- FDA assigns Prescription Drug User Fee Act (PDUFA) target action date of November 30, 2026 –
BOSTON--(BUSINESS WIRE)--Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) today announced the U.S. Food and Drug Administration (FDA) has accepted its Biologics License Application (BLA) submission for povetacicept, an investigational engineered fusion protein and dual inhibitor of the BAFF (B cell activating factor) and APRIL (a proliferation inducing ligand) cytokines, in adults with immunoglobulin A nephropathy (IgAN).
The FDA has assigned a Prescription Drug User Fee Act (PDUFA) target action date of November 30, 2026. If approved, povetacicept will become the first commercialized therapy in Vertex’s emerging nephrology franchise.
“The Phase 3 RAINIER trial is the largest conducted in IgAN and achieved full enrollment faster than any contemporary IgAN trial, reflecting the significant unmet need in IgAN and our urgency to bring povetacicept to patients with this serious disease,” said Nia Tatsis, Ph.D., Executive Vice President and Chief Regulatory and Quality Officer at Vertex. “With today’s FDA acceptance of the BLA, we are one step closer to our goal of transforming the care of patients living with IgAN given povetacicept’s potential best-in-class clinical profile, including every 4-week dosing delivered in a low-volume autoinjector.”
As announced in March, the submission is supported by positive data from a pre-specified Week 36 interim analysis of the ongoing Phase 3 RAINIER trial of povetacicept in IgAN, demonstrating a statistically significant and clinically meaningful reduction in proteinuria, a key marker of kidney disease progression, compared to placebo. The RAINIER trial met its primary objective: patients treated with povetacicept achieved a 52.0% reduction from baseline in urine protein to creatinine ratio (UPCR) at Week 36, with a statistically significant and clinically meaningful 49.8% UPCR reduction compared to placebo (P<0.0001). The reduction in proteinuria was consistent across all pre-specified subgroups.
The trial also met its secondary objective. For the first secondary endpoint, patients treated with povetacicept demonstrated a 77.4% reduction from baseline in serum galactose deficient IgA1 (Gd-IgA1) compared to an increase of +9.1% in the placebo group, yielding a reduction of 79.3% compared to placebo (P<0.0001). For the second secondary endpoint, in patients with baseline hematuria, 85.1% achieved hematuria resolution in the povetacicept treatment group compared to 23.4% in the placebo group, resulting in hematuria resolution of 61.7% compared to placebo (P<0.0001).
Povetacicept was generally safe and well tolerated. The majority of adverse events (AEs) were mild to moderate. There were no serious adverse events (SAEs) related to povetacicept. As expected, anti-drug antibodies (ADAs) were observed; these ADAs had no impact on efficacy or the risk profile.
If povetacicept is approved by the FDA, Vertex plans to launch povetacicept in a low-volume (<0.5 mL) subcutaneous auto-injector delivered once every four weeks via at-home administration.
About Povetacicept
Povetacicept is a dual inhibitor of the BAFF and APRIL cytokines, which promote B cell activation, differentiation and/or survival, and provides B cell control by inhibiting the ability of BAFF and APRIL to drive the pathogenesis of multiple autoimmune diseases. Due to its engineered TACI domain, povetacicept has demonstrated improved binding affinity, potency, pharmacokinetics, and/or tissue distribution compared to other APRIL, BAFF, and dual BAFF+APRIL inhibitors in preclinical studies.
Povetacicept was previously studied in IgAN in RUBY-3, an ongoing, multiple-ascending dose, multi-cohort, open label, Phase 1/2 basket study. As reported at the American Society of Nephrology Kidney Week 2025 Annual Meeting, at 48 weeks, key efficacy findings for the povetacicept 80mg cohort showed a 64% decrease from baseline in mean 24-hour UPCR, estimated glomerular filtration rate (eGFR) stabilization with change from baseline in eGFR (mean±SE) of +3.3±3.1 mL/min/1.73m2, 90% (9/10) of participants achieving hematuria resolution (defined as a decrease to negative or small levels of urine blood in participants with baseline levels of urine blood of moderate or large by dipstick), and 53% of participants achieving clinical remission (defined as UPCR <0.5 g/g, negative hematuria, and <25% reduction in eGFR vs. baseline).
Povetacicept has received FDA Breakthrough Therapy Designation for the treatment of IgAN. It is the only dual BAFF+APRIL inhibitor in pivotal trials for multiple kidney diseases, with the ongoing Phase 2/3 OLYMPUS trial in primary membranous nephropathy (pMN). Expansion into additional indications for povetacicept is advancing with the recently initiated ETNA Phase 2 trial in generalized myasthenia gravis (gMG).
Povetacicept is an investigational agent and has not been approved by health authorities.
About IgA Nephropathy (IgAN)
IgAN is a serious, progressive, life-threatening kidney disease driven by uncontrolled autoreactive B cell activity and is the most common cause of primary glomerulonephritis, affecting approximately 330,000 people in the United States and Europe and more than 1.5 million globally. IgAN results from the deposition of circulating immune complexes, consisting of immunoglobulins and galactose-deficient immunoglobulin A (Gd-IgA1), in the renal glomerular mesangium, triggering kidney injury and fibrosis.
About RAINIER
RAINIER (NCT06564142) is a global Phase 3 randomized, double-blind, placebo-controlled pivotal trial of povetacicept 80 mg administered subcutaneously every four weeks vs. placebo on top of standard of care in 605 adults with IgAN (N=557 in main cohort, N=48 in the exploratory cohort). The trial was designed to have a pre-planned interim analysis evaluating the percent change from baseline in urine protein to creatinine ratio (UPCR) for the povetacicept arm versus placebo after a pre-specified number of patients reach 36 weeks of treatment. Final analysis will occur at two years of treatment, with a primary endpoint of total estimated glomerular filtration rate (eGFR) slope through Week 104. RAINIER is the largest trial conducted in IgAN and achieved full enrollment faster than any contemporary IgAN trial.
About Vertex
Vertex is a global biotechnology company that invests in scientific innovation to create transformative medicines for people with serious diseases and conditions. The company has approved therapies for cystic fibrosis, sickle cell disease, transfusion-dependent beta thalassemia and acute pain, and it continues to advance clinical and research programs in these areas. Vertex also has a robust clinical pipeline of investigational therapies across a range of modalities in other serious diseases where it has deep insight into causal human biology, including IgA nephropathy, neuropathic pain, APOL1-mediated kidney disease, primary membranous nephropathy, autosomal dominant polycystic kidney disease, type 1 diabetes, generalized myasthenia gravis, and myotonic dystrophy type 1.
Vertex was founded in 1989 and has its global headquarters in Boston, with international headquarters in London. Additionally, the company has research and development sites and commercial offices in North America, Europe, Australia, Latin America and the Middle East. Vertex is consistently recognized as one of the industry's top places to work, including 16 consecutive years on Science magazine's Top Employers list and one of Fortune’s 100 Best Companies to Work For. For company updates and to learn more about Vertex’s history of innovation, visit www.vrtx.com or follow us on LinkedIn, Facebook, Instagram, YouTube and X.
Special Note Regarding Forward-Looking Statements
This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, the statements made by Nia Tatsis, Ph.D., statements regarding povetacicept becoming the first commercialized therapy in Vertex’s emerging nephrology franchise, expectations for the anticipated benefits of povetacicept, including povetacicept’s best-in-class potential, and Vertex’s plans regarding the anticipated launch of povetacicept, the clinical status of and expectations for the OLYMPUS Phase 2/3 trial in pMN and the recently initiated ETNA Phase 2 trial in gMG. While Vertex believes the forward-looking statements contained in this press release are accurate, these forward-looking statements represent the company's beliefs only as of the date of this press release and there are a number of risks and uncertainties that could cause actual events or results to differ materially from those expressed or implied by such forward-looking statements. Those risks and uncertainties include, among other things, that regulatory approvals may not occur on the anticipated timeline, or at all,, that the anticipated commercial launch of povetacicept may be delayed, if it occurs at all, and other risks listed under the heading “Risk Factors” in Vertex's most recent annual report and subsequent quarterly reports filed with the Securities and Exchange Commission at www.sec.gov and available through the company's website at www.vrtx.com. You should not place undue reliance on these statements or the scientific data presented. Vertex disclaims any obligation to update the information contained in this press release as new information becomes available.
Vertex Pharmaceuticals (VRTX - Free Report) has been one of the most searched-for stocks on Zacks.com lately. So, you might want to look at some of the facts that could shape the stock's performance in the near term.
Shares of this drugmaker have returned +5.6% over the past month versus the Zacks S&P 500 composite's +6.3% change. The Zacks Medical - Biomedical and Genetics industry, to which Vertex belongs, has gained 2.9% over this period. Now the key question is: Where could the stock be headed in the near term?
Although media reports or rumors about a significant change in a company's business prospects usually cause its stock to trend and lead to an immediate price change, there are always certain fundamental factors that ultimately drive the buy-and-hold decision.
Revisions to Earnings EstimatesRather than focusing on anything else, we at Zacks prioritize evaluating the change in a company's earnings projection. This is because we believe the fair value for its stock is determined by the present value of its future stream of earnings.
Our analysis is essentially based on how sell-side analysts covering the stock are revising their earnings estimates to take the latest business trends into account. When earnings estimates for a company go up, the fair value for its stock goes up as well. And when a stock's fair value is higher than its current market price, investors tend to buy the stock, resulting in its price moving upward. Because of this, empirical studies indicate a strong correlation between trends in earnings estimate revisions and short-term stock price movements.
Vertex is expected to post earnings of $4.74 per share for the current quarter, representing a year-over-year change of +4.9%. Over the last 30 days, the Zacks Consensus Estimate has changed +0.5%.
The consensus earnings estimate of $19.13 for the current fiscal year indicates a year-over-year change of +4%. This estimate has changed +1% over the last 30 days.
For the next fiscal year, the consensus earnings estimate of $21.17 indicates a change of +10.7% from what Vertex is expected to report a year ago. Over the past month, the estimate has changed -0.5%.
With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for Vertex.
The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:
12 Month EPS
Revenue Growth ForecastEven though a company's earnings growth is arguably the best indicator of its financial health, nothing much happens if it cannot raise its revenues. It's almost impossible for a company to grow its earnings without growing its revenue for long periods. Therefore, knowing a company's potential revenue growth is crucial.
In the case of Vertex, the consensus sales estimate of $3.2 billion for the current quarter points to a year-over-year change of +8%. The $13.03 billion and $14.28 billion estimates for the current and next fiscal years indicate changes of +8.6% and +9.6%, respectively.
Last Reported Results and Surprise HistoryVertex reported revenues of $2.99 billion in the last reported quarter, representing a year-over-year change of +7.8%. EPS of $4.47 for the same period compares with $4.06 a year ago.
Compared to the Zacks Consensus Estimate of $2.98 billion, the reported revenues represent a surprise of +0.19%. The EPS surprise was +5.67%.
Over the last four quarters, Vertex surpassed consensus EPS estimates three times. The company topped consensus revenue estimates each time over this period.
ValuationNo investment decision can be efficient without considering a stock's valuation. Whether a stock's current price rightly reflects the intrinsic value of the underlying business and the company's growth prospects is an essential determinant of its future price performance.
Comparing the current value of a company's valuation multiples, such as its price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), to its own historical values helps ascertain whether its stock is fairly valued, overvalued, or undervalued, whereas comparing the company relative to its peers on these parameters gives a good sense of how reasonable its stock price is.
As part of the Zacks Style Scores system, the Zacks Value Style Score (which evaluates both traditional and unconventional valuation metrics) organizes stocks into five groups ranging from A to F (A is better than B; B is better than C; and so on), making it helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.
Vertex is graded C on this front, indicating that it is trading at par with its peers. Click here to see the values of some of the valuation metrics that have driven this grade.
ConclusionThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Vertex. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.
Vertex Pharmaceuticals (NASDAQ:VRTX | VRTX Price Prediction) screens as a long-duration compounder because it sits on a global monopoly in cystic fibrosis therapies that generates substantial free cash, while Wall Street prices it closer to a generic large-cap biotech than to the cash-flow compounder its financials describe.
For a retirement-focused investor who has been burned chasing momentum, this is the kind of position long-term investors typically buy and hold while the underlying business does the work. With $5,000 you can pick up about eleven shares at the recent close of $438.40, and the long-term ownership case rests on three pillars.
Pillar 1: A Moat That Doesn’t Erode Vertex is the sole approved maker of disease-modifying cystic fibrosis therapies on the planet, with TRIKAFTA/KAFTRIO generating $2.57 billion in Q4 2025 alone and the next-generation ALYFTREK ramping from $53.9 million in Q1 2025 to $380.1 million in Q4 2025. CF is non-discretionary, life-extending medicine, which means demand is insulated from recessions, tariffs (management flagged no material impact in 2026), and consumer confidence cycles. Younger-age approvals and geographic expansion keep widening the eligible patient base every year.
Pillar 2: Cash Generation and Compounding Vertex pays no dividend, so the income case here is reframed as compounding through buybacks and self-funded R&D. FY 2025 operating cash flow rebounded to $3.63 billion, with free cash flow of $3.19 billion. The company returned $2.02 billion to shareholders via repurchases in 2025 and added another $344 million in Q1 2026. Full-year 2025 EPS landed at $18.40, gross margin sits near 86%, and the trailing P/E of 27 looks ordinary against a forward multiple of 24, which is the mispricing.
Pillar 3: Built to Survive Cycles Cash and investments stand at $13 billion, total assets of $25.64 billion dwarf total liabilities, and the stock’s beta is just 0.301. That is the volatility profile of a utility wrapped around a biotech growth engine. CASGEVY for sickle cell, JOURNAVX for non-opioid acute pain, and povetacicept for IgA nephropathy give Vertex multiple second acts entirely funded by the CF cash engine, with management guiding $500 million or more from non-CF products in 2026.
Where It Underperforms In a speculative biotech bull market where capital floods pre-revenue gene therapy names, Vertex will lag. Profitable large-caps always do. Setbacks happen too: the company took a $379 million impairment on the discontinued VX-264 T1D program, and VX-522 was recently shelved over tolerability issues. None of that changes the forever thesis, because the CF monopoly keeps funding the next twenty shots on goal regardless of which single program misses.
CEO Reshma Kewalramani put it plainly on the Q4 call: “Vertex is well positioned to deliver long-term value for patients and shareholders.”
The profile favors long-term ownership over short-term trading. For long-term-oriented investors, the setup favors patience over active trading as the cash flows compound.
It has been about a month since the last earnings report for Vertex Pharmaceuticals (VRTX - Free Report) . Shares have added about 0.2% in that time frame, underperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Vertex due for a pullback? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent catalysts for Vertex Pharmaceuticals Incorporated before we dive into how investors and analysts have reacted as of late.
Q1 Earnings & Revenues BeatVertex’s reported adjusted earnings of $4.47 per share for the first quarter of 2026, beating the Zacks Consensus Estimate of $4.23. Earnings rose around 10.1% year over year on higher product revenues, partially offset by higher operating expenses.
First-quarter total revenues of $2.99 billion slightly beat the Zacks Consensus Estimate of $2.98 billion. Total revenues rose 8% year over year, primarily driven by higher sales of CF drugs and meaningful contributions from new non-CF products, Journavx and Casgevy.
Its total revenues rose 7% year over year in the United States to $1.78 billion, driven by strong demand for CF drugs, higher realized net prices in CF and Casgevy and Journavx sales. Outside the U.S. market, sales increased 9% to $1.21 billion, driven by strong CF growth, contribution from Casgevy and a favorable impact from foreign exchange.
Quarter in DetailThe company currently markets four CF products — Trikafta/Kaftrio, Symdeko (marketed as Symkevi in Europe), Orkambi and Kalydeco.
Trikafta generated sales worth $2.35 billion, down 7.5% year over year. The product’s sales missed the Zacks Consensus Estimate of $2.39 billion.
Alyftrek generated sales worth $424.4 million in the first quarter compared with $380.1 million in the fourth quarter. Alyftrek sales beat the Zacks Consensus Estimate of $408 million. The drug has now surpassed $1 billion in cumulative global revenue since its approval.
