sold on February 2, 2026.
Over the last twelve months, recruited trailing twelve-month production totaled approximately $19 million.
Net revenues increased 8% from a year ago:

Transactional revenues decreased 3% over the year-ago quarter, reflecting a decrease in client activity.
Asset management revenues increased 14% over the year-ago quarter, reflecting higher asset values due to improved market conditions and net new asset growth.
Net interest income increased 11% over the year-ago quarter primarily driven by balance sheet growth, partially offset by lower interest rates.
Total Expenses:

Compensation expense as a percentage of net revenues increased modestly to 48.8% primarily driven by higher revenue-related compensation, partially offset by revenue growth.
Provision for credit losses decreased from a year ago primarily as a result of a modest improvement in macroeconomic conditions, partially offset by loan growth in the retained portfolio and specific reserves on individual credits.
Non-compensation operating expenses as a percentage of net revenues decreased to 13.0% primarily attributable to lower litigation-related expenses, a decrease in the provision for credit losses, and revenue growth over the year-ago quarter.
Summary Results of Operations
      (000s)
 3Q 2026 3Q 2025 Net revenues$980,293$907,440 Transactional revenues 196,213 203,078 Asset management 492,123 431,363 Net interest income 284,583 257,327 Investment banking 6,731 6,529 Other income 643 9,143  Total expenses$605,885 $564,790 Compensation expense 478,877  441,626 Provision for credit losses 7,926  8,316 Non-comp. operating expenses 119,082  114,848 Pre-tax net income$374,408 $342,650 Compensation ratio 48.8%  48.7% Non-compensation ratio 13.0%  13.5% Pre-tax margin 38.2%  37.8%         Institutional Group

Institutional Group reported net revenues of $430.3 million for the three months ended September 30, 2026, compared with $500.4 million during the third quarter of 2025. Pre-tax net income was $76.3 million compared with $89.3 million in the third quarter of 2025.

Highlights

Investment banking revenues decreased 6% from a year ago:

Advisory revenues decreased 4% from the year-ago quarter, driven by lower levels of completed advisory transactions.Equity capital raising revenues decreased 13% from the year-ago quarter, driven by lower volumes and smaller deal sizes.Fixed income capital raising revenues decreased 2% over the year-ago quarter primarily driven by lower bond issuances.
Fixed income transactional revenues decreased 34% from a year ago:

Fixed income transactional revenues were impacted by widening credit spreads, increased market volatility, and lower realized trading gains during the quarter.
Equity transactional revenues decreased 29% from a year ago:

Equity transactional revenues were impacted by lower realized trading gains, a decline in trading volumes over the year-ago quarter and the restructuring of our European Equities business, which resulted in a $7 million reduction in equity transactional revenues year over year.
Total Expenses:

Compensation expense as a percentage of net revenues decreased to 58.7% primarily attributable to lower revenue-related compensation due to a decline in revenues from the year ago quarter.
Non-compensation operating expenses as a percentage of net revenues increased to 23.6% primarily attributable to a decline in revenues from the year ago quarter. Summary Results of Operations
 (000s) 3Q 2026  3Q2025 Net revenues$430,281 $500,435 Investment banking 299,472  316,954 Advisory 173,017  179,270 Equity capital raising 68,556  78,765 Fixed income capital raising 57,899  58,919 Fixed income transactional 80,472  122,567 Equity transactional 41,195  58,306 Other 9,142  2,608 Total expenses$354,020 $411,144 Compensation expense 252,656  297,106 Non-comp. operating expenses 101,364  114,038 Pre-tax net income$76,261 $89,291 Compensation ratio 58.7%  59.4% Non-compensation ratio 23.6%  22.8% Pre-tax margin 17.7%  17.8%         Other Matters

Highlights

Total assets increased $3.6 billion, or 9%, from the year-ago quarter.Over the last twelve months, the Company repurchased $564.4 million, or 7.3 million shares, of its outstanding common stock at an average price of $77.05.Weighted average diluted shares outstanding decreased primarily due to share repurchases.The Board of Directors declared a $0.34 quarterly dividend per share, payable on September 15, 2026, to common shareholders of record on September 1, 2026.The Board of Directors declared a quarterly dividend on the outstanding shares of the Company’s preferred stock, payable on September 15, 2026, to shareholders of record on September 1, 2026.  3Q 2026
 3Q 2025
 Common stock repurchases(1)  Repurchases (000s)$124,005 $33,086 Number of shares (000s) 1,612  438 Average price$76.95 $75.57 Period end shares (000s) 150,061  152,922 Weighted average diluted shares outstanding (000s) 160,145  165,087 Effective tax rate 24.4%  26.1% Stifel Financial Corp.(10)  Tier 1 common capital ratio`14.5% 14.8% Tier 1 risk-based capital ratio 17.0%  17.6% Tier 1 leverage capital ratio 10.8%  11.1% Tier 1 capital (MM)$4,665 $4,267 Risk weighted assets (MM)$27,450 $24,235 Average assets (MM)$43,060 $38,332 Quarter end assets (MM)$45,282 $41,687 AgencyRatingOutlookFitch RatingsBBB+StableS&P Global RatingsBBBStable    Conference Call Information

Stifel Financial Corp. will host its third quarter 2026 financial results conference call on Wednesday, October 21, 2026, at 9:30 a.m. Eastern Time. The conference call may include forward-looking statements.

All interested parties are invited to listen to Stifel’s Chairman and CEO, Ronald J. Kruszewski, by dialing (800) 330-6710 and referencing conference ID 9806728. A live audio webcast of the call, as well as a presentation highlighting the Company’s results, will be available through the Company’s web site, www.stifel.com. For those who cannot listen to the live broadcast, a replay of the broadcast will be available through the above-referenced web site beginning approximately one hour following the completion of the call.

Company Information

Stifel Financial Corp. (NYSE: SF) is a diversified financial services firm providing wealth management, commercial and investment banking, trading, and research services to individuals, institutions, and municipalities. Founded in 1890 and headquartered in St. Louis, Missouri, the firm operates more than 400 offices across the United States and in major global financial centers. As a firm where success meets success, Stifel works closely with retail and institutional clients aiming to transform opportunities into achievement. 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.

A financial summary follows. Financial, statistical and business-related information, as well as information regarding business and segment trends, is included in the financial supplement. Both the earnings release and the financial supplement are available online in the Investor Relations section at www.stifel.com/investor-relations.

The information provided herein and in the financial supplement, including information provided on the Company’s earnings conference calls, may include certain non-GAAP financial measures. The definition of such measures or reconciliation of such measures to the comparable U.S. GAAP figures are included in this earnings release and the financial supplement, both of which are available online in the Investor Relations section at www.stifel.com/investor-relations.

Cautionary Note Regarding Forward-Looking Statements

This earnings release contains certain statements that may be deemed to be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements in this earnings release not dealing with historical results are forward-looking and are based on various assumptions. The forward-looking statements in this earnings release are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among other things, the following possibilities: the ability to successfully integrate acquired companies or the branch offices and financial advisors; a material adverse change in financial condition; the risk of borrower, depositor, and other customer attrition; a change in general business and economic conditions; changes in the interest rate environment, deposit flows, loan demand, real estate values, and competition; changes in accounting principles, policies, or guidelines; changes in legislation and regulation; other economic, competitive, governmental, regulatory, geopolitical, and technological factors affecting the companies’ operations, pricing, and services; and other risk factors referred to from time to time in filings made by Stifel Financial Corp. with the Securities and Exchange Commission. For information about the risks and important factors that could affect the Company’s future results, financial condition and liquidity, see “Risk Factors” in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. Forward-looking statements speak only as to the date they are made. The Company disclaims any intent or obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