Vertex said that the U.S. and European launch of Alyftrek is progressing well. Outside the United States, the company signed reimbursement agreements for Alyftrek in 11 countries during the first quarter alone
Revenues from other CF products (including Kalydeco, Orkambi, and Symdeko/Symkevi) decreased 12.5% year over year to $135.9 million.
Vertex expects incremental patients from the label expansions for Alyftrek and Trikafta, along with launches of Alyftrek in additional geographies and for treating younger patients to drive CF growth through the rest of the year.
In the first quarter, products from Vertex’s new non-CF disease areas, namely Casgevy and Journavx, drove approximately 25% of total product revenue growth.
Casgevy’s sales were $42.9 million in the first quarter of 2026, down from $54.3 million recorded in the fourth quarter of 2025 due to quarter-to-quarter variability in Casgevy infusions.
Nonetheless, the launch of Casgevy is gaining traction across the United States, Europe and the Middle East, with more than 500 patients having started treatment since launch, hundreds completing initial cell collection, and many already reaching the stage where edited cells are ready for infusion.
Vertex is also making rapid progress in the drug’s access and reimbursement and secured a pricing agreement for Casgevy in Germany in the first quarter.
In 2026, Vertex expects continued quarter-to-quarter variability in Casgevy infusions, which the company expects will smooth out in 2027 and beyond.
Journavx (suzetrigine) generated $29 million in sales in the first quarter compared with $26.7 million in the fourth quarter. Prescription growth remains strong, although first-quarter revenues reflected some normal inventory destocking.
More than 350,000 prescriptions were written for Journavx across both hospital and retail settings in the quarter, compared with approximately 550,000 in all of 2025, showing that uptake is accelerating. In 2026, Vertex expects Journavx prescriptions to triple compared to 550,000 written in 2025, supported by a larger commercial field force, wider payer coverage, and improving gross-to-net economics.
Journavx’s reimbursement trends are also improving. Coverage has expanded to about 240 million lives, supported by agreements with all three national commercial pharmacy benefit managers (PBMs). The company secured its first Medicare Part D coverage agreement with a major PBM, effective May 1. Discussions are continuing with the remaining major Medicare plans and regional payers, which could further expand access. Twenty-two states now provide coverage for Journavx via Medicaid.
Costs RiseAdjusted research and development (R&D) expenses declined 2.2% year over year to $859.3 million due to the timing and mix of certain clinical trial expenses.
Adjusted selling, general and administrative (SG&A) expenses rose 29.8% to $432.2 million in the reported quarter, primarily to support the launch of Journavx and the upcoming launches in renal.
During the quarter, Vertex recorded acquired in-process research and development (AIPR&D) costs of $0.5 million compared with $19.8 million in the year-ago quarter.
Adjusted operating income rose 11% year over year to $1.31 billion in the quarter.
VRTX's 2026 GuidanceVertex reiterated its full-year 2026 guidance that it had provided earlier this year.
The company continues to expect total revenues to be in the range of $12.95-$13.10 billion for 2026, reflecting 8% to 9% growth versus the prior year.
In addition to continued growth in CF, Vertex expects non-CF products to generate revenues of $500 million plus in 2026, representing year-over-year growth of around 185%, driven by growing Casgevy infusions and a meaningful ramp in Journavx prescriptions and revenues.
Combined adjusted R&D, AIPR&D and SG&A expense guidance for 2026 is in the band of $5.65-$5.75 billion. The adjusted tax rate is expected to be in the range of 19.5%-20.5%.
How Have Estimates Been Moving Since Then?Since the earnings release, investors have witnessed a upward trend in estimates review.
VGM ScoresAt this time, Vertex has a average Growth Score of C, however its Momentum Score is doing a bit better with a B. Charting a somewhat similar path, the stock was allocated a grade of C on the value side, putting it in the middle 20% for value investors.
Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Interestingly, Vertex has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Pharmaceutical companies can offer investors huge returns if treatments under development become blockbuster drugs. Choosing between a speculative clinical-stage play and a dominant cash-flow engine requires careful thought, however. Deciding between Kyverna Therapeutics (KYTX +3.94%) and Vertex Pharmaceuticals (VRTX 0.26%) hinges on your risk tolerance and growth goals.
Kyverna Therapeutics focuses on the frontier of cell therapy, specifically targeting autoimmune diseases with novel treatments. Vertex Pharmaceuticals, meanwhile, holds a near-monopoly in the cystic fibrosis market while expanding into new therapeutic areas. Both companies represent different ends of the biotech spectrum, making them a fascinating pair for investors seeking exposure to medical innovation.
Kyverna Therapeutics operates as a clinical-stage biopharmaceutical company focused on developing cell therapies for patients with autoimmune diseases. Its lead product candidate, KYV-101, is a CAR T-cell therapy designed to target and deplete B cells that cause various illnesses. The company is currently advancing clinical programs across rheumatology and neurology indications with active trials in both the United States and Germany.
In FY 2025, Kyverna had no revenue, which is typical for a company that has no products approved for commercial sale. It reported a net loss of nearly $161.3 million for the year, up from the $142.6 million loss recorded in 2024. This trend reflects the rising costs of conducting complex clinical trials and of scaling research operations.
While Kyverna Therapeutics reported negative free cash flow of $153.7 million, its strong liquidity position is common among biotech stocks still seeking their first regulatory approval.
The case for Vertex PharmaceuticalsVertex Pharmaceuticals is a global biotechnology leader focused on developing medicines for serious and life-threatening conditions. The company is most well-known for its dominant position in the cystic fibrosis market, but it also has approved therapies for sickle cell disease and acute pain. It serves a broad patient base across North America, Europe, and several other international regions.
In FY 2025, revenue reached $12 billion, which represents an increase of approximately 9.6% over the previous fiscal year. Vertex Pharmaceuticals generated net income of close to $4 billion, resulting in a healthy net margin of roughly 33%. This consistent financial performance is largely driven by its established treatments that continue to reach new patients worldwide.
Vertex Pharmaceuticals generated free cash flow of nearly $3.2 billion, which provides significant capital for further research and strategic acquisitions.
Risk profile comparisonKyverna Therapeutics faces substantial risks because it has no approved products and has never generated revenue. Its future depends entirely on the clinical success of candidates like miv-cel, but drug development is notoriously expensive and prone to failure.
Vertex Pharmaceuticals relies on its cystic fibrosis treatments for almost all of its revenue, creating a significant concentration risk if that market is disrupted. The company also faces pressure from government drug-pricing legislation and competition from other large pharmaceutical firms, such as AbbVie (ABBV +1.11%) Furthermore, any safety or efficacy concerns discovered after a drug is already on the market could lead to regulatory restrictions or lost sales.
Valuation comparisonVertex Pharmaceuticals appears more attractive because it generates profits, while Kyverna Therapeutics currently lacks a Forward P/E or P/S ratio due to being pre-revenue.
MetricKyverna TherapeuticsVertex PharmaceuticalsSector BenchmarkForward P/En/a23.1x27.1xP/S ration/a9.4xSector benchmark uses the SPDR XLV sector ETF.
Valuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.
Which stock would I buy in 2026?Kyverna offers a classic pharmaceutical stock dilemma. It’s a development-stage company with no revenue and high R&D costs. Yet if its primary treatment under development reaches market to treat what’s known as Stiff-Person Syndrome, it has a strong chance of becoming a blockbuster drug ($1 billion or more in sales).
Only a few thousand people have Stiff-Person Syndrome, but it is a highly debilitating condition in which 80% of patients will end up bed-bound. There is no FDA-approved treatment for Stiff-Person Syndrome now, which means Kyverna fits the typical profile of a small niche drugmaker that can dominate a treatment area and make lots of money doing so.
Management is confident that its treatment will receive approval and is starting to negotiate with insurers on the price point for its drug, miv-cel.
Yet investors often underestimate the risk of a development-stage drug: until it receives final regulatory approval, it may never reach the market. Even in late-stage trials, that can be the case. That’s a big risk, especially for a stock that Wall Street analysts don’t see generating significant revenue until the end of this decade.
Vertex Pharmaceuticals is more established, but it’s not a slow-growth company like a late-stage OTC pill maker. Its niche in cystic fibrosis (CF) still offers a strong growth profile, making Vertex the better bet. It continues to innovate on its signature CF treatment by introducing a once-daily pill called Alyftrek. That pill only got approved in non-U.S. markets in 2025, including Australia, Canada, and the E.U. Global sales of Alyftrek have risen nearely 700% in the past year to $424 million. It’s a growing franchise.
The impressive revenue and income, more than $12 billion and $4 billion in the past year, respectively, mean Vertex’s CF franchises two off give the business the wherewithal to expand into other treatments. Wall Street is especially bullish at the trial results of povetacicept, a treatment for two diseases linked to renal failure.
With a forward price-to-earnings of just over 23, Vertex is still well below the industry P/E of ~27, suggestring its a growth stock that still offers some value for investors seeking long-term growth.
Vertex Pharmaceuticals (VRTX - Free Report) closed at $435.76 in the latest trading session, marking a -2.25% move from the prior day. The stock's change was less than the S&P 500's daily loss of 1.62%. Elsewhere, the Dow saw a downswing of 1.87%, while the tech-heavy Nasdaq depreciated by 1.98%.
Coming into today, shares of the drugmaker had lost 0.56% in the past month. In that same time, the Medical sector gained 5.04%, while the S&P 500 lost 0.03%.
Market participants will be closely following the financial results of Vertex Pharmaceuticals in its upcoming release. The company is expected to report EPS of $4.79, up 5.97% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $3.22 billion, up 8.46% from the year-ago period.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $19.15 per share and a revenue of $13.03 billion, representing changes of +4.08% and +8.57%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for Vertex Pharmaceuticals. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.16% higher. Vertex Pharmaceuticals is currently a Zacks Rank #3 (Hold).
In terms of valuation, Vertex Pharmaceuticals is currently trading at a Forward P/E ratio of 23.28. This denotes a premium relative to the industry average Forward P/E of 21.35.
Investors should also note that VRTX has a PEG ratio of 1.69 right now. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The Medical - Biomedical and Genetics industry had an average PEG ratio of 1.51 as trading concluded yesterday.
The Medical - Biomedical and Genetics industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 155, which puts it in the bottom 37% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
- Data from pivotal studies of CASGEVY in children ages 5–11 with severe sickle cell disease or transfusion-dependent beta thalassemia demonstrate transformative potential in younger patients, consistent with the durable benefits established in patients 12 years and older -
- Data simultaneously published in the New England Journal of Medicine -
- Regulatory review underway in the United States to expand the use of CASGEVY, and Vertex has recently completed submissions in the Kingdom of Saudi Arabia and United Kingdom -
BOSTON--(BUSINESS WIRE)--Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) today announced data demonstrating the clinical benefits of CASGEVY® (exagamglogene autotemcel) in people ages 5 years and older living with severe sickle cell disease (SCD) or transfusion-dependent beta thalassemia (TDT). The results, from pivotal studies in children ages 5–11, show that the efficacy and safety outcomes in this age group are consistent with the transformative profile established in adult and adolescent patients. These data were presented at the European Hematology Association (EHA) Congress and simultaneously published in the New England Journal of Medicine (NEJM).
“The data presented at EHA and published in NEJM underscore the consistent, durable and transformative benefits CASGEVY can provide to people living with sickle cell disease or transfusion-dependent beta thalassemia from early in life,” said Carmen Bozic, M.D., Executive Vice President, Global Medicines Development and Medical Affairs, and Chief Medical Officer at Vertex.
“Despite optimized supportive therapy, children living with sickle cell disease and transfusion‑dependent beta thalassemia carry a significant disease burden from a very young age, with progressive complications leading to the irreversible and life-shortening consequences of these diseases,” said Franco Locatelli, M.D., Ph.D., Professor of Pediatrics at the Catholic University of the Sacred Heart of Rome, Director of the Department of Pediatric Hematology and Oncology at Bambino Gesù Children’s Hospital, Chair of Vertex’s TDT Program Steering Committee, and presenting author of the 5–11 years old CASGEVY data at EHA. “These data represent a profoundly important step forward, and I look forward to the possibility of providing earlier intervention to prevent complications in children and for families who have had limited potentially curative options to date.”
CASGEVY clinical data for children ages 5–11 presented at EHA and published in NEJM
Data from an interim analysis of the CLIMB-151 and CLIMB-141 studies highlight the transformative potential CASGEVY can provide to children ages 5–11 and are consistent with the durable clinical profile established in adult and adolescent patients. Collectively, these findings highlight the potential benefits of addressing vaso-occlusive crises (VOCs) and transfusion burden earlier in life, which can begin in childhood and are associated with cumulative, long-term complications in SCD and TDT including organ damage.
In the Phase 3 CLIMB-151 clinical study of children with severe SCD, all 11 patients dosed are free from VOCs and all 8 out of 8 (100%) patients with sufficient follow-up achieved the primary endpoint of being free from VOCs for at least 12 consecutive months (VF12). Of children achieving VF12, the mean (min, max) duration VOC-free was 19.0 (13.2, 30.1) months. In the Phase 3 CLIMB-141 clinical study of children with TDT, 15 patients have been dosed with CASGEVY, and all 8 out of 8 (100%) patients with sufficient follow-up achieved the primary endpoint of transfusion independence for at least 12 consecutive months while maintaining a weighted average hemoglobin of at least 9 g/dL (TI12). All children who achieved TI12 remained so throughout the follow-up; the mean (min, max) duration transfusion independence was 23.4 (13.3, 28.5) months. The safety profile of CASGEVY in younger patients is consistent with myeloablative conditioning and autologous transplant, as established in clinical studies in older patients with SCD and TDT. As previously disclosed, there was one death, not related to CASGEVY, in a child with TDT who developed severe veno-occlusive disease from busulfan conditioning. Consistent with studies in older patients, children with severe SCD and TDT treated with CASGEVY have durable and clinically relevant increases in fetal hemoglobin (HbF) and stable allelic editing. Global regulatory submissions to expand use of CASGEVY
CASGEVY is currently approved for eligible people 12 years and older with SCD with recurrent VOCs or TDT in several countries around the world. In the United States the regulatory review is underway with the FDA to expand the use of CASGEVY to younger children after Vertex was awarded the Commissioner’s National Priority Voucher. Vertex has also recently completed regulatory submissions in the Kingdom of Saudi Arabia and United Kingdom to expand the use of CASGEVY to younger children. Upon availability, there is an established network of activated authorized treatment centers in these countries prepared to support patients.
The use of CASGEVY in children ages 5–11 years is investigational.
About Sickle Cell Disease (SCD)
Sickle Cell Disease (SCD) is a rare serious, inherited blood disease that is progressive and life‑shortening. The disease causes red blood cells to become rigid and misshapen, restricting blood flow and oxygen delivery to vital organs. Recurrent vaso‑occlusive crises (VOCs), unpredictable episodes of severe pain caused by blocked blood vessels, are a defining feature of SCD and frequently require hospitalization. Many patients experience these complications early in life, and over time, repeated VOCs and chronic anemia lead to progressive and irreversible organ damage, including damage to the brain, lungs, kidneys and heart. SCD places a substantial burden on patients and their families, who must manage frequent medical visits, hospitalizations, school and work disruptions, and the emotional toll of chronic pain and life‑threatening complications. Despite lifelong treatment, people with SCD and recurrent VOCs in Europe face shortened life expectancy, with a mean age of death of around 40 years, and report quality‑of‑life outcomes far below the general population.
About Transfusion‑Dependent Beta Thalassemia (TDT)
Transfusion‑dependent beta thalassemia (TDT) is a rare serious, inherited blood disease that is progressive and life‑shortening. The disease impairs the body’s ability to produce sufficient hemoglobin, limiting oxygen delivery to tissues and organs. People with TDT do not have enough functional hemoglobin in their red blood cells and require regular, lifelong blood transfusions, often beginning early in childhood, along with ongoing iron chelation therapy. While transfusions are necessary for survival, many of the long‑term complications of TDT are exacerbated by chronic transfusion therapy and iron overload and cumulative damage to the heart, liver and endocrine system, as well as bone abnormalities and delayed growth and puberty. TDT places a significant and ongoing burden on patients and their families, requiring frequent medical visits and complex lifelong treatment. Despite lifelong treatment, people with TDT face shortened life expectancy, with a mean age of death of approximately 50–55 years in Europe, reduced quality of life and productivity, and significant use of health care resources.