Summary Results of Operations (Unaudited)
     Three Months Ended Nine Months Ended(000s, except per share amounts)9/30/20269/30/2025% Change6/30/2026% Change9/30/20269/30/2025% ChangeRevenues:        Commissions$200,756$206,075(2.6) $221,462(9.3) $630,052$600,4144.9 Principal transactions 117,124 177,876(34.2)  140,091(16.4)  407,436 492,139(17.2) Investment banking 306,203 323,483(5.3)  331,954(7.8)  979,569 794,88523.2 Asset management 492,163 431,39914.1  456,6307.8  1,408,250 1,244,54813.2 Other income 8,299 14,228(41.7)  12,549(33.9)  76,527 28,499168.5 Operating revenues 1,124,545 1,153,061(2.5)  1,162,686(3.3)  3,501,834 3,160,48510.8 Interest revenue 510,624 481,5046.0  476,0937.3  1,437,766 1,434,1920.2 Total revenues 1,635,169 1,634,5650.0  1,638,779(0.2)  4,939,600 4,594,6777.5 Interest expense 208,958 205,1691.8  187,97511.2  584,424 625,526(6.6) Net revenues 1,426,211 1,429,396(0.2)  1,450,804(1.7)  4,355,176 3,969,1519.7 Non-interest expenses:        Compensation and benefits 813,494 839,820(3.1)  833,018(2.3)  2,494,846 2,346,9766.3 Non-compensation operating expenses 303,092 303,530(0.1)  318,348(4.8)  925,195 1,058,945(12.6) Total non-interest expenses 1,116,586 1,143,350(2.3)  1,151,366(3.0)  3,420,041 3,405,9210.4 Income before income taxes 309,625 286,0468.2  299,4383.4  935,135 563,23066.0 Provision for income taxes 75,482 74,6751.1  72,9613.5  223,096 143,81255.1 Net income 234,143 211,37110.8  226,4773.4  712,039 419,41869.8 Preferred dividends 9,320 9,3200.0  9,321(0.0)  27,961 27,9610.0 Net income available to common shareholders$224,823$202,05111.3 $217,1563.5 $684,078$391,45774.8 Earnings per common share:(1)       Basic$1.48$1.3113.0 $1.415.0 $4.45$2.5276.6 Diluted$1.40$1.2214.8 $1.344.5 $4.23$2.3778.5 Cash dividends declared per common share(1)$0.34$0.319.7 $0.340.0 $1.02$0.939.7 Weighted average number of common shares outstanding:(1)     Basic 151,956 154,679(1.8)  154,234(1.5)  153,889 155,603(1.1) Diluted 160,145 165,087(3.0)  161,631(0.9)  161,744 164,877(1.9)                   Non-GAAP Financial Measures (11)
    Three Months EndedNine Months Ended(000s, except per share amounts)9/30/20269/30/20259/30/20269/30/2025GAAP net income 234,143 $211,371  712,039 $419,418 Preferred dividend 9,320  9,320  27,961  27,961 Net income available to common shareholders 224,823  202,051  684,078  391,457      Non-GAAP adjustments:    Net revenue adjustments (12) (13) 2,866  2  (31,273) 80 Merger-related (14) 8,219  12,676  50,090  45,635 Restructuring and severance (15) 1,174  4,065  3,504  31,106 Provision for income taxes (16) (2,986) (4,375) (5,527) (13,997)Total non-GAAP adjustments 9,273  12,368  16,794  62,824 Non-GAAP net income available to common shareholders$234,096  $214,419 $700,872  $454,281      Weighted average diluted shares outstanding (1) 160,145  165,087  161,744  164,877      GAAP earnings per diluted common share (1)$1.46 $1.28 $4.41 $2.53 Non-GAAP adjustments (1) 0.06  0.08  0.10  0.39 Non-GAAP earnings per diluted common share (1)$1.52 $1.36 $4.51 $2.92      GAAP earnings per diluted common share available to common shareholders (1)$1.40 $1.22 $4.23 $2.37 Non-GAAP adjustments (1) 0.06  0.08  0.10  0.39 Non-GAAP earnings per diluted common share available to common shareholders (1)$1.46 $1.30 $4.33 $2.76               GAAP to Non-GAAP Reconciliation (11)    Three Months EndedNine Months Ended(000s)9/30/20269/30/20259/30/20269/30/2025GAAP net revenues$1,426,211 $1,429,396 $4,355,176 $3,969,151 Non-GAAP adjustments:    Gain on sale of business (12) 2,866  —  (44,418) — Litigation-related and other (13) —  2  13,145  80 Total non-GAAP adjustments 2,866  2  (31,273) 80 Non-GAAP net revenues$1,429,077 $1,429,398 $4,323,903 $3,969,231      GAAP compensation and benefits$813,494 $839,820 $2,494,846 $2,346,976 As a percentage of net revenues 57.0%  58.8%  57.3%  59.1% Non-GAAP adjustments:    Merger-related (14) (3,463) (6,704) (25,226) (13,706)Restructuring and severance (15) (1,174) (4,065) (3,504) (31,106)Total non-GAAP adjustments (4,637) (10,769) (28,730) (44,812) Non-GAAP compensation and benefits$808,857 $829,051 $2,466,116 $2,302,164 As a percentage of non-GAAP net revenues 56.6%  58.0%  57.0%  58.0%      GAAP non-compensation expenses$303,092 $303,530 $925,195 $1,058,945 As a percentage of net revenues 21.3%  21.2%  21.2%  26.7% Non-GAAP adjustments:    Merger-related (14) (4,756) (5,972) (24,864) (31,929) Non-GAAP non-compensation expenses$298,336 $297,558 $900,331 $1,027,016 As a percentage of non-GAAP net revenues 20.9%  20.8%  20.9%  25.9% Total adjustments before income taxes$12,259 $16,743  $22,321 $76,821                Footnotes  (1)All share and per share information has been retroactively adjusted to reflect the February 2026 three-for-two stock split.(2)Represents available to common shareholders.(3)Reconciliations of the Company’s GAAP results to these non-GAAP measures are discussed within and under “Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliation.”(4)Non-GAAP pre-tax margin is calculated by adding total merger-related expenses (non-GAAP adjustments) and dividing it by non-GAAP net revenues. See “Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliation.”(5)Return on average common equity (“ROCE”), a non-GAAP financial measure, is calculated by dividing full year or annualized net income applicable to common shareholders by average common shareholders’ equity.(6)Return on average tangible common equity (“ROTCE”), a non-GAAP financial measure, is calculated by dividing full year or annualized net income applicable to common shareholders by average tangible common equity. Tangible common equity, also a non-GAAP financial measure, equals total common shareholders’ equity less goodwill and identifiable intangible assets and the deferred taxes on goodwill and intangible assets. Average deferred taxes on goodwill and intangible assets were $95.0 million and $87.2 million as of September 30, 2026, and 2025, respectively.(7)Total client assets and fee-based client assets as of September 30, 2025, include $10.2 billion and $4.8 billion, respectively, of client assets from the Stifel Independent Advisors business that was sold on February 2, 2026.(8)Includes loans held for sale.(9)Tangible book value per common share, a non-GAAP financial measure, represents shareholders’ equity (excluding preferred stock) divided by period end common shares outstanding. Tangible common shareholders’ equity equals total common shareholders’ equity less goodwill and identifiable intangible assets and the deferred taxes on goodwill and intangible assets.(10)Capital ratios are estimates at the time of the Company’s earnings release, October 21, 2026.(11)The Company prepares its Consolidated Financial Statements using accounting principles generally accepted in the United States (U.S. GAAP). The Company may disclose certain “non-GAAP financial measures” during its earnings releases, earnings conference calls, financial presentations and otherwise. The Securities and Exchange Commission defines a “non-GAAP financial measure” as a numerical measure of historical or future financial performance, financial position, or cash flows that is subject to adjustments that effectively exclude, or include, amounts from the most directly comparable measure calculated and presented in accordance with U.S. GAAP. Non-GAAP financial measures disclosed by the Company are provided as additional information to analysts, investors and other stakeholders in order to provide them with greater transparency about, or an alternative method for assessing the Company’s financial condition or operating results. These measures are not in accordance with, or a substitute for U.S. GAAP, and may be different from or inconsistent with non-GAAP financial measures used by other companies. Whenever the Company refers to a non-GAAP financial measure, it will also define it or present the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, along with a reconciliation of the differences between the non-GAAP financial measure it references and such comparable U.S. GAAP financial measure.(12)Gain recognized on the sale of Stifel Independent Advisors, LLC during the first quarter of 2026.(13)Primarily related to prejudgment interest recognized on legal matters.(14)Primarily related to charges attributable to integration-related activities, signing bonuses, amortization of restricted stock awards, debentures, and promissory notes issued as retention, additional earn-out expense, and amortization of intangible assets acquired. These costs were directly related to acquisitions of certain businesses and are not representative of the costs of running the Company’s on-going business.(15)The Company recorded severance costs associated with workforce reductions in certain of its foreign subsidiaries.(16)Primarily represents the Company’s effective tax rate for the period applied to the non-GAAP adjustments.   Media Contact: Neil Shapiro (212) 271-3447 | Investor Contact: Joel Jeffrey (212) 271- 3610 | www.stifel.com/investor-relations