About CASGEVY® (exagamglogene autotemcel)
CASGEVY is a non-viral, ex vivo CRISPR/Cas9 gene-edited cell therapy for eligible patients with SCD or TDT, in which a patient’s own hematopoietic stem and progenitor cells are edited at the erythroid specific enhancer region of the BCL11A gene through a precise double-strand break. This edit results in the production of high levels of fetal hemoglobin (HbF; hemoglobin F) in red blood cells. HbF is the form of the oxygen-carrying hemoglobin that is naturally present during fetal development, which then switches to the adult form of hemoglobin after birth. CASGEVY has been shown in clinical trials to reduce or eliminate VOCs for patients with SCD and transfusion requirements for patients with TDT.
About the CLIMB Studies
The completed Phase 1/2/3 open-label studies, CLIMB-111 and CLIMB-121, were designed to assess the safety and efficacy of a single dose of CASGEVY in patients ages 12–35 years with TDT or with SCD and recurrent VOCs. Patients were followed for approximately two years after CASGEVY infusion in these studies. CLIMB-141 and CLIMB-151 are ongoing Phase 3 open-label studies, designed to assess the safety and efficacy of a single dose of exagamglogene autotemcel in patients ages 2–11 years with TDT or with SCD and recurrent VOCs. Enrollment and dosing are complete for the 5–11-year-old cohort in both studies.
Each patient in these studies is asked to participate in the ongoing long-term, open-label study, CLIMB-131. CLIMB-131 is designed to evaluate the long-term safety and efficacy of CASGEVY in patients with up to 15 years of follow-up after CASGEVY infusion.
U.S. INDICATIONS AND IMPORTANT SAFETY INFORMATION FOR CASGEVY
WHAT IS CASGEVY?
CASGEVY is a one-time therapy used to treat people ages 12 years and older with:
• sickle cell disease (SCD) who have frequent vaso-occlusive crises or VOCs
• beta thalassemia (β-thalassemia) who need regular blood transfusions
CASGEVY is made specifically for each patient, using the patient’s own edited blood stem cells, and increases the production of a special type of hemoglobin called hemoglobin F (fetal hemoglobin or HbF). Having more HbF increases overall hemoglobin levels and has been shown to improve the production and function of red blood cells. This can eliminate VOCs in people with sickle cell disease and eliminate the need for regular blood transfusions in people with beta thalassemia.
IMPORTANT SAFETY INFORMATION
What is the most important information I should know about CASGEVY?
After treatment with CASGEVY, you will have fewer blood cells for a while until CASGEVY takes hold (engrafts) into your bone marrow. This includes low levels of platelets (cells that usually help the blood to clot) and white blood cells (cells that usually fight infections). Your doctor will monitor this and give you treatment as required. The doctor will tell you when blood cell levels return to safe levels.
Tell your healthcare provider right away if you experience any of the following, which could be signs of low levels of platelet cells: severe headache abnormal bruising prolonged bleeding bleeding without injury such as nosebleeds; bleeding from gums; blood in your urine, stool, or vomit; or coughing up blood Tell your healthcare provider right away if you experience any of the following, which could be signs of low levels of white blood cells: fever chills infections You may experience side effects associated with other medicines administered as part of the treatment regimen for CASGEVY. Talk to your physician regarding those possible side effects. Your healthcare provider may give you other medicines to treat your side effects.
How will I receive CASGEVY?
Your healthcare provider will give you other medicines, including a conditioning medicine, as part of your treatment with CASGEVY. It’s important to talk to your healthcare provider about the risks and benefits of all medicines involved in your treatment.
After receiving the conditioning medicine, it may not be possible for you to become pregnant or father a child. You should discuss options for fertility preservation with your healthcare provider before treatment.
STEP 1: Before CASGEVY treatment, a doctor will give you mobilization medicine(s). This medicine moves blood stem cells from your bone marrow into the blood stream. The blood stem cells are then collected in a machine that separates the different blood cells (this is called apheresis). This entire process may happen more than once. Each time, it can take up to one week.
During this step rescue cells are also collected and stored at the hospital. These are your existing blood stem cells and are kept untreated just in case there is a problem in the treatment process. If CASGEVY cannot be given after the conditioning medicine, or if the modified blood stem cells do not take hold (engraft) in the body, these rescue cells will be given back to you. If you are given rescue cells, you will not have any treatment benefit from CASGEVY.
STEP 2: After they are collected, your blood stem cells will be sent to the manufacturing site where they are used to make CASGEVY. It may take up to 6 months from the time your cells are collected to manufacture and test CASGEVY before it is sent back to your healthcare provider.
STEP 3: Shortly before your stem cell transplant, your healthcare provider will give you a conditioning medicine for a few days in hospital. This will prepare you for treatment by clearing cells from the bone marrow, so they can be replaced with the modified cells in CASGEVY. After you are given this medicine, your blood cell levels will fall to very low levels. You will stay in the hospital for this step and remain in the hospital until after the infusion with CASGEVY.
STEP 4: One or more vials of CASGEVY will be given into a vein (intravenous infusion) over a short period of time.
After the CASGEVY infusion, you will stay in hospital so that your healthcare provider can closely monitor your recovery. This can take 4-6 weeks, but times can vary. Your healthcare provider will decide when you can go home.
What should I avoid after receiving CASGEVY?
Do not donate blood, organs, tissues, or cells at any time in the future What are the possible or reasonably likely side effects of CASGEVY?
The most common side effects of CASGEVY include:
Low levels of platelet cells, which may reduce the ability of blood to clot and may cause bleeding Low levels of white blood cells, which may make you more susceptible to infection Your healthcare provider will test your blood to check for low levels of blood cells (including platelets and white blood cells). Tell your healthcare provider right away if you get any of the following symptoms:
fever chills infections severe headache abnormal bruising prolonged bleeding bleeding without injury such as nosebleeds; bleeding from gums; blood in your urine, stool, or vomit; or coughing up blood These are not all the possible side effects of CASGEVY. Call your doctor for medical advice about side effects. You may report side effects to FDA at 1-800-FDA-1088.
General information about the safe and effective use of CASGEVY
Talk to your healthcare provider about any health concerns.
Please see full Prescribing Information including Patient Information for CASGEVY.
About Vertex
Vertex is a global biotechnology company that invests in scientific innovation to create transformative medicines for people with serious diseases and conditions. The company has approved therapies for cystic fibrosis, sickle cell disease, transfusion-dependent beta thalassemia and acute pain, and it continues to advance clinical and research programs in these areas. Vertex also has a robust clinical pipeline of investigational therapies across a range of modalities in other serious diseases where it has deep insight into causal human biology, including IgA nephropathy, neuropathic pain, APOL1-mediated kidney disease, primary membranous nephropathy, autosomal dominant polycystic kidney disease, type 1 diabetes, generalized myasthenia gravis, and myotonic dystrophy type 1.
Vertex was founded in 1989 and has its global headquarters in Boston, with international headquarters in London. Additionally, the company has research and development sites and commercial offices in North America, Europe, Australia, Latin America and the Middle East. Vertex is consistently recognized as one of the industry's top places to work, including 16 consecutive years on Science magazine's Top Employers list and one of Fortune’s 100 Best Companies to Work For. For company updates and to learn more about Vertex’s history of innovation, visit www.vrtx.com or follow us on LinkedIn, Facebook, Instagram, YouTube and X.
Vertex Special Note Regarding Forward-Looking Statements
This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, statements made by Carmen Bozic, M.D., and Franco Locatelli, M.D., Ph.D., and statements regarding expectations for the transformative potential of CASGEVY in this age group, and expectations for the global regulatory submissions for younger children. While Vertex believes the forward-looking statements contained in this press release are accurate, these forward-looking statements represent the company's beliefs only as of the date of this press release and there are a number of risks and uncertainties that could cause actual events or results to differ materially from those expressed or implied by such forward-looking statements. Those risks and uncertainties include, among other things, that data from the company's research and development programs may not support registration or further development of its potential medicines in a timely manner, or at all, due to safety, efficacy or other reasons, that CASGEVY may not receive regulatory approval for this age range on the expected timeline, or at all, and other risks listed under the heading “Risk Factors” in Vertex's most recent annual report and subsequent quarterly reports filed with the Securities and Exchange Commission at www.sec.gov and available through the company's website at www.vrtx.com. You should not place undue reliance on these statements, or the scientific data presented. Vertex disclaims any obligation to update the information contained in this press release as new information becomes available.
With AI and space dominating many of the market’s most popular investment themes, it can be difficult to find differentiated opportunities. Healthcare is often viewed as one of the more defensive sectors, supported by relatively steady demand regardless of the economic environment. But the sector also offers several sources of growth, including biotechnology, pharmaceutical innovation, weight-loss drugs and other emerging treatments. That combination of defensive characteristics and long-term innovation can make healthcare ETFs an attractive way to diversify a portfolio without giving up growth potential.
Long-term Trends Support a Durable Healthcare Story Healthcare has several long-term demand drivers that support the overall sector story. For instance, adults aged 65 and older now account for a record 18% of the U.S. population. Generally, the aging population requires more frequent medical care, prescription drugs, and procedures, which creates sustained demand across the healthcare system. The strength of the healthcare labor market also reflects that underlying demand. Healthcare employment increased by 2.5% year-over-year in May 2025, even as total nonfarm payroll employment remained relatively flat. Looking further ahead, the Bureau of Labor Statistics expects the broader healthcare and social assistance category to be the fastest-growing major industry sector between 2024 and 2034. Employment is projected to rise 8.4% (around three times the rate for the overall economy) and add approximately two million jobs over the decade.
The easiest way to access trends in healthcare is through broad sector funds like the State Street Health Care Select Sector SPDR Fund (XLV). The fund provides access to large-cap pharmaceutical, biotechnology, medical device, managed care, and healthcare services companies. This gives investors a mix of defensive businesses supported by recurring demand and companies participating in longer-term areas of innovation.
While the healthcare industry can be niche, XLV holds familiar names. As of June 9, its top holdings include Eli Lilly & Co (LLY) at 16%, Johnson & Jonson (JNJ) at 10%, AbbVie Inc (ABBV) at 7%, UnitedHealth Group Inc (UNH) at 7%, and Merck & Co (MRK) at 5%. Pharmaceuticals represented approximately 38% of the portfolio, followed by healthcare providers and services at 19%, biotechnology at 18%, and healthcare equipment and supplies at 16%. (Read more on XLV here.)
Biotech ETFs Offer Different Ways to Bet on Innovation Biotechnology ETFs provide more concentrated exposure to medical innovation than broad healthcare funds. Their returns can be driven by clinical-trial results, FDA decisions, drug-pipeline developments, and merger and acquisition activity. That can create significant upside when a treatment succeeds, but it also makes biotech more volatile and company-specific than established pharmaceutical or diversified healthcare exposure.
The iShares Biotechnology ETF (IBB) tracks U.S.-listed biotech stocks and tends to have greater exposure to larger, more established biotechnology companies. This can make IBB a relatively more mature approach to biotech, although it still carries the risks associated with the industry. Top holdings include Vertex Pharmaceuticals (VRTX), Amgen Inc (AMGN), and Gilead Sciences (GILD). The State Street SPDR S&P Biotech ETF (XBI) also focuses on biotech, but its modified equal-weight approach gives smaller companies much more influence than they receive in a market-cap-weighted portfolio. As a result, XBI tends to provide broader participation across the biotech industry and greater exposure to earlier-stage companies, but that means it can also be more sensitive to interest rates, financing conditions, and investor risk appetite.
Some ETFs take a thematic approach to the biotech industry and narrow the industry even further. The ALPS Medical Breakthroughs ETF (SBIO) focuses on small- and midcap biotechnology companies with at least one drug in Phase II or Phase III FDA clinical trials. Eligible companies have market capitalizations between $200 million and $5 billion. This gives investors targeted exposure to companies approaching potentially important clinical and regulatory milestones. Successful trial results, approvals, or acquisitions can produce meaningful upside, but failed studies and funding challenges can also create substantial downside. Because of its different methodology, top holdings vary from IBB and XBI. They include Alkermes (ALKS), Kymera Therapeutics (KYMR), and Spyre Therapeutics (SYRE).
Pharmaceutical ETFs Target Established Drugmakers Pharmaceutical ETFs appeal to investors seeking more targeted exposure to established drugmakers without taking as much clinical-stage risk as biotechnology funds. These companies often have commercial products, recurring revenue, stronger cash flows, and diversified drug portfolios, which can make pharmaceutical funds somewhat more defensive than biotech strategies. The industry can also benefit from aging populations, rising healthcare spending, and demand for treatments that is relatively resilient across economic cycles.
Two of the largest ETFs have a few key differences. The VanEck Pharmaceutical ETF (PPH) holds 25 large, liquid U.S.-listed pharmaceutical companies (including production, research, marketing, and sales). It holds international drugmakers through their U.S.-listed shares, giving it a more global large-cap profile. Top holdings include familiar names like Eli Lilly, Novartis (NVS), and Merck. The iShares Pharmaceuticals ETF (IHE) focuses specifically on U.S. pharmaceutical companies, making it a more concentrated way to express a view on domestic drug manufacturers and vaccine producers. Its top holdings include Eli Lilly, Johnson & Johnson, and Royalty Pharma (RPRX). It does not include international names like Novartis or Novo Nordisk (NVO). Both PPH and IHE are narrower and more concentrated than a broad healthcare ETF, but they offer a more established and potentially less volatile approach to medical innovation than clinical-stage biotech funds.
Weight Loss ETFs Target a Fast-Growing Theme For investors seeking a more thematic approach to healthcare’s latest trends, weight loss ETFs can provide targeted exposure to the rapidly developing obesity-treatment market. The success of GLP-1 drugs has expanded investor interest in names like Eli Lilly, which was up almost 8% in the past five days (as of June 9, 2026) due to its new retatrutide drug. (You can also read more on the weight loss theme here.)
The Amplify Weight Loss Drug & Treatment ETF (THNR) tracks an index that extends beyond GLP-1 drug developers to include combination therapies and telehealth companies in the weight loss drug space. This gives THNR exposure not only to drug innovation, but also to some of the businesses supporting treatment delivery and adoption. Holdings are limited to 20 companies weighted by market cap. Notably, the industry allocation is split between pharmaceuticals (two thirds) and biotech stocks (one third). Top holdings include familiar drug names like Eli Lilly, Novo Nordisk, and Amgen.
The actively managed Roundhill GLP-1 & Weight Loss ETF (OZEM) focuses on weight loss drug stocks, including both pure-play and diversified companies involved in the production or sale of GLP-1s (and other verticals of therapeutics), other weight loss enablers, and supply chain enablers. Active management may be particularly relevant in a rapidly changing market where developments can quickly alter the outlook for individual companies.
Bottom Line Healthcare can offer more than just defensive exposure. Broad sector funds provide access to established industry leaders, while pharmaceutical, biotechnology, and weight-loss ETFs allow investors to target specific areas of innovation and growth.
For more news, information, and analysis visit the Thematic Investing Content Hub.
VettaFi LLC (“VettaFi”) is the index provider for SBIO and THNR, for which it receives an index licensing fee. However, SBIO and THNR are not issued, sponsored, endorsed, or sold by VettaFi, and VettaFi has no obligation or liability in connection with the issuance, administration, marketing, or trading of SBIO and THNR.
Vertex Pharmaceuticals (VRTX - Free Report) closed at $444.41 in the latest trading session, marking a +2% move from the prior day. The stock outpaced the S&P 500's daily gain of 1.75%. Meanwhile, the Dow gained 1.86%, and the Nasdaq, a tech-heavy index, added 2.54%.
Shares of the drugmaker witnessed a loss of 3.83% over the previous month, trailing the performance of the Medical sector with its gain of 3.73%, and the S&P 500's loss of 1.63%.
The upcoming earnings release of Vertex Pharmaceuticals will be of great interest to investors. It is anticipated that the company will report an EPS of $4.79, marking a 5.97% rise compared to the same quarter of the previous year. Meanwhile, our latest consensus estimate is calling for revenue of $3.22 billion, up 8.46% from the prior-year quarter.
VRTX's full-year Zacks Consensus Estimates are calling for earnings of $19.15 per share and revenue of $13.03 billion. These results would represent year-over-year changes of +4.08% and +8.57%, respectively.