Stifel, the broker, has kept its ‘buy’ rating and CHF25 target price on Santhera Pharmaceuticals (SIX:SANN, OTC:SPHDF, FRA:S3F0), the Swiss neuromuscular drugmaker, after first-half group revenue doubled to CHF48.3 million.

The company left its 2026 guidance of CHF80 million to CHF90 million unchanged.

Direct sales of Agamree, Santhera's treatment for Duchenne muscular dystrophy (DMD), a genetic muscle-wasting disease, rose 48% to CHF17.2 million, in line with guidance for growth above 50% this year.

Germany, the largest market, saw volumes rise more than 50%, more than offsetting a 17% price cut that took effect on 1 January.

A further industry-wide price cut of 15.5% is expected in Germany on 1 January 2027, which Stifel expects continued strong volume growth and a wider European rollout in the UK, Spain and Italy to offset.

Stifel estimates US sales of Agamree, marketed by Catalyst Pharmaceuticals, at about $77 million in the first half, ahead of Catalyst's initial full-year guidance of $140 million to $150 million.

Angelini Pharma is acquiring Catalyst for $4.1 billion, a deal Stifel regards as validation of Agamree's growth prospects.

Santhera has set a 2030 revenue target of CHF250 million, about 28% above Stifel's estimate of CHF196 million, and still expects CHF140 million in 2028 against Stifel's CHF128 million.

Cash of CHF41.8 million at 30 June is sufficient to reach sustainable profitability, although the German price cut and inventory purchases will reduce cash in the first half of 2027.

Stifel cut its 2026 earnings per share estimate by 33.2% and raised its 2027 figure by 20.9%.

Stifel forecasts revenue of CHF85.1 million in 2026 and CHF104.1 million in 2027, and sees an attractive entry point at 3.2 times enterprise value (market value plus net debt) to sales.

Canada Pension Plan Investment Board purchased a new position in Stifel Financial Corporation (NYSE:SF – Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 93,950 shares of the financial services provider’s stock, valued at approximately $6,555,000. Canada Pension Plan Investment Board owned about 0.06% of Stifel Financial as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of SF. Activest Wealth Management grew its position in shares of Stifel Financial by 12,000.0% in the fourth quarter. Activest Wealth Management now owns 242 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 240 shares during the period. Advisory Services Network LLC purchased a new stake in Stifel Financial during the third quarter valued at about $29,000. Caitong International Asset Management Co. Ltd purchased a new stake in Stifel Financial during the fourth quarter valued at about $34,000. Cullen Frost Bankers Inc. purchased a new stake in Stifel Financial during the fourth quarter worth approximately $50,000. Finally, BOKF NA lifted its stake in shares of Stifel Financial by 1,626.9% during the third quarter. BOKF NA now owns 449 shares of the financial services provider’s stock worth $51,000 after purchasing an additional 423 shares in the last quarter. Institutional investors and hedge funds own 82.01% of the company’s stock.