It is also important to note the recent changes to analyst estimates for Vertex Pharmaceuticals. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.16% higher. Vertex Pharmaceuticals is holding a Zacks Rank of #3 (Hold) right now.
In terms of valuation, Vertex Pharmaceuticals is currently trading at a Forward P/E ratio of 22.76. This expresses a premium compared to the average Forward P/E of 20.9 of its industry.
It is also worth noting that VRTX currently has a PEG ratio of 1.66. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. The Medical - Biomedical and Genetics was holding an average PEG ratio of 1.46 at yesterday's closing price.
The Medical - Biomedical and Genetics industry is part of the Medical sector. Currently, this industry holds a Zacks Industry Rank of 153, positioning it in the bottom 38% of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
New Hires Underscore Stifel’s Accelerated Investment in Public Finance Healthcare Platform March 12, 2026 09:00 ET | Source: Stifel Financial Corporation
ST. LOUIS, March 12, 2026 (GLOBE NEWSWIRE) -- Stifel Financial Corp. (NYSE: SF) today announced that Ajay Pathak and Bill Reisner have joined the firm as Managing Directors in Stifel’s Public Finance group to co-lead a differentiated healthcare practice. Both will be based in St. Louis, where they will accelerate the continued expansion of Stifel’s public finance platform with a unique market offering that provides capital markets and advisory solutions for hospitals and health systems amid growing sector complexity.
With decades of combined experience spanning health system leadership, municipal finance, investment banking, and strategic advisory, Mr. Pathak and Mr. Reisner will bring together complementary expertise that enhances Stifel’s ability to serve healthcare issuers navigating increasingly complex capital, regulatory, and operating environments. Stifel’s brand and deep relationships, in concert with Mr. Pathak and Mr. Reisner’s experience and leadership, present a unique moment in time to enter the sector and build an enhanced product offering within public finance.
Mr. Pathak most recently served as Chief Strategic Ventures Officer for Mercy Health, where he led enterprise-wide strategic ventures, transaction structuring and execution, market development, and integration efforts across several of the system’s most critical growth areas. Prior to Mercy, he spent more than a decade at OSF HealthCare, holding several senior leadership positions, including President and CEO of OSF’s Southern Region and the Chief Strategic Acquisition and Integration Officer at the system-level. Earlier in his career, Mr. Pathak held healthcare investment banking and strategic advisory roles at Barclays, Lehman Brothers, Navigant Consulting, and The Advisory Board Company. He holds a B.S. from Union College, a Cert. M.P.H. from the Harvard University T.H. Chan School of Public Health, and an M.B.A. from Georgetown University McDonough School of Business.
Mr. Reisner joins Stifel as a seasoned municipal finance and fixed income executive with a track record of building and leading high-performing banking, trading, and underwriting organizations. He most recently served as Co-Head of Fixed Income at Janney Montgomery Scott, where he led a national practice and played a central role in restructuring key capital markets business lines, driving revenue growth, launching new product verticals, and expanding market share. Before Janney, Mr. Reisner held a series of progressively senior roles at Oppenheimer & Co. Inc., culminating as Head of Public Finance. He holds a B.A. from Dartmouth College and an Executive M.B.A. from the Olin Business School at Washington University in St. Louis.
“Ajay and Bill reflect the strategic momentum behind Stifel’s expanded commitment to the healthcare sector,” said Peter Czajkowski, Director of Public Finance at Stifel. “Our healthcare public finance platform helps hospitals and health systems access capital and navigate increasingly complex market and regulatory environments. By bringing together these two leaders with deep health system, advisory, and capital markets experience, we’re strengthening a high-growth offering and delivering even greater value to issuers nationwide.”
Stifel 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.
Stifel Financial NYSE: SF recently finished one of its strongest years ever and then split its stock. Clearly, the company feels optimistic. But the question is, should shareholders?
Maybe not a household name, but Stifel is making money by catering to households, institutions, and others. Managing client investments and advising companies on deals and in the capital markets, the company is doing more business with more clients. That’s partly thanks to last year’s rebound on Wall Street activity, but also from investors moving more of their money to Stifel.
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Stifel's Growing Revenue and Operating Results To recap growth at Stifel: net revenue rose about 11% to a record $5.53 billion last year, the first time it climbed above $5 billion in the company’s 135-year history. The company then split its stock and raised its dividend. Overall, Stifel reported net income of $646.5 million with earnings per share (EPS) at $5.87.
Stifel Financial Today
SF
Stifel Financial
$72.70 +1.31 (+1.83%)
As of 02:05 PM Eastern
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52-Week Range$62.90▼
$89.83Dividend Yield1.87%
P/E Ratio14.16
Price Target$91.15
Although EPS declined from 2024, the numbers don't reflect a slowdown in business. The net figure includes a $180 million legal expense taken in last year’s first quarter stemming from a FINRA case involving a former broker and client. The company says it’s appealing the ruling. Operationally, Stifel delivered earnings per share of $7.92 with a pre-tax margin of 21%, the company’s CEO said during an earnings call.
Further, as of the fourth quarter, Stifel showed it was putting shareholder money to good use, with its adjusted return on tangible common equity coming in at a very strong 31.1%.
The wealth‑management arm of Stifel is the steady, recurring part of its story. At the end of 2025, client assets reached $552 billion, up 10% from a year earlier, reflecting both market gains and money coming in. Within that, fee‑based assets rose 16% to $224.5 billion dollars. Net revenue at the unit rose 8% to $3.54 billion. The company’s investment banking unit saw revenue climb 26% to $1.2 billion.
Current Price$72.71High Forecast$103.33Average Forecast$91.15Low Forecast$80.67Stifel Financial Stock Forecast Details
Stifel also has a habit of returning cash to shareholders. The company announced in January that it was raising its quarterly dividend 11% to 51 cents per share. It was its ninth consecutive annual raise. Along with that, the company announced a 3-for-2 stock split.
Beyond the impressive raw numbers, valuation is where investors' personal judgment comes into play. Recent data show Stifel trading at a trailing price‑to‑earnings ratio around 20 and offering a dividend yield under 2%.
Analysts on Wall Street are generally positive but not overly excited, which could mark an opportunity. The consensus rating on the stock is a Moderate Buy, with a small majority of analysts slating the shares as a Buy. The average 12‑month price target is around $90, with the highest target above $100.
This all points to expectations of a steady, reasonable upside rather than a quick jump in valuation, suggesting Stifel is viewed more as a long‑term play rather than a short‑term trade.
Market Risks Are Obvious But when you play the market with a stock that’s dependent on the market, there’s always risk. Stifel’s investment‑banking business got a lift in 2025 as companies returned to the capital markets for deals and financing. But that activity can dry up quickly if the economy slows or stocks sell off, which would hit fee revenue and profits.
Stifel also runs a sizeable $32 billion bank, and like any lender, it faces credit risk if borrowers run into trouble.
Competition is another ongoing challenge. Stifel has to win advisors and clients from much larger players in the broader sector, such as Morgan Stanley NYSE: MS and Raymond James Financial NYSE: RJF, which have deep pockets and strong technology platforms.
A Competitive Future With Potential To keep up and keep growing, Stifel will need to keep investing in its systems, digital tools, and people. Those investments can squeeze profit margins if revenue growth slows. The trade‑off is clear: the company can keep gaining share in attractive markets, but it may need to spend aggressively to stay competitive.
Still, if market activity continues and wealth management keeps the appeal it now has, Stifel should benefit nicely. The company brings together a growing wealth‑management and advisory franchise, strong profitability metrics, a dividend that has been rising for years, and a new stock split. That will make the shares more accessible, all at a valuation that looks reasonable rather than stretched.
The business is tied to markets and deal activity, so expect more ups and downs than you would get from a utility or consumer staples stock. For patient investors building a diversified portfolio of financials, though, Stifel looks like a good candidate to buy on market pullbacks and then hold through the typical market cycles.
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March 26, 2026 16:15 ET | Source: Stifel Financial Corporation
ST. LOUIS, March 26, 2026 (GLOBE NEWSWIRE) -- Stifel Financial Corp. (NYSE: SF) today reported selected operating results for February 28, 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, “On February 2, 2026, we completed the sale of Stifel Independent Advisors, LLC. Excluding assets related to this transaction, total client assets and fee-based client assets increased 12% and 19% year-over-year, driven by equity market appreciation and strong advisor recruiting. Client money market and insured products rose 1% from January, while venture banking growth increased treasury deposits by more than $400 million. Despite recent market volatility, first-quarter 2026 investment banking activity remains well above prior-year levels, and we expect revenue to increase 30%–40% versus the first quarter of 2025.”
Selected Operating Data (Unaudited) As of% Change(millions)2/28/20262/28/2025(1)1/31/2026(2)2/28/20251/31/2026Total client assets$557,714$506,475$561,06110%(1)%Fee-based client assets$228,012$196,380$229,42316%(1)%Private Client Group fee-based client assets$199,191$171,760$201,39616%(1)%Bank loans, net (includes loans held for sale)$22,348$21,201$22,3115%0%Client money market and insured product(3)$26,030$27,737$25,911(6)%1%Treasury deposits(4)$9,584$5,557$9,13973%5% (1)Total client assets and Private Client Group fee-based client assets as of February 28, 2025, include $9.3 billion and $4.3 billion, respectively, of client assets from the Stifel Independent Advisors business that was sold on February 2, 2026.(2)Total client assets and Private Client Group fee-based client assets as of January 31, 2026, include $10.0 billion and $4.9 billion, respectively, of client assets from the Stifel Independent Advisors business that was sold on February 2, 2026.(3)Includes Smart Rate deposits, Sweep deposits, Third-party Bank Sweep Program, and Other Sweep cash.(4)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.
Erica Yoon Joins Firm as Technology, Media, & Telecommunications Sector Sales Specialist April 09, 2026 08:30 ET | Source: Stifel Financial Corporation
ST. LOUIS, April 09, 2026 (GLOBE NEWSWIRE) -- Stifel Financial Corp. (NYSE: SF) today announced that Erica Yoon has joined the firm as a Managing Director in Stifel’s Equity Sales group. Based in New York, Ms. Yoon will serve as a Technology, Media, & Telecommunications (TMT) sector specialist, deepening the firm’s relationships with institutional investors and further expanding Stifel’s reach across the technology investing ecosystem.
Ms. Yoon brings more than 20 years of experience as a TMT salesperson, with deep expertise across the technology industry and a strong track record of advising leading institutional investors. She joins Stifel from TD Cowen, where she served as a Managing Director in TMT Specialist Sales, connecting clients with the firm’s research, investment banking, and corporate access services.
“Erica brings deep sector expertise and strong institutional relationships that will meaningfully enhance our Equities platform,” said Brian Donlin, Stifel Global Co-Head of Equity Research & Sales. “We are excited to have her join our growing TMT effort, which includes sector sales specialist Brad Wilson, trading specialist Brian Woglom, and a team of 20 publishing research analysts covering nearly 200 publicly-traded TMT companies globally.”
Prior to TD Cowen, Ms. Yoon held senior TMT specialist roles at UBS Securities, Merrill Lynch, and Pac Crest Securities, where she built long-standing relationships across public equity markets and contributed to numerous IPOs and capital markets transactions.
Ms. Yoon earned an MBA from the University of Chicago Booth School of Business and a BA in Economics from Wellesley College.
Stifel’s institutional equity sales force delivers the firm’s award-winning research, banking, corporate access, and other products to clients throughout the United States, Canada and Europe and select parts of Asia and Australia.
Stifel 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.
The market expects Stifel Financial (SF - Free Report) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended March 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.
The stock might move higher if these key numbers top expectations in the upcoming earnings report. On the other hand, if they miss, the stock may move lower.
While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.
Zacks Consensus EstimateThis brokerage and investment banking firm is expected to post quarterly earnings of $1.44 per share in its upcoming report, which represents a year-over-year change of +336.4%.
Revenues are expected to be $1.48 billion, up 18.1% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 4.26% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for Stifel?For Stifel, the Most Accurate Estimate is the same as the Zacks Consensus Estimate, suggesting that there are no recent analyst views which differ from what have been considered to derive the consensus estimate. This has resulted in an Earnings ESP of 0%.
On the other hand, the stock currently carries a Zacks Rank of #3.
So, this combination makes it difficult to conclusively predict that Stifel will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that Stifel would post earnings of $1.65 per share when it actually produced earnings of $1.75, delivering a surprise of +6.06%.
Over the last four quarters, the company has beaten consensus EPS estimates three times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Stifel doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
An Industry Player's Expected ResultsAmong the stocks in the Zacks Financial - Investment Bank industry, Interactive Brokers Group, Inc. (IBKR - Free Report) , is soon expected to post earnings of $0.62 per share for the quarter ended March 2026. This estimate indicates a year-over-year change of +31.9%. This quarter's revenue is expected to be $1.73 billion, up 23.9% from the year-ago quarter.
The consensus EPS estimate for Interactive Brokers has remained unchanged over the last 30 days. However, a lower Most Accurate Estimate has resulted in an Earnings ESP of -2.44%.
This Earnings ESP, combined with its Zacks Rank #3 (Hold), makes it difficult to conclusively predict that Interactive Brokers will beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates three times.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
The Value Plus Fund gained 4.95% in the first quarter, compared with the 4.96% gain for the Russell 2000 Value Index. For small-cap tech stocks, the first quarter proved to be quite strong, in part because this group had already suffered setbacks last year and, for the most part, valuations never got out of hand. One of the biggest detractors to our strategy's performance in the quarter was Stifel Financial.
April 16, 2026 16:30 ET | Source: Stifel Financial Corporation
ST. LOUIS, April 16, 2026 (GLOBE NEWSWIRE) -- Stifel Financial Corp. (NYSE: SF) will release its first quarter financial results before the market opens on Wednesday, April 22, 2026. The company will host a conference call to review the results at 9:30 a.m. Eastern time that same day. The conference call may include forward-looking statements.
All interested parties are invited to listen to Stifel Chairman and CEO Ronald J. Kruszewski by dialing (800) 330-6710 and referencing participant ID 2892702. A live audio webcast of the call, as well as a presentation highlighting the company’s results, will be available through Stifel’s website, www.stifel.com. For those who cannot listen to the live broadcast, a replay of the broadcast will be available through the above-referenced website beginning approximately one hour following the completion of the call.
Stifel 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 https://www.stifel.com/investor-relations/press-releases.
Stifel Investor Relations Contact
Joel Jeffrey, Senior Vice President
(212) 271-3610 direct [email protected]
ST. LOUIS, April 22, 2026 (GLOBE NEWSWIRE) -- Stifel Financial Corp. (NYSE: SF) today reported net revenues of $1.48 billion for the three months ended March 31, 2026, compared with $1.26 billion a year ago. Net income available to common shareholders was $242.1 million, or $1.48 per diluted common share, compared with $43.7 million, or $0.26 per diluted common share (1) for the first quarter of 2025. Non-GAAP net income available to common shareholders was $237.5 million, or $1.45 per diluted common share for the first quarter of 2026.
Ronald J. Kruszewski, Chairman and Chief Executive Officer, said “Stifel delivered record first quarter results with approximately $1.5 billion in revenue and earnings per share of $1.48. Even amid heightened volatility driven by geopolitical events, we achieved our strongest ever first quarter performance across both operating segments, underscoring the durability and diversification of our model. Looking ahead, client engagement remains high across wealth management and institutional, and our investment banking pipelines are among the strongest we have seen. Assuming market risks remain within current expectations, we are well positioned for a strong 2026.”