Analyst Upgrades and Downgrades A number of analysts have recently issued reports on the stock. Wall Street Zen lowered shares of Stifel Financial from a “buy” rating to a “hold” rating in a research note on Sunday, August 9th. Weiss Ratings restated a “buy (b-)” rating on shares of Stifel Financial in a research note on Wednesday. UBS Group set a $90.00 price objective on Stifel Financial in a report on Thursday, July 23rd. JPMorgan Chase & Co. lifted their price objective on shares of Stifel Financial from $80.00 to $86.00 and gave the stock a “neutral” rating in a report on Thursday, July 23rd. Finally, Zacks Research upgraded Stifel Financial from a “strong sell” rating to a “hold” rating in a research note on Wednesday, May 20th. Five investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, Stifel Financial presently has an average rating of “Moderate Buy” and an average price target of $91.90.

Read Our Latest Research Report on SF Insiders Place Their Bets In related news, Director Maryam S. Brown sold 4,700 shares of the stock in a transaction dated Thursday, July 23rd. The stock was sold at an average price of $79.20, for a total value of $372,240.00. Following the completion of the sale, the director directly owned 5,729 shares of the company’s stock, valued at approximately $453,736.80. This represents a 45.07% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 3.36% of the company’s stock.

Stifel Financial Stock Up 0.6% NYSE SF opened at $81.31 on Friday. Stifel Financial Corporation has a 12 month low of $67.81 and a 12 month high of $89.83. The company has a market capitalization of $12.28 billion, a P/E ratio of 14.55 and a beta of 0.99. The company’s 50 day simple moving average is $78.90 and its 200 day simple moving average is $76.33. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.88 and a quick ratio of 0.83.

Stifel Financial (NYSE:SF – Get Free Report) last issued its earnings results on Wednesday, July 22nd. The financial services provider reported $1.42 earnings per share for the quarter, topping analysts’ consensus estimates of $1.33 by $0.09. Stifel Financial had a net margin of 16.11% and a return on equity of 19.22%. The firm had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.42 billion. During the same period last year, the firm posted $1.71 earnings per share. The firm’s revenue for the quarter was up 13.0% compared to the same quarter last year. Equities research analysts expect that Stifel Financial Corporation will post 6.36 earnings per share for the current fiscal year.

Stifel Financial Announces Dividend The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be given a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend is Tuesday, September 1st. Stifel Financial’s payout ratio is presently 24.33%.

Stifel Financial Company Profile (Free Report)

Stifel Financial Corp. is a diversified financial services holding company headquartered in St. Louis, Missouri. Founded in 1890, the firm has grown into a full‐service brokerage and investment banking organization serving individual investors, corporations and institutions. Through its principal subsidiary, Stifel, Nicolaus & Company, Incorporated, the company delivers a broad array of financial products and services backed by research‐driven insights.

The firm’s main business activities are organized into two core segments: Private Client Group and Institutional Group.

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Algebris UK Ltd. bought a new position in shares of Stifel Financial Corporation (NYSE:SF – Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 1,007,696 shares of the financial services provider’s stock, valued at approximately $70,086,000. Stifel Financial comprises 4.6% of Algebris UK Ltd.’s holdings, making the stock its 7th largest holding. Algebris UK Ltd. owned approximately 0.67% of Stifel Financial as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently modified their holdings of SF. Fifth Third Bancorp increased its stake in Stifel Financial by 430.4% during the 1st quarter. Fifth Third Bancorp now owns 73,993 shares of the financial services provider’s stock worth $5,470,000 after purchasing an additional 60,042 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in shares of Stifel Financial by 49.9% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 38,209 shares of the financial services provider’s stock worth $2,824,000 after acquiring an additional 12,727 shares in the last quarter. Royal Bank of Canada increased its position in shares of Stifel Financial by 43.0% during the first quarter. Royal Bank of Canada now owns 143,081 shares of the financial services provider’s stock worth $10,578,000 after acquiring an additional 43,036 shares in the last quarter. Heartland Advisors Inc. increased its holdings in Stifel Financial by 56.3% during the 1st quarter. Heartland Advisors Inc. now owns 134,153 shares of the financial services provider’s stock worth $9,917,000 after purchasing an additional 48,346 shares in the last quarter. Finally, North Reef Capital Management LP bought a new position in Stifel Financial during the 1st quarter worth about $4,230,000. 82.01% of the stock is currently owned by institutional investors and hedge funds.

Stifel Financial Stock Down 1.2% SF opened at $82.73 on Thursday. The stock’s fifty day simple moving average is $77.86 and its 200 day simple moving average is $76.46. Stifel Financial Corporation has a 1-year low of $67.81 and a 1-year high of $89.83. The stock has a market cap of $12.49 billion, a PE ratio of 14.81 and a beta of 0.99. The company has a current ratio of 0.88, a quick ratio of 0.83 and a debt-to-equity ratio of 0.33.

Stifel Financial (NYSE:SF – Get Free Report) last released its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.33 by $0.09. The firm had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.42 billion. Stifel Financial had a net margin of 16.11% and a return on equity of 19.22%. The company’s revenue for the quarter was up 13.0% compared to the same quarter last year. During the same period in the previous year, the business posted $1.71 earnings per share. As a group, research analysts expect that Stifel Financial Corporation will post 6.36 earnings per share for the current year. Stifel Financial Announces Dividend The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be issued a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend is Tuesday, September 1st. Stifel Financial’s dividend payout ratio is currently 24.33%.

Insider Activity In related news, Director Maryam S. Brown sold 4,700 shares of Stifel Financial stock in a transaction that occurred on Thursday, July 23rd. The stock was sold at an average price of $79.20, for a total transaction of $372,240.00. Following the completion of the sale, the director directly owned 5,729 shares of the company’s stock, valued at approximately $453,736.80. This trade represents a 45.07% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 3.36% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades A number of research firms have weighed in on SF. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Stifel Financial in a research report on Friday, May 29th. UBS Group set a $90.00 target price on shares of Stifel Financial in a research report on Thursday, July 23rd. Wall Street Zen cut Stifel Financial from a “buy” rating to a “hold” rating in a research report on Sunday, August 9th. Zacks Research upgraded Stifel Financial from a “strong sell” rating to a “hold” rating in a research note on Wednesday, May 20th. Finally, JPMorgan Chase & Co. boosted their price target on Stifel Financial from $80.00 to $86.00 and gave the stock a “neutral” rating in a research report on Thursday, July 23rd. Five investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $91.90.

View Our Latest Analysis on Stifel Financial

(Free Report)

Stifel Financial Corp. is a diversified financial services holding company headquartered in St. Louis, Missouri. Founded in 1890, the firm has grown into a full‐service brokerage and investment banking organization serving individual investors, corporations and institutions. Through its principal subsidiary, Stifel, Nicolaus & Company, Incorporated, the company delivers a broad array of financial products and services backed by research‐driven insights.

The firm’s main business activities are organized into two core segments: Private Client Group and Institutional Group.