Highlights
The Company reported net revenues of $1.48 billion, the second best in its history, driven by higher investment banking revenues, asset management revenues, transactional revenues, net interest income, and the recognition of a gain on the sale of Stifel Independent Advisors, LLC, which closed on February 2, 2026.Non-GAAP net income available to common shareholders of $1.45 per diluted common share. The first quarter of 2025 was negatively impacted by elevated provisions for legal matters.Investment banking revenues increased 44% over the year-ago quarter. Advisory revenues increased 59% over the year-ago quarter.Capital raising revenues increased 22% over the year-ago quarter. Record asset management revenues, up 12% over the year-ago quarter.Client assets of $538.7 billion, up 11% over the year-ago quarter.Over the last twelve months, recruited trailing twelve-month production totaled approximately $80 million.Non-GAAP pre-tax margin of 22.2%.Annualized return on tangible common equity (ROTCE) (6) of 24.8%.Tangible book value per common share (9) of $24.89, up 12% from prior year. Financial Summary (Unaudited)(000s)1Q 20261Q 2025GAAP Financial Highlights:Net revenues$1,478,161 $1,255,469 Net income(2)$242,099 $43,672 Diluted EPS(1) (2)$1.48 $0.26 Comp. ratio 57.4% 58.3%Non-comp. ratio 20.5% 36.7%Pre-tax margin 22.1% 5.0%Non-GAAP Financial Highlights:Net revenues$1,441,522 $1,255,455 Net income(2) (3)$237,477 $54,236 Diluted EPS(1) (2) (3)$1.45 $0.33 Comp. ratio(3) 57.5% 58.0%Non-comp. ratio(3) 20.3% 35.9%Pre-tax margin(4) 22.2% 6.1%ROCE(5) 17.9% 4.4%ROTCE(6) 24.8% 6.2%Global Wealth Management (assets and loans in millions) Net revenues$932,123 $850,559 Pre-tax net income$330,715 $126,405 Total client assets(7)$538,717 $485,860 Fee-based client assets(7)$219,863 $189,693 Bank loans(8)$22,185 $21,241 Institutional GroupNet revenues$495,258 $384,929 Equity$332,339 $236,192 Fixed Income$162,919 $148,737 Pre-tax net income$97,910 $27,431 Global Wealth Management
Global Wealth Management reported net revenues of $932.1 million for the three months ended March 31, 2026, compared with $850.6 million during the first quarter of 2025. Pre-tax net income was $330.7 million compared with $126.4 million in the first quarter of 2025.
Highlights
Over the last twelve months, recruited trailing twelve-month production totaled approximately $80 million.
Client assets of $538.7 billion, up 11% over the year-ago quarter, which included $9.0 billion of client assets from the Stifel Independent Advisors business that was sold on February 2, 2026.
Fee-based client assets of $219.9 billion, up 16% over the year-ago quarter, which included $4.2 billion of client assets from the Stifel Independent Advisors business that was sold on February 2, 2026. Net revenues increased 10% from a year ago:
Transactional revenues increased 9% over the year-ago quarter, reflecting an increase in client activity.
Asset management revenues increased 12% over the year-ago quarter, reflecting higher asset values due to improved market conditions and net new asset growth.
Net interest income increased 8% 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 to 50.7% primarily attributable to higher variable and deferred compensation costs.
Provision for credit losses decreased from the year-ago quarter 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 13.8% primarily attributable to lower litigation-related expenses and provision for credit losses.
Summary Results of Operations(000s) 1Q 2026 1Q 2025 Net revenues$932,123 $850,559 Transactional revenues 202,658 186,395 Asset management 459,426 409,506 Net interest income 264,368 245,534 Investment banking 6,072 5,908 Other income (401) 3,216 Total expenses$601,408 $724,154 Compensation expense 472,460 422,293 Provision for credit losses 6,535 12,020 Non-comp. operating expenses 122,413 289,841 Pre-tax net income$330,715 $126,405 Compensation ratio 50.7% 49.6%Non-compensation ratio 13.8% 35.5%Pre-tax margin 35.5% 14.9% Institutional Group
Institutional Group reported net revenues of $495.3 million for the three months ended March 31, 2026, compared with $384.9 million during the first quarter of 2025. Pre-tax net income was $97.9 million compared with $27.4 million in the first quarter of 2025.
Highlights
Investment banking revenues increased 45% from a year ago:
Advisory revenues increased 59% over the year-ago quarter, driven by higher levels of completed advisory transactions.
Equity capital raising revenues increased 37% over the year-ago quarter, driven by higher volumes and larger deal sizes.
Fixed income capital raising revenues increased 9% from the year-ago quarter primarily driven by driven by higher bond issuances reflecting a more favorable financing environment. Fixed income transactional revenues increased 12% from a year ago:
Fixed income transactional revenues increased from the year-ago quarter driven by increased client activity due to the continued normalization of the yield curve. Equity transactional revenues decreased 7% from a year ago:
Equity transactional revenues were impacted by the restructuring of our European Equities business. Those actions resulted in a $9 million reduction in equity transactional revenues year over year. Total Expenses:
Compensation expense as a percentage of net revenues decreased to 59.7% primarily attributable to revenue growth, partially offset by higher revenue-related compensation.
Non-compensation operating expenses as a percentage of net revenues decreased to 20.5% primarily attributable to revenue growth. Summary Results of Operations(000s)
1Q 2026
1Q 2025
Net revenues$495,258 $384,929 Investment banking 335,340 232,034 Advisory 218,438 137,470 Equity capital raising 67,293 49,005 Fixed income capital raising 49,609 45,559 Fixed income transactional 100,038 89,345 Equity transactional 55,359 59,590 Other 4,521 3,960 Total expenses$397,348 $357,498 Compensation expense 295,870 252,585 Non-comp. operating expenses 101,478 104,913 Pre-tax net income$97,910 $27,431 Compensation ratio 59.7% 65.6%Non-compensation ratio 20.5% 27.3%Pre-tax margin 19.8% 7.1%
Other Matters
Highlights
Total assets increased $2.5 billion, or 6%, over the year-ago quarter.On January 26, 2026, the Board of Directors declared a three-for-two stock split, effective February 26, 2026, to shareholders of record at the close of business on February 12, 2026.The Company repurchased $224.4 million, or 2.8 million shares, of its outstanding common stock during the first quarter at an average price of $80.32, including $128.0 million in connection with net-share settlements under its equity compensation plan.Weighted average diluted shares outstanding decreased primarily due to share repurchases, partially offset by the increase in the Company’s share price.The Board of Directors declared a $0.34 quarterly dividend per share, payable on March 16, 2026, to common shareholders of record on March 2, 2026.The Board of Directors declared a quarterly dividend on the outstanding shares of the Company’s preferred stock, payable on March 16, 2026, to shareholders of record on March 2, 2026. 1Q 20261Q 2025Common stock repurchases(1) Repurchases (000s)$224,360 $210,934 Number of shares (000s) 2,793 3,044 Average price$80.32 $69.30 Period end shares (000s) 153,817 154,617 Weighted average diluted shares outstanding (000s) 163,444 165,953 Effective tax rate 22.9% 16.4%Stifel Financial Corp.(10) Tier 1 common capital ratio 15.8% 14.7%Tier 1 risk-based capital ratio 18.7% 17.6%Tier 1 leverage capital ratio 11.4% 10.8%Tier 1 capital (MM)$4,530 $4,163 Risk weighted assets (MM)$24,288 $23,661 Average assets (MM)$39,724 $38,397 Quarter end assets (MM)$42,893 $40,384 AgencyRatingOutlookFitch RatingsBBB+StableS&P Global RatingsBBBStable Conference Call Information
Stifel Financial Corp. will host its first quarter 2026 financial results conference call on Wednesday, April 22, 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 2892702. 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.
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 (000s, except per share amounts)3/31/20263/31/2025% Change12/31/2025% ChangeRevenues: Commissions$207,834$193,6707.3 $213,204(2.5)Principal transactions 150,221 141,6606.0 153,198(1.9)Investment banking 341,412 237,94243.5 455,856(25.1)Asset management 459,457 409,54112.2 455,7970.8 Other income 55,679 10,581426.2 5,424926.5 Operating revenues 1,214,603 993,39422.3 1,283,479(5.4)Interest revenue 451,049 475,632(5.2) 469,377(3.9)Total revenues 1,665,652 1,469,02613.4 1,752,856(5.0)Interest expense 187,491 213,557(12.2) 192,277(2.5)Net revenues 1,478,161 1,255,46917.7 1,560,579(5.3)Non-interest expenses: Compensation and benefits 848,334 732,22015.9 925,154(8.3)Non-compensation operating expenses 303,755 459,885(33.9) 327,516(7.3)Total non-interest expenses 1,152,089 1,192,105(3.4) 1,252,670(8.0)Income before income taxes 326,072 63,364414.6 307,9095.9 Provision for income taxes 74,653 10,372619.8 43,54871.4 Net income 251,419 52,992374.4 264,361(4.9)Preferred dividends 9,320 9,3200.0 9,3200.0 Net income available to common shareholders$242,099$43,672454.4 $255,041(5.1)Earnings per common share:(1) Basic$1.56$0.28457.1 $1.65(5.5)Diluted$1.48$0.26469.2 $1.54(3.9)Cash dividends declared per common share(1)$0.34$0.319.7 $0.319.7 Weighted average number of common shares outstanding:(1) Basic 155,508 157,146(1.0) 154,1810.9 Diluted 163,444 165,953(1.5) 165,516(1.3) Non-GAAP Financial Measures (11)
Three Months Ended(000s, except per share amounts)3/31/20263/31/2025GAAP net income$251,419 $52,992 Preferred dividend 9,320 9,320 Net income available to common shareholders 242,099 43,672 Non-GAAP adjustments: Net revenue adjustments(12) (13) (36,639) (14)Merger-related(14) 28,815 12,675 Restructuring and severance(15) 1,831 — Provision for income taxes(16) 1,371 (2,097)Total non-GAAP adjustments (4,622) 10,564 Non-GAAP net income available to common shareholders$237,477 $54,236 Weighted average diluted shares outstanding(1) 163,444 165,953 GAAP earnings per diluted common share(1)$1.54 $0.31 Non-GAAP adjustments(1) (0.03) 0.07 Non-GAAP earnings per diluted common share(1)$1.51 $0.38 GAAP earnings per diluted common share available to common shareholders(1)$1.48 $0.26 Non-GAAP adjustments(1) (0.03) 0.07 Non-GAAP earnings per diluted common share available to common shareholders(1)$1.45 $0.33 GAAP to Non-GAAP Reconciliation (11)
Three Months Ended(000s)3/31/20263/31/2025GAAP net revenues$1,478,161 $1,255,469 Non-GAAP adjustments: Gain on sale of business(12) (49,784) — Litigation-related and other(13) 13,145 (14)Total non-GAAP adjustments (36,639) (14)Non-GAAP net revenues$1,441,522 $1,255,455 GAAP compensation and benefits$848,334 $732,220 As a percentage of net revenues 57.4% 58.3%Non-GAAP adjustments: Merger-related(14) (17,628) (4,056)Restructuring and severance(15) (1,831) — Total non-GAAP adjustments (19,459) (4,056)Non-GAAP compensation and benefits$828,875 $728,164 As a percentage of non-GAAP net revenues 57.5% 58.0% GAAP non-compensation expenses$303,755 $459,885 As a percentage of net revenues 20.5% 36.7%Non-GAAP adjustments: Merger-related(14) (11,187) (8,619)Non-GAAP non-compensation expenses$292,568 $451,266 As a percentage of non-GAAP net revenues 20.3% 35.9%Total adjustments before income taxes($5,993)$12,661 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 $92.5 million and $82.5 million as of March 31, 2026, and 2025, respectively.
(7) Total client assets and fee-based client assets as of March 31, 2025, include $9.0 billion and $4.2 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, April 22, 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.
Stifel Financial (SF - Free Report) came out with quarterly earnings of $1.45 per share, beating the Zacks Consensus Estimate of $1.39 per share. This compares to earnings of $0.33 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +4.32%. A quarter ago, it was expected that this brokerage and investment banking firm would post earnings of $1.65 per share when it actually produced earnings of $1.75, delivering a surprise of +6.06%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Stifel, which belongs to the Zacks Financial - Investment Bank industry, posted revenues of $1.48 billion for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 4.78%. This compares to year-ago revenues of $1.26 billion. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Stifel shares have lost about 1.5% since the beginning of the year versus the S&P 500's gain of 3.2%.
What's Next for Stifel?While Stifel has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Stifel was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #5 (Strong Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.46 on $1.48 billion in revenues for the coming quarter and $6.27 on $6.12 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Investment Bank is currently in the bottom 33% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, LPL Financial Holdings Inc. (LPLA - Free Report) , is yet to report results for the quarter ended March 2026. The results are expected to be released on April 30.
This company is expected to post quarterly earnings of $5.49 per share in its upcoming report, which represents a year-over-year change of +6.6%. The consensus EPS estimate for the quarter has been revised 4.3% lower over the last 30 days to the current level.
LPL Financial Holdings Inc.'s revenues are expected to be $4.98 billion, up 34.9% from the year-ago quarter.
Stifel Financial Corp. had decent results from pro-volatility businesses but even better results from businesses otherwise more threatened by the dealmaking slump. There may be some pause after Q1 in biotech depositories, but the decent market environment despite the Iran War may not threaten capital raising and industrial advisory too much. Growth should still be possible, though we wouldn't be surprised by some deceleration, even if overall dealmaking is supposed to have recovered, possibly driven by large tickets, though.
Stifel Financial is a durable, relationship-driven financial franchise compounding value across cycles, with a current price undervaluing its earnings power. Q1'26 results showed 15% YoY revenue growth, record wealth management, and firm-wide pretax margins above 22%, with broad-based segment contributions. SF's outlook is supported by strong investment banking pipelines, adviser recruitment, and AI-driven productivity, positioning it for cyclical upswing without requiring perfect conditions.
17 Outstanding Banks Recognized for Best-In-Class Earnings Growth Over the Past Decade April 28, 2026 08:30 ET | Source: Keefe, Bruyette & Woods, Inc. (KBW)
NEW YORK, April 28, 2026 (GLOBE NEWSWIRE) -- Keefe, Bruyette & Woods, Inc., a leading specialist investment bank to the financial services and fintech sectors, and a wholly-owned subsidiary of Stifel Financial Corp. (NYSE: SF), today named 17 U.S. banking institutions, just 6% of eligible banks, to the coveted 2026 KBW Bank Honor Roll.
KBW congratulates the 10 returning members to this year’s Honor Roll, including 1st Source Corporation (SRCE), BancFirst Corporation (BANF), Coastal Financial Corporation (CCB), Esquire Financial Holdings, Inc. (ESQ), First Citizens BancShares, Inc. (FCNCA), HomeTrust Bancshares, Inc. (HTB), Magyar Bancorp, Inc. (MGYR), Northeast Bank (NBN), NorthEast Community Bancorp, Inc. (NECB), and Pathward Financial, Inc. (CASH).
Two of these banks have consistently been named to the KBW Bank Honor Roll, including BANF (14 consecutive years), and SRCE (eight consecutive years).
In addition, KBW welcomes seven new members to the Honor Roll this year, including: Amalgamated Financial Corp. (AMAL), CF Bankshares Inc. (CFBK), Live Oak Bancshares, Inc. (LOB), Metropolitan Bank Holding Corp. (MCB), Orange County Bancorp, Inc. (OBT), Popular, Inc. (BPOP), and Wintrust Financial Corporation (WTFC).
These 17 elite banks were named to the KBW Bank Honor Roll based on two central criteria: 1) consistent earnings growth over each of the past 10 years; and/or 2) top 5% of eligible banks based on 10-year EPS CAGR. As with prior Honor Rolls, banks must have more than $500 million in total assets to be eligible. Two banks, CASH and ESQ, had the elite distinction of satisfying both criteria.
“This year’s Honor Roll banks continue to demonstrate peer-leading fundamentals across the business cycle, and the market is rightfully rewarding these banks with premium valuations,” said Thomas B. Michaud, KBW President and CEO. “We congratulate the 2026 class of Honor Roll banks for this distinguished accomplishment.”
Over the five-year period ending in 2025, KBW Bank Honor Roll stocks yielded a total return of 172%, significantly outperforming both the KBW Nasdaq Bank Index (BKX, 96%) and the KBW Nasdaq Regional Banking Index (KRX, 53%).
Christopher McGratty, KBW’s Head of U.S. Banks Research, added, “Consistency remains a key differentiator of the most successful banks and a characteristic that is contributing to notable stock outperformance for this year’s Honor Roll banks.”
About KBW
KBW (Keefe, Bruyette & Woods, Inc., operating in the U.S., and Stifel Nicolaus Europe Limited, also trading as Keefe, Bruyette & Woods Europe, operating in Europe) is a Stifel company. Over the years, KBW has established itself as a leading independent authority in the banking, insurance, brokerage, asset management, mortgage banking, and specialty finance sectors. Founded in 1962, the firm maintains industry‐leading positions in the areas of research, corporate finance, mergers and acquisitions as well as sales and trading in equities securities of financial services companies.
May 01, 2026 16:30 ET | Source: Stifel Financial Corporation
ST. LOUIS, May 01, 2026 (GLOBE NEWSWIRE) -- Stifel Financial Corp. (NYSE: SF) today announced that its Board of Directors has declared a cash dividend on shares of its common stock of $0.34 per share, payable June 15, 2026, to shareholders of record at the close of business on June 1, 2026.
The Board of Directors also declared a quarterly cash dividend on the outstanding shares of its 6.25% Non-Cumulative Perpetual Preferred Stock, Series B (the “Series B Preferred Stock”), 6.125% Non-Cumulative Perpetual Preferred Stock, Series C (the “Series C Preferred Stock”), and 4.50% Non-Cumulative Perpetual Preferred Stock, Series D (the “Series D Preferred Stock”). The declared cash dividend on the Series B Preferred Stock, Series C Preferred Stock, and Series D Preferred Stock is for the period from March 16, 2026, up to, but excluding, June 15, 2026. The declared cash dividend equated to approximately $0.390625 per depositary share, or $390.625 per share of the Series B Preferred Stock outstanding. The declared cash dividend equated to approximately $0.3828125 per depositary share, or $382.8125 per share of the Series C Preferred Stock outstanding. The declared cash dividend equated to approximately $0.281250 per depositary share, or $281.250 per share of the Series D Preferred Stock outstanding. The cash dividends are payable on June 15, 2026 to shareholders of record on June 1, 2026.
The Company’s Series B Preferred Stock trades on the New York Stock Exchange under the symbol “SF PrB”, the Company’s Series C Preferred Stock trades on the New York Stock Exchange under the symbol “SF PrC”, and the Company’s Series D Preferred Stock trades on the New York Stock Exchange under the symbol “SF PrD.”
Stifel 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 https://www.stifel.com/investor-relations/press-releases.
Stifel Investor Relations Contact
Joel Jeffrey, Senior Vice President
(212) 271-3610 direct [email protected]
Industry Veterans Bret Turner & Sayoji Goli Join to Lead New Effort May 05, 2026 08:30 ET | Source: Stifel Financial Corporation
ST. LOUIS, May 05, 2026 (GLOBE NEWSWIRE) -- Stifel Financial Corp. (NYSE: SF) today announced the launch of a Project Finance platform to support the development of energy and infrastructure sectors and bridge the transition financing gap. The initiative is led by newly appointed Managing Directors Bret Turner and Sayoji Goli.
Turner and Goli join Stifel from First Citizens Bank and bring over a decade of collaboration and a proven track record of advancing emerging technologies and business models. Turner previously founded and scaled the project finance platform at Silicon Valley Bank, building it into one of the leading renewable energy lending businesses in the United States prior to its acquisition by First Citizens Bank.
Stifel’s Project Finance platform is designed to support companies and sponsors scale by financing proven commercial technologies in established and emerging infrastructure assets with strong credit profiles. The Project Finance product expansion compliments the recent addition of Energy Tech and established Deep Tech teams supporting the next evolution of global energy production and consumption. The offering includes a range of financing solutions, including development loans, construction-to-term loans, interest rate swaps, depository services, and investment banking advisory.
“These key hires significantly enhance Stifel’s ability to finance infrastructure across the energy and industrial sectors,” said Chris Reichert, Stifel Bank CEO. “Their addition supports Stifel’s differentiated approach of integrating Project Finance with our Venture Banking, Fund Banking, and Capital Markets capabilities, enabling support for investors and portfolio companies from early-stage development through commercialization and monetization.”
“The need for reliable, affordable, and clean power, driven by rapid electrification and digitalization, is creating significant demand for new infrastructure needs that will require vast amounts of capital,” said Turner. “This platform allows us to bring our experience in structuring and executing, across both established and emerging technologies, to the Stifel client base.”
Stifel 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.
Stifel Bank and Stifel Bank & Trust, Members FDIC, offer a full range of consumer and commercial lending solutions.
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.
May 28, 2026 16:15 ET | Source: Stifel Financial Corporation
ST. LOUIS, May 28, 2026 (GLOBE NEWSWIRE) -- Stifel Financial Corp. (NYSE: SF) today reported selected operating results for April 30, 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, “Excluding the sale of Stifel Independent Advisors, LLC, total and fee-based client assets rose 19% and 25% year over year, respectively, driven by market appreciation and continued success in recruiting productive financial advisors. Treasury Deposits increased by 7% in April as venture banking delivered strong growth, helping to partially offset seasonal declines in client money market and insured product balances. Loan growth also strengthened in April, increasing more than $1.2 billion as fund banking activity rose significantly.”
Selected Operating Data (Unaudited) As of% Change(millions)4/30/20264/30/2025(1)3/31/20264/30/20253/31/2026Total client assets$568,887$485,551$538,71717%6%Fee-based client assets$232,400$190,545$219,86322%6%Private Client Group fee-based client assets$202,919$166,029$191,70822%6%Bank loans, net (includes loans held for sale)$23,409$21,536$22,1859%6%Client money market and insured product(2)$25,038$26,073$26,940(4%)(7%)Treasury deposits(3)$11,116$5,904$10,42888%7% (1) Total client assets and Private Client Group fee-based client assets as of April 30, 2025, include $9.0 billion and $4.2 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
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There are several stocks that currently pass through the screen and Hilton Grand Vacations (HGV - Free Report) is one of them. Here are the key reasons why this stock is a great candidate.
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ORLANDO, Fla.--(BUSINESS WIRE)--Hilton Grand Vacations Inc. (NYSE:HGV), the premier vacation ownership and experiences company, today announced a combined $100,000 contribution to the American Red Cross as part of the organization's Spring Match Day campaign on May 12 and 13. HGV will donate $50,000, with an additional $50,000 contributed by the Hilton Grand Vacations Foundation, the company's philanthropic arm. The combined pledge doubles the company's support from prior years and furthers its commitment to disaster relief and community resilience nationwide.
During the two-day campaign, HGV and the HGV Foundation will match public donations to the Red Cross dollar-for-dollar, up to a combined $100,000, to support ongoing disaster relief efforts. The funds will help the Red Cross provide critical resources, including temporary shelter, food and essential care, to individuals, families and communities recovering from disaster. Already in 2026, Red Cross volunteers have responded to severe winter storms across nearly a dozen states, flash floods in Hawaii, tornadoes in the central U.S. and wildfires across the Plains and Nebraska. In January alone, volunteers provided 30% more meals and snacks than during the same period last year. With the Red Cross responding to more than 60,000 disasters in the U.S. annually, the need for support continues to grow.
“At HGV, giving back to the communities where we live and operate is central to who we are,” said Mark Wang, CEO of Hilton Grand Vacations. “As disasters continue to impact communities across the country, our expanded partnership with the American Red Cross reflects our commitment to step up when support is needed most. We’re proud to stand alongside the Red Cross and help deliver critical assistance to individuals and families in times of crisis.”
“The HGV Foundation exists to extend our company's impact beyond the walls of our resorts and into the communities that need it most,” said Hannah Vazzana, executive vice president, chief brand & communications officer of Hilton Grand Vacations and president of the HGV Foundation. “Through our donation to Spring Match Day, we’re supporting the American Red Cross to help ensure more people receive care, shelter and resources when disasters strike. This partnership reflects our shared belief in showing up for people when it matters most.”
“We are deeply grateful to Hilton Grand Vacations and the Hilton Grand Vacations Foundation for their extraordinary generosity and commitment to our mission,” said Christian Smith, regional executive of American Red Cross North and Central Florida. This $100,000 matching gift not only amplifies the impact of every donation but also strengthens our ability to provide critical services to families and communities across the country. Partnerships like this demonstrate the power of coming together to support those in need, especially during times of disaster and uncertainty. On behalf of the American Red Cross, thank you for helping us deliver hope and relief when it matters most.”
Through its corporate social responsibility program, HGV Serves, HGV is committed to creating impactful, positive change across its global footprint. The program is built on four philanthropic pillars: disaster relief, homelessness, military & families and youth development. HGV empowers team members to support their communities by hosting volunteer events, such as home builds, care package preparation, hygiene kit building events and more. The company's longstanding national partnership with the American Red Cross aligns with its disaster relief pillar and continues to grow each year.
To participate in Spring Match Day and support the Red Cross with a donation, visit RedCross.org/donate.
About Hilton Grand Vacations Inc.
Hilton Grand Vacations Inc. (NYSE:HGV) is recognized as a leading global timeshare company and is the exclusive vacation ownership partner of Hilton. With headquarters in Orlando, Florida, Hilton Grand Vacations develops, markets, and operates a system of brand-name, high-quality vacation ownership resorts in select vacation destinations. Hilton Grand Vacations has a reputation for delivering a consistently exceptional standard of service, and unforgettable vacation experiences for guests and more than 720,000 Club Members. Membership with the Company provides best-in-class programs, exclusive services and maximum flexibility for our Members around the world.
For more information, visit www.corporate.hgv.com. Follow us on Instagram, Facebook, LinkedIn, X (formerly Twitter), Pinterest and YouTube.
Vacation ownership company recognized with two coveted ARDA Circle of Excellence Awards for Resort of the Year and Emerging Leader
ORLANDO, Fla.--(BUSINESS WIRE)--Hilton Grand Vacations Inc. (NYSE:HGV), the premier vacation ownership and experiences company, was recently honored with 14 awards in the 2026 American Resort Development Association (ARDA) Awards Program, which spotlight the people and organizations advancing innovation, performance and the owner and guest experience throughout the vacation ownership industry.
For the fourth consecutive year, HGV earned two coveted ARDA Circle of Excellence (ACE) Awards, which represent the highest level of excellence within the resort industry. The company was honored with the prestigious ACE Resort of the Year award for its third resort in Japan, first in Kyoto — Tradimo Kyoto Gojo, a Hilton Grand Vacations Club — which opened in March of this year. In addition, Aaron Chan received the ACE Emerging Leader award.
“We’re incredibly proud to be recognized with 14 ARDA Awards, including two ACE awards that reflect the passion and dedication of our team,” said Mark Wang, CEO of Hilton Grand Vacations. “These awards are a tribute to every team member across the organization whose daily commitment, collaboration and pride in the company bring our brand to life for members and guests.”
A full list of HGV’s ARDA Awards winners include:
ACE Emerging Leader Award — Aaron Chan ACE Resort of the Year — Tradimo Kyoto Gojo, a Hilton Grand Vacations Club Business Administration or Operations Team Member — Brian Redlin Business Administration or Operations Team — National Package Sales Operations Support Team Digital Magazine — Club Traveler Magazine Housekeeping Manager — Ashley Orlando Marketing Team — Elara VIP Team Owner/Customer Relations Team Member — Melissa Heffner Safety/Security Professional — Jason Parrish Sales Center — The Wilderness Club Preview Center Rebranding to HGV Salesperson: Traditional Line — Bocar Barry Social Media Campaign — HGV Influencer Program Technology Project Professional — Venkat Bodapati Training and Development Team — Leadership Development & People Management Team This year’s ARDA Awards winners were selected by both industry experts and judges outside of the industry that represent a variety of fields in relation to the category divisions. In past years, HGV has earned recognition in categories such as ACE Culture and Belonging, Resort General Manager, Resort Operations Team, Sales Team and Interior Design, highlighting the success and hard work of its team members.
ARDA is the D.C.-based professional association representing the vacation ownership and resort development industries, and the ARDA Awards Program is widely considered to be the paradigm in the industry.
About Hilton Grand Vacations Inc.
Hilton Grand Vacations Inc. (NYSE:HGV) is recognized as a leading global timeshare company and is the exclusive vacation ownership partner of Hilton. With headquarters in Orlando, Florida, Hilton Grand Vacations develops, markets, and operates a system of brand-name, high-quality vacation ownership resorts in select vacation destinations. Hilton Grand Vacations has a reputation for delivering a consistently exceptional standard of service, and unforgettable vacation experiences for guests and more than 720,000 Club Members. Membership with the Company provides best-in-class programs, exclusive services and maximum flexibility for our Members around the world.
For more information, visit www.corporate.hgv.com. Follow us on Instagram, Facebook, LinkedIn, X (formerly Twitter), Pinterest and YouTube.
ORLANDO, Fla.--(BUSINESS WIRE)--Hilton Grand Vacations Inc. (NYSE:HGV), the premier vacation ownership and experiences company, today announced that Dan Mathewes, president and chief financial officer, will participate in a live fireside chat at the 4th Annual Morgan Stanley Travel & Leisure Conference on Tuesday, June 2.
A live webcast of the fireside chat featuring Mathewes will be available on the Events & Presentations section of the Investor Relations website.
About Hilton Grand Vacations Inc.
Hilton Grand Vacations Inc. (NYSE:HGV) is recognized as a leading global timeshare company and is the exclusive vacation ownership partner of Hilton. With headquarters in Orlando, Florida, Hilton Grand Vacations develops, markets, and operates a system of brand-name, high-quality vacation ownership resorts in select vacation destinations. Hilton Grand Vacations has a reputation for delivering a consistently exceptional standard of service, and unforgettable vacation experiences for guests and more than 720,000 Club Members. Membership with the Company provides best-in-class programs, exclusive services and maximum flexibility for our Members around the world.
For more information, visit www.corporate.hgv.com. Follow us on Instagram, Facebook, LinkedIn, X (formerly Twitter), Pinterest and YouTube.
HGV reinforces its commitment to unforgettable experiences with its most anticipated race-week hospitality offering to date
ORLANDO, Fla.--(BUSINESS WIRE)--Hilton Grand Vacations Inc. (NYSE:HGV), the premier vacation ownership and experiences company, announced its return as an official event partner of the FORMULA 1 HEINEKEN LAS VEGAS GRAND PRIX 2026, set for Nov. 19-21. For the fourth consecutive year, the company will host its exclusive HGV Clubhouse, a landmark trackside hospitality experience that provides members and guests with unparalleled access, premium amenities and high-energy entertainment on the Las Vegas Strip.
Set against the gleaming mirrored façade of the 52-story Elara by Hilton Grand Vacations, the multi-story venue offers more than 450 feet of premium viewing along the Harmon Straightaway and final turn of the Las Vegas Strip Circuit®. HGV sets itself apart among vacation ownership brands, delivering a trackside hospitality experience of unparalleled magnitude for its members in Las Vegas. The all-inclusive experience brings race fans closer to the action with chef-driven gourmet dining, elevated cocktails and access to exclusive performances, making it one of the most sought-after race week destinations on the Strip.
“Signature events like the Las Vegas Grand Prix exemplify how Hilton Grand Vacations continues to push the boundaries of experiential travel,” said Mark Wang, CEO of Hilton Grand Vacations. “As a lifelong Formula 1 fan, creating once-in-a-lifetime moments for our members — from front-row race views to world-class entertainment — is incredibly meaningful.”
HGV Clubhouse ticketholders will once again enjoy access to the Elara Terrace, home to the event's highly anticipated nightly concert series. The lineup kicks off Thursday, Nov. 19, with a 2000s pop showcase featuring Mark McGrath of Sugar Ray, O-Town and LFO. On Friday, Nov. 20, rising country artist — and 2026 HGV Ultimate Access brand ambassador and Academy of Country Music’s 2026 New Male Artist of the Year — Tucker Wetmore takes the stage. The series concludes Saturday, Nov. 21, with a performance by multi-platinum pop star Bebe Rexha. Year after year, the concert series elevates the immersive HGV Clubhouse experience, seamlessly blending live music with the spectacle of race week in Las Vegas.
HGV's continued presence at the Las Vegas Grand Prix reflects the company's broader commitment to delivering exceptional value through its exclusive experiential travel platform, HGV Ultimate Access. The platform provides members with curated access to thousands of premium events annually, including private concerts, chef-hosted dining, championship sporting tournaments and immersive cultural experiences around the world.
Tickets for the HGV Clubhouse are available for purchase on HGV.com/f1vegas. HGV offers nightly stays at a variety of its Las Vegas resorts during race week. For more information, visit my.hgv.com/LVGP26.