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Stifel Financial Corp. (SF) Q2 2026 Earnings Call July 22, 2026 9:30 AM EDT

Company Participants

Joel Jeffrey - Senior Vice President of Investor relations
Ronald J. Kruszewski - Chairman & CEO
James Marischen - Senior VP & CFO

Conference Call Participants

Steven Chubak - Wolfe Research, LLC
Michael Brown - UBS Investment Bank, Research Division
Devin Ryan - Citizens JMP Securities, LLC, Research Division
William Katz - TD Cowen, Research Division
Brennan Hawken - BMO Capital Markets Equity Research
Y. Cho - JPMorgan Chase & Co, Research Division

Presentation

Operator

Good day, and welcome to the Stifel Financial Q2 '26 Financial Results Conference Call. Today's conference is being recorded.

At this time, I would like to turn the conference over to Joel Jeffrey, Head of Investor Relations. Please go ahead.

Joel Jeffrey
Senior Vice President of Investor relations

Thank you, operator. Good morning, and welcome to Stifel Second Quarter 2026 Earnings Call. On behalf of Stifel Financial Corp., I will begin the call with the following information and disclaimers.

This call is being recorded. During today's presentation, we will refer to our earnings release and financial supplement, copies of which are available at stifel.com.

Today's presentation may include forward-looking statements that are subject to the risks and uncertainties that may cause actual results to differ materially. Stifel Financial Corp. does not undertake to update the forward-looking statements in this discussion. Please refer to our notices regarding forward-looking statements and non-GAAP measures that appear in our earnings release.

I will now turn the call over to our Chairman and Chief Executive Officer, Ronald Kruszewski.

Ronald J. Kruszewski
Chairman & CEO

Thanks, Joel. Good morning, everyone, and thank you for joining us. We entered 2026 with a clear plan. At the beginning of the year, we said we would grow revenue, increase our loan book by up to $4 billion, increase treasury deposits, improve operating leverage and

June 25, 2026 16:15 ET  | Source: Stifel Financial Corporation

ST. LOUIS, June 25, 2026 (GLOBE NEWSWIRE) -- Stifel Financial Corp. (NYSE: SF) today reported selected operating results for May 31, 2026, 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, “Total and fee-based client assets increased 18% and 23%, respectively, year-over-year, excluding the sale of Stifel Independent Advisors, LLC. Growth was driven by market appreciation and solid advisor recruiting. Loan balances rose more than 2% from the prior month as demand in fund banking remained robust. Treasury deposits declined 3% in May, which was primarily a function of the timing of inflows and outflows by our corporate clients, but we continue to expect strong growth in the second quarter and beyond. Investment banking momentum remains strong, supported by increased capital raising activity. We expect second-quarter investment banking revenue to increase 25% to 30% from the second quarter of 2025.”

Selected Operating Data (Unaudited) As of % Change(millions)5/31/20265/31/2025 (1)4/30/2026 5/31/20254/30/2026Total client assets$579,678$501,357$568,887 16%2%Fee-based client assets$238,727$199,078$232,400 20%3%Private Client Group fee-based client assets$208,755$173,557$202,919 20%3%Bank loans, net (includes loans held for sale)$23,932$21,204$23,409 13%2%Client money market and insured product (2)$24,967$25,827$25,038 (3%)(0%)Treasury deposits (3)$10,805$6,155$11,116 76%(3%) (1)   Total client assets and Private Client Group fee-based client assets as of May 31, 2025, include $9.3 billion and $4.4 billion, respectively, of client assets from the Stifel Independent Advisors business that was sold on February 2, 2026.
(2)   Includes Smart Rate deposits, Sweep deposits, Third-party Bank Sweep Program, and Other Sweep cash.
(3)   Includes Other Bank deposits and Third-party Commercial Treasury deposits, which represent Venture, Fund, and Commercial deposits at Stifel Bancorp and third-party banks.

Company Information

Stifel Financial Corp. (NYSE: SF) is a diversified financial services firm providing wealth management, commercial and investment banking, trading, and research services to individuals, institutions, and municipalities. Founded in 1890 and headquartered in St. Louis, Missouri, the firm operates more than 400 offices across the United States and in major global financial centers. As a firm where success meets success, Stifel works closely with retail and institutional clients aiming to transform opportunities into achievement. 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