About Hilton Grand Vacations Inc.
Hilton Grand Vacations Inc. (NYSE:HGV) is recognized as a leading global timeshare company and is the exclusive vacation ownership partner of Hilton. With headquarters in Orlando, Florida, Hilton Grand Vacations develops, markets, and operates a system of brand-name, high-quality vacation ownership resorts in select vacation destinations. Hilton Grand Vacations has a reputation for delivering a consistently exceptional standard of service, and unforgettable vacation experiences for guests and more than 720,000 Club Members. Membership with the Company provides best-in-class programs, exclusive services and maximum flexibility for our Members around the world.
For more information, visit www.corporate.hgv.com. Follow us on Instagram, Facebook, LinkedIn, X (formerly Twitter), Pinterest and YouTube.
About FORMULA 1 HEINEKEN LAS VEGAS GRAND PRIX
Established in 2023, the FORMULA 1 HEINEKEN LAS VEGAS GRAND PRIX is promoted by Formula 1®, in collaboration with Clark County. The 50-lap race takes place on a 3.8-mile circuit in the heart of the Las Vegas Strip and sees drivers reach jaw-dropping speeds of over 215 mph (346 kph) as they drive past some of the world’s most iconic landmarks, hotels, and casinos. Through the Las Vegas Grand Prix Foundation, Las Vegas Grand Prix, Inc. has donated more than $2 million to non-profit organizations working to strengthen the local community. The 2026 race will take place on November 19-21, 2026. For more information, visit www.f1lasvegasgp.com.
While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies.
Of these, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Value investors rely on traditional forms of analysis on key valuation metrics to find stocks that they believe are undervalued, leaving room for profits.
On top of the Zacks Rank, investors can also look at our innovative Style Scores system to find stocks with specific traits. For example, value investors will want to focus on the "Value" category. Stocks with high Zacks Ranks and "A" grades for Value will be some of the highest-quality value stocks on the market today.
One stock to keep an eye on is Hilton Grand Vacations (HGV - Free Report) . HGV is currently sporting a Zacks Rank #2 (Buy) and an A for Value. The stock holds a P/E ratio of 11.73, while its industry has an average P/E of 21.69. Over the past 52 weeks, HGV's Forward P/E has been as high as 14.57 and as low as 8.56, with a median of 11.43.
Finally, investors will want to recognize that HGV has a P/CF ratio of 11.33. This data point considers a firm's operating cash flow and is frequently used to find companies that are undervalued when considering their solid cash outlook. This company's current P/CF looks solid when compared to its industry's average P/CF of 23.25. HGV's P/CF has been as high as 13.16 and as low as 7.91, with a median of 9.69, all within the past year.
These are just a handful of the figures considered in Hilton Grand Vacations's great Value grade. Still, they help show that the stock is likely being undervalued at the moment. Add this to the strength of its earnings outlook, and we can clearly see that HGV is an impressive value stock right now.
Hilton Grand Vacations Inc. NYSE:HGV , the premier vacation ownership and experiences company, announced its return as an official event partner of the FORMULA 1 HEINEKEN LAS VEGAS GRAND PRIX 2026, set for Nov. 19-21. For the fourth consecutive year, the company will host its exclusive HGV Clubhouse, a landmark trackside hospitality experience that provides members and guests with unparalleled access, premium amenities and high-energy entertainment on the Las Vegas Strip.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260520852991/en/
Returning to the FORMULA 1 HEINEKEN LAS VEGAS GRAND PRIX, the HGV Clubhouse delivers an elevated, all-inclusive race viewing experience. Photo credit: Hilton Grand Vacations
Set against the gleaming mirrored façade of the 52-story Elara by Hilton Grand Vacations, the multi-story venue offers more than 450 feet of premium viewing along the Harmon Straightaway and final turn of the Las Vegas Strip Circuit®. HGV sets itself apart among vacation ownership brands, delivering a trackside hospitality experience of unparalleled magnitude for its members in Las Vegas. The all-inclusive experience brings race fans closer to the action with chef-driven gourmet dining, elevated cocktails and access to exclusive performances, making it one of the most sought-after race week destinations on the Strip.
“Signature events like the Las Vegas Grand Prix exemplify how Hilton Grand Vacations continues to push the boundaries of experiential travel,” said Mark Wang, CEO of Hilton Grand Vacations. “As a lifelong Formula 1 fan, creating once-in-a-lifetime moments for our members — from front-row race views to world-class entertainment — is incredibly meaningful.”
HGV Clubhouse ticketholders will once again enjoy access to the Elara Terrace, home to the event's highly anticipated nightly concert series. The lineup kicks off Thursday, Nov. 19, with a 2000s pop showcase featuring Mark McGrath of Sugar Ray, O-Town and LFO. On Friday, Nov. 20, rising country artist — and 2026 HGV Ultimate Access brand ambassador and Academy of Country Music’s 2026 New Male Artist of the Year — Tucker Wetmore takes the stage. The series concludes Saturday, Nov. 21, with a performance by multi-platinum pop star Bebe Rexha. Year after year, the concert series elevates the immersive HGV Clubhouse experience, seamlessly blending live music with the spectacle of race week in Las Vegas.
HGV's continued presence at the Las Vegas Grand Prix reflects the company's broader commitment to delivering exceptional value through its exclusive experiential travel platform, HGV Ultimate Access. The platform provides members with curated access to thousands of premium events annually, including private concerts, chef-hosted dining, championship sporting tournaments and immersive cultural experiences around the world.
Tickets for the HGV Clubhouse are available for purchase on HGV.com/f1vegas. HGV offers nightly stays at a variety of its Las Vegas resorts during race week. For more information, visit my.hgv.com/LVGP26.
About Hilton Grand Vacations Inc.
Hilton Grand Vacations Inc. NYSE:HGV is recognized as a leading global timeshare company and is the exclusive vacation ownership partner of Hilton. With headquarters in Orlando, Florida, Hilton Grand Vacations develops, markets, and operates a system of brand-name, high-quality vacation ownership resorts in select vacation destinations. Hilton Grand Vacations has a reputation for delivering a consistently exceptional standard of service, and unforgettable vacation experiences for guests and more than 720,000 Club Members. Membership with the Company provides best-in-class programs, exclusive services and maximum flexibility for our Members around the world.
For more information, visit www.corporate.hgv.com. Follow us on Instagram, Facebook, LinkedIn, X (formerly Twitter), Pinterest and YouTube.
About FORMULA 1 HEINEKEN LAS VEGAS GRAND PRIX
Established in 2023, the FORMULA 1 HEINEKEN LAS VEGAS GRAND PRIX is promoted by Formula 1®, in collaboration with Clark County. The 50-lap race takes place on a 3.8-mile circuit in the heart of the Las Vegas Strip and sees drivers reach jaw-dropping speeds of over 215 mph (346 kph) as they drive past some of the world’s most iconic landmarks, hotels, and casinos. Through the Las Vegas Grand Prix Foundation, Las Vegas Grand Prix, Inc. has donated more than $2 million to non-profit organizations working to strengthen the local community. The 2026 race will take place on November 19-21, 2026. For more information, visit www.f1lasvegasgp.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260520852991/en/
On May 20, 2026, Hilton Grand Vacations Inc HGV shares rose 5.9% today, currently priced at $48.77. The stock has seen a 52-week range between $36.79 and $52.08. This recent price movement contributes to a year-to-date gain of 9.0% and an impressive annual increase of 20.0%.
GF Value™ verdict: Current price of $48.77 is 12.3% below the GF Value™ of $55.64.GF Score™: 85/100 indicates a strong overall quality rating.Most notable signal: No insider transactions have occurred in the last 3 months. Is HGV Overvalued or Undervalued? Hilton Grand Vacations Inc's current share price of $48.77 is below the GF Value™ estimate of $55.64, suggesting that the stock is undervalued by 12.3%. This margin of safety could indicate a potential opportunity for long-term investors looking for value in the travel and leisure industry. The GF Valuation label categorizes HGV as "Modestly Undervalued," which aligns with the current assessment of its intrinsic worth relative to its market price.
GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. Given the current undervaluation, investors might consider the opportunity while remaining cautious of the inherent risks in the travel sector, especially with economic fluctuations that could impact future performance.
How Does HGV's Valuation Compare to Its History? MetricCurrentHistorical P/E (TTM)26.1x23.2x Forward P/E10.5x- Currently, HGV's P/E (TTM) ratio of 26.1x is above its 5-year median of 23.2x, indicating that the stock is trading at a premium compared to its historical valuation. This analysis aligns with the GF Value™ verdict, which suggests that while HGV is undervalued, there are indications that the stock may be experiencing increased valuation pressure relative to its historical performance metrics.
What Does HGV's GF Score™ Tell Us? MetricRating GF Score™85/100 Financial Strength3/10 Profitability8/10 Growth8/10 Valuation10/10 Momentum8/10 The GF Score™ of 85/100 indicates a strong overall quality rating for Hilton Grand Vacations. The strongest areas are reflected in the Profitability, Growth, and Valuation rankings, all scoring 8 or higher, which suggests robust financial health and potential for future growth. However, the Financial Strength score of 3/10 highlights a significant area of concern, indicating potential vulnerabilities in the company's financial stability.
What Are Insiders Doing with HGV Stock? In the past three months, there have been no insider transactions involving Hilton Grand Vacations Inc. This absence of insider buying or selling suggests a lack of immediate confidence or concern among management regarding the stock's current valuation and future prospects.
What This Means for Investors Based on the GF Value™ assessment, Hilton Grand Vacations Inc is currently undervalued. This presents a potential opportunity for investors, but careful consideration is warranted given the stock's financial strength rating and the absence of insider activity.
For the complete analysis, visit the Hilton Grand Vacations Inc HGV stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is HGV's GF Score™?
HGV's GF Score™ is 85/100, indicating a strong overall quality rating based on various financial metrics.
Is HGV overvalued or undervalued?
HGV is currently undervalued, with a GF Value™ estimate of $55.64 compared to the current price of $48.77.
What is HGV's P/E ratio?
HGV's P/E (TTM) ratio is 26.1x, which is above its 5-year median of 23.2x, suggesting a premium valuation compared to its historical range.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
ORLANDO, Fla.--(BUSINESS WIRE)--Hilton Grand Vacations Inc. (NYSE:HGV) announces the closing on an upsized $1 billion revolving warehouse facility. The facility continues to accommodate both deeded and trust inventory, including loans from Elara, a Hilton Grand Vacations Club, the company’s flagship resort in Las Vegas, which was acquired in April 2026.
The facility includes customary used and unused fees and the maximum advance rate remains at 90%. The facility’s revolving period will end in May 2028, with a final maturity in May 2029.
“This milestone strengthens our funding capacity and liquidity, supporting the momentum in our financing platform and helping to position us to deliver on our increased full-year adjusted EBITDA guidance,” said Dan Mathewes, president and chief financial officer of Hilton Grand Vacations. “We appreciate the ongoing support from our lenders and the increased capital commitments, which continues to position us for future success.”
Bank of America remains administrative agent of the facility, and the capital committed comes from Bank of America, Wells Fargo Bank, Deutsche Bank, Barclays, Truist Bank, Goldman Sachs, MUFG Bank, Citizens Bank, Regions Bank, HSBC Bank, CIBC Bank, Bank of Montreal and Santander. Alston and Bird LLP represented HGV as borrower counsel.
Important Notice
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements convey management’s expectations as to the future of HGV, and are based on management’s beliefs, expectations, assumptions and such plans, estimates, projections and other information available to management at the time HGV makes such statements. Forward-looking statements include all statements that are not historical facts, and may be identified by terminology such as the words “outlook,” “believe,” “expect,” “potential,” “goal,” “continues,” “may,” “will,” “should,” “could,” “would,” “seeks,” “approximately,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “future,” “guidance,” “target,” or the negative version of these words or other comparable words, although not all forward-looking statements may contain such words. The forward-looking statements contained in this press release include statements related to HGV’s revenues, earnings, taxes, cash flow and related financial and operating measures, and expectations with respect to future operating, financial and business performance and other anticipated future events and expectations that are not historical facts. HGV cautions you that our forward-looking statements involve known and unknown risks, uncertainties and other factors, including those that are beyond HGV’s control, which may cause the actual results, performance or achievements to be materially different from the future results. Any one or more of these risks or uncertainties could adversely impact HGV’s operations, revenue, operating profits and margins, key business operational metrics, financial condition or credit rating. For a more detailed discussion of these factors, see the information under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in HGV’s most recent Annual Report on Form 10-K, which may be supplemented and updated by the risk factors in HGV’s quarterly reports, current reports and other filings HGV makes with the SEC. HGV’s forward-looking statements speak only as of the date of this communication or as of the date they are made. HGV disclaims any intent or obligation to update any “forward-looking statement” made in this communication to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.
About Hilton Grand Vacations Inc.
Hilton Grand Vacations Inc. (NYSE:HGV) is recognized as a leading global timeshare company and is the exclusive vacation ownership partner of Hilton. With headquarters in Orlando, Florida, Hilton Grand Vacations develops, markets, and operates a system of brand-name, high-quality vacation ownership resorts in select vacation destinations. Hilton Grand Vacations has a reputation for delivering a consistently exceptional standard of service, and unforgettable vacation experiences for guests and more than 720,000 Club Members. Membership with the Company provides best-in-class programs, exclusive services and maximum flexibility for our Members around the world.
For more information, visit www.corporate.hgv.com. Follow us on Instagram, Facebook, LinkedIn, X (formerly Twitter), Pinterest and YouTube.
On May 27, 2026, Hilton Grand Vacations Inc HGV shares rose 3.2% to $51.38, continuing a strong upward trend with a 52-week range between $36.79 and $52.08. The stock has gained 14.8% year-to-date and an impressive 32.1% over the past year.
GF Value™ verdict: Currently priced at $51.38, HGV is estimated to be 7.9% undervalued compared to the GF Value™ of $55.80.GF Score™: HGV has a strong GF Score™ of 85/100, indicating solid overall fundamentals.Most notable signal: Insider activity shows that insiders sold $1.8 million worth of shares in the last three months, without any buying activity. Is HGV Overvalued or Undervalued? According to the GF Value™, Hilton Grand Vacations Inc is currently undervalued, as its shares trade at $51.38 versus an estimated fair value of $55.80. This implies a potential upside of approximately 7.9%, providing investors a margin of safety. The GF Valuation label indicates that HGV is fairly valued, but given the current price relative to its GF Value™, there is an opportunity for investors to benefit if the market recognizes this undervaluation.
However, potential investors should consider the risks associated with this valuation assessment. The financial strength of HGV is rated at 3/10, which suggests vulnerabilities, particularly when compared to its profitability and growth metrics. GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates.
How Does HGV's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 27.5x 23.4x (5-Year Median) Forward P/E 10.4x N/A The current P/E (TTM) of 27.5x is 17% above its 5-year median of 23.4x, indicating that HGV is trading above its historical valuation based on this multiple. This analysis appears to disagree with the GF Value™ verdict, as the higher P/E ratio may suggest a more cautious approach to the stock's current valuation.
What Does HGV's GF Score™ Tell Us? Metric Rating GF Score™ 85/100 Financial Strength 3/10 Profitability 8/10 Growth 8/10 Valuation 10/10 Momentum 8/10 The GF Score™ of 85/100 suggests that HGV demonstrates strong overall fundamentals, particularly in the areas of profitability, growth, and valuation, where it scores 8/10 or higher. However, the financial strength score of 3/10 indicates significant weaknesses in this area, which may raise concerns for potential investors regarding the company's stability and resilience.
What Are Insiders Doing with HGV Stock? Recent insider activity at Hilton Grand Vacations shows a trend of selling, with insiders offloading $1.8 million worth of shares over the last three months and no recent buying activity. This pattern may indicate a lack of confidence from insiders about the stock's future performance, as they are choosing to liquidate their holdings rather than invest further in the company.
What This Means for Investors Based on the GF Value™ assessment, Hilton Grand Vacations Inc is currently undervalued, presenting a potential opportunity for investors. However, caution is warranted due to the financial strength rating and insider selling trends, which suggest that investors should conduct thorough due diligence before making investment decisions.
For the complete analysis, visit the Hilton Grand Vacations Inc HGV stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is HGV's GF Score™?
HGV has a GF Score™ of 85/100, indicating strong overall fundamentals that may lead to higher long-term returns.
Is HGV overvalued or undervalued?
HGV is currently considered undervalued, with a potential upside of 7.9% based on its GF Value™ estimate.
What is HGV's P/E ratio?
The current P/E ratio (TTM) for HGV is 27.5x, which is significantly higher than its 5-year median of 23.4x, indicating that the stock is trading above its historical valuation.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Hilton Grand Vacations Inc. (HGV) 4th Annual Morgan Stanley Travel & Leisure Conference June 2, 2026 2:15 PM EDT
Company Participants
Daniel Mathewes - President & CFO (Leave of Absence)
Conference Call Participants
Stephen Grambling - Morgan Stanley, Research Division
Presentation
Stephen Grambling
Morgan Stanley, Research Division
Well, this is going to be the last fireside of the day and who better to round it out than Hilton Grand Vacations and President and CFO, Dan Mathewes. So Dan, thanks for doing this.
Daniel Mathewes
President & CFO (Leave of Absence)
Thanks for having me. Really appreciate it.
Question-and-Answer Session
Stephen Grambling
Morgan Stanley, Research Division
Just from a long-term standpoint, you've articulated an algorithm, people always use algorithm for consistent top line growth, EBITDA growing faster and strong free cash flow conversion. What are some of the major puts and takes to think about within that, as we look at 2026 and the guidance that you've outlined, I think it's 8% at the midpoint after you raised your expectations after 1Q versus the kind of typical algorithm? Or is this -- is 2026, would you say a kind of normal year?
Daniel Mathewes
President & CFO (Leave of Absence)
No, 2026 is definitely not a normal year. I think when you roll into '27, that's when we get to a more normalized algorithm. I think when you think about Hilton Grand Vacations, I think it's a very interesting time for us. This year, we're lapping the launch of HGV Max to the Bluegreener -- excuse me, the Bluegreen organization that we launched November 8, 2025.
So relatively tough comps, the first 3 quarters and then returning to growth into Q4 when you think about from a VPG perspective. But also just from an organization standpoint, over the past 5 or 6 years, we've acquired
ORLANDO, Fla.--(BUSINESS WIRE)--Hilton Grand Vacations Inc. (NYSE:HGV) (“HGV” or the “Company”) today announced a proposed secondary public offering (the “offering”) of 5,000,000 shares of the Company’s common stock held by certain entities managed by affiliates of Apollo Global Management, Inc. (the “Selling Stockholders”). The underwriters will have a 30-day option to purchase up to an additional 750,000 shares of common stock from the Selling Stockholders. The Company is not selling any shares and will not receive any proceeds from the offering.
In addition, HGV has authorized the concurrent purchase from the underwriters of up to 750,000 shares of common stock as part of the offering so long as the total amount of shares HGV purchases from the underwriters does not exceed $40 million (the “Share Repurchase”), subject to the completion of the offering. The Share Repurchase will be made pursuant to the Company’s existing repurchase plan. The underwriters will not receive any underwriting fees for the shares being repurchased by the Company.
The underwriters will offer the shares, other than shares subject to the Share Repurchase, from time to time for sale in one or more negotiated transactions or otherwise, at market prices prevailing at the time of sale, at prices related to such prevailing market prices or at negotiated prices.
Wells Fargo Securities is acting as lead book-running manager for the offering.
A shelf registration statement (including a prospectus) relating to these securities has been filed with the Securities and Exchange Commission (the “Commission”) and is effective. A preliminary prospectus supplement relating to the offering has also been filed with the Commission. Before investing, interested parties should read the shelf registration statement, preliminary prospectus supplement and other documents filed with the Commission for information about HGV and the offering. You may get these documents for free by visiting EDGAR on the Commission’s website at sec.gov. Alternatively, a copy may be obtained from: Wells Fargo Securities, 90 South 7th Street, 5th Floor, Minneapolis, MN 55402, by telephone at 800-645-3751 (option #5) or by email at [email protected].
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Important Notice
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements convey management’s expectations as to the future of HGV and are based on management’s beliefs, expectations, assumptions and such plans, estimates, projections and other information available to management at the time HGV makes such statements. Forward-looking statements include all statements that are not historical facts, and may be identified by terminology such as the words “outlook,” “believe,” “expect,” “potential,” “goal,” “continues,” “may,” “will,” “should,” “could,” “would,” “seeks,” “approximately,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “future,” “guidance,” “target,” or the negative version of these words or other comparable words, although not all forward-looking statements may contain such words. The forward-looking statements contained in this press release include statements regarding the offering, the Share Repurchase and other anticipated future events and expectations that are not historical facts. HGV cautions you that our forward-looking statements involve known and unknown risks, uncertainties and other factors, including those that are beyond HGV’s control, which may cause the actual results, performance or achievements to be materially different from the future results. Any one or more of these risks or uncertainties could adversely impact HGV’s operations, revenue, operating profits and margins, key business operational metrics, financial condition or credit rating. For a more detailed discussion of these factors, see the information under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in HGV’s most recent Annual Report on Form 10-K, which may be supplemented and updated by the risk factors in HGV’s quarterly reports, current reports and other filings HGV makes with the SEC, including HGV’s most recent Quarterly Report on Form 10-Q. HGV’s forward-looking statements speak only as of the date of this communication or as of the date they are made. HGV disclaims any intent or obligation to update any “forward-looking statement” made in this communication to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.
About Hilton Grand Vacations Inc.
Hilton Grand Vacations Inc. (NYSE:HGV) is recognized as a leading global timeshare company and is the exclusive vacation ownership partner of Hilton. With headquarters in Orlando, Florida, Hilton Grand Vacations develops, markets, and operates a system of brand-name, high-quality vacation ownership resorts in select vacation destinations. Hilton Grand Vacations has a reputation for delivering a consistently exceptional standard of service, and unforgettable vacation experiences for guests and more than 720,000 Club Members. Membership with the Company provides best-in-class programs, exclusive services and maximum flexibility for our Members around the world.
For more information, visit www.corporate.hgv.com. Follow us on Instagram, Facebook, LinkedIn, X (formerly Twitter), Pinterest and YouTube.
ORLANDO, Fla.--(BUSINESS WIRE)--Hilton Grand Vacations Inc. (NYSE:HGV) (“HGV” or the “Company”) today announced the pricing of the previously announced secondary public offering (the “offering”) of 5,000,000 shares of the Company’s common stock held by certain entities managed by affiliates of Apollo Global Management, Inc. (the “Selling Stockholders”). The offering is expected to close on June 4, 2026, subject to satisfaction of customary closing conditions. The underwriters will have a 30-day option to purchase up to an additional 750,000 shares of common stock from the Selling Stockholders. The Company is not selling any shares and will not receive any proceeds from the offering.
In addition, HGV has agreed to purchase from the underwriters 750,000 shares of common stock as part of the offering at a price per share equal to the price per share to be paid by the underwriters to the Selling Stockholders (the “Share Repurchase”), subject to the completion of the offering. The Share Repurchase is being made pursuant to the Company’s existing repurchase plans. The underwriters will not receive any underwriting fees for the shares being repurchased by the Company.
The underwriters will offer the shares, other than shares subject to the Share Repurchase, from time to time for sale in one or more negotiated transactions or otherwise, at market prices prevailing at the time of sale, at prices related to such prevailing market prices or at negotiated prices.
Wells Fargo Securities is acting as lead book-running manager and Deutsche Bank Securities Inc., Barclays and J.P. Morgan are also acting as book-running managers for the offering.
A shelf registration statement (including a prospectus) relating to these securities has been filed with the Securities and Exchange Commission (the “Commission”) and is effective. A preliminary prospectus supplement relating to the offering has also been filed with the Commission. Before investing, interested parties should read the shelf registration statement, preliminary prospectus supplement and other documents filed with the Commission for information about HGV and the offering. You may get these documents for free by visiting EDGAR on the Commission’s website at sec.gov. Alternatively, a copy may be obtained from: Wells Fargo Securities, 90 South 7th Street, 5th Floor, Minneapolis, MN 55402, by telephone at 800-645-3751 (option #5) or by email at [email protected].
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Important Notice
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements convey management’s expectations as to the future of HGV and are based on management’s beliefs, expectations, assumptions and such plans, estimates, projections and other information available to management at the time HGV makes such statements. Forward-looking statements include all statements that are not historical facts, and may be identified by terminology such as the words “outlook,” “believe,” “expect,” “potential,” “goal,” “continues,” “may,” “will,” “should,” “could,” “would,” “seeks,” “approximately,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “future,” “guidance,” “target,” or the negative version of these words or other comparable words, although not all forward-looking statements may contain such words. The forward-looking statements contained in this press release include statements regarding the offering, the Share Repurchase and other anticipated future events and expectations that are not historical facts. HGV cautions you that our forward-looking statements involve known and unknown risks, uncertainties and other factors, including those that are beyond HGV’s control, which may cause the actual results, performance or achievements to be materially different from the future results. Any one or more of these risks or uncertainties could adversely impact HGV’s operations, revenue, operating profits and margins, key business operational metrics, financial condition or credit rating. For a more detailed discussion of these factors, see the information under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in HGV’s most recent Annual Report on Form 10-K, which may be supplemented and updated by the risk factors in HGV’s quarterly reports, current reports and other filings HGV makes with the SEC, including HGV’s most recent Quarterly Report on Form 10-Q. HGV’s forward-looking statements speak only as of the date of this communication or as of the date they are made. HGV disclaims any intent or obligation to update any “forward-looking statement” made in this communication to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.
About Hilton Grand Vacations Inc.
Hilton Grand Vacations Inc. (NYSE:HGV) is recognized as a leading global timeshare company and is the exclusive vacation ownership partner of Hilton. With headquarters in Orlando, Florida, Hilton Grand Vacations develops, markets, and operates a system of brand-name, high-quality vacation ownership resorts in select vacation destinations. Hilton Grand Vacations has a reputation for delivering a consistently exceptional standard of service, and unforgettable vacation experiences for guests and more than 720,000 Club Members. Membership with the Company provides best-in-class programs, exclusive services and maximum flexibility for our Members around the world.
For more information, visit www.corporate.hgv.com. Follow us on Instagram, Facebook, LinkedIn, X (formerly Twitter), Pinterest and YouTube.
HGV Announces Pricing of Secondary Public Offering of Common Stock and Concurrent Share Repurchase Hilton Grand Vacations Inc. NYSE:HGV (“HGV” or the “Company”) today announced the pricing of the previously announced secondary public offering (the “offering”) of 5,000,000 shares of the Company’s common stock held by certain entities managed by affiliates of Apollo Global Management, Inc. (the “Selling Stockholders”). The offering is expected to close on June 4, 2026, subject to satisfaction of customary closing conditions. The underwriters will have a 30-day option to purchase up to an additional 750,000 shares of common stock from the Selling Stockholders. The Company is not selling any shares and will not receive any proceeds from the offering.
In addition, HGV has agreed to purchase from the underwriters 750,000 shares of common stock as part of the offering at a price per share equal to the price per share to be paid by the underwriters to the Selling Stockholders (the “Share Repurchase”), subject to the completion of the offering. The Share Repurchase is being made pursuant to the Company’s existing repurchase plans. The underwriters will not receive any underwriting fees for the shares being repurchased by the Company.
The underwriters will offer the shares, other than shares subject to the Share Repurchase, from time to time for sale in one or more negotiated transactions or otherwise, at market prices prevailing at the time of sale, at prices related to such prevailing market prices or at negotiated prices.
Wells Fargo Securities is acting as lead book-running manager and Deutsche Bank Securities Inc., Barclays and J.P. Morgan are also acting as book-running managers for the offering.
A shelf registration statement (including a prospectus) relating to these securities has been filed with the Securities and Exchange Commission (the “Commission”) and is effective. A preliminary prospectus supplement relating to the offering has also been filed with the Commission. Before investing, interested parties should read the shelf registration statement, preliminary prospectus supplement and other documents filed with the Commission for information about HGV and the offering. You may get these documents for free by visiting EDGAR on the Commission’s website at sec.gov. Alternatively, a copy may be obtained from: Wells Fargo Securities, 90 South 7th Street, 5th Floor, Minneapolis, MN 55402, by telephone at 800-645-3751 (option #5) or by email at [email protected].
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Important Notice
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements convey management’s expectations as to the future of HGV and are based on management’s beliefs, expectations, assumptions and such plans, estimates, projections and other information available to management at the time HGV makes such statements. Forward-looking statements include all statements that are not historical facts, and may be identified by terminology such as the words “outlook,” “believe,” “expect,” “potential,” “goal,” “continues,” “may,” “will,” “should,” “could,” “would,” “seeks,” “approximately,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “future,” “guidance,” “target,” or the negative version of these words or other comparable words, although not all forward-looking statements may contain such words. The forward-looking statements contained in this press release include statements regarding the offering, the Share Repurchase and other anticipated future events and expectations that are not historical facts. HGV cautions you that our forward-looking statements involve known and unknown risks, uncertainties and other factors, including those that are beyond HGV’s control, which may cause the actual results, performance or achievements to be materially different from the future results. Any one or more of these risks or uncertainties could adversely impact HGV’s operations, revenue, operating profits and margins, key business operational metrics, financial condition or credit rating. For a more detailed discussion of these factors, see the information under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in HGV’s most recent Annual Report on Form 10-K, which may be supplemented and updated by the risk factors in HGV’s quarterly reports, current reports and other filings HGV makes with the SEC, including HGV’s most recent Quarterly Report on Form 10-Q. HGV’s forward-looking statements speak only as of the date of this communication or as of the date they are made. HGV disclaims any intent or obligation to update any “forward-looking statement” made in this communication to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.
About Hilton Grand Vacations Inc.
Hilton Grand Vacations Inc. NYSE:HGV is recognized as a leading global timeshare company and is the exclusive vacation ownership partner of Hilton. With headquarters in Orlando, Florida, Hilton Grand Vacations develops, markets, and operates a system of brand-name, high-quality vacation ownership resorts in select vacation destinations. Hilton Grand Vacations has a reputation for delivering a consistently exceptional standard of service, and unforgettable vacation experiences for guests and more than 720,000 Club Members. Membership with the Company provides best-in-class programs, exclusive services and maximum flexibility for our Members around the world.
For more information, visit www.corporate.hgv.com. Follow us on Instagram, Facebook, LinkedIn, X (formerly Twitter), Pinterest and YouTube.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260602569776/en/
Momentum investing is essentially an exception to the idea of "buying low and selling high." Investors following this style of investing are usually not interested in betting on cheap stocks and waiting long for them to recover. Instead, they believe that "buying high and selling higher" is the way to make far more money in lesser time.
Who doesn't like betting on fast-moving trending stocks? But determining the right entry point isn't easy. Often, these stocks lose momentum once their valuation moves ahead of their future growth potential. In such a situation, investors find themselves loaded up on expensive shares with limited to no upside or even a downside. So, going all-in on momentum could be risky at times.
A safer approach could be investing in bargain stocks with recent price momentum. While the Zacks Momentum Style Score (part of the Zacks Style Scores system) helps identify great momentum stocks by paying close attention to trends in a stock's price or earnings, our 'Fast-Paced Momentum at a Bargain' screen comes handy in spotting fast-moving stocks that are still attractively priced.
There are several stocks that currently pass through the screen and Hilton Grand Vacations (HGV - Free Report) is one of them. Here are the key reasons why this stock is a great candidate.
A dash of recent price momentum reflects growing interest of investors in a stock. With a four-week price change of 2.7%, the stock of this company is certainly well-positioned in this regard.
While any stock can see a spike in price for a short period, it takes a real momentum player to deliver positive returns for a longer time frame. HGV meets this criterion too, as the stock gained 15.3% over the past 12 weeks.
Moreover, the momentum for HGV is fast paced, as the stock currently has a beta of 1.5. This indicates that the stock moves 50% higher than the market in either direction.
Given this price performance, it is no surprise that HGV has a Momentum Score of B, which indicates that this is the right time to enter the stock to take advantage of the momentum with the highest probability of success.
In addition to a favorable Momentum Score, an upward trend in earnings estimate revisions has helped HGV earn a Zacks Rank #1 (Strong Buy). Our research shows that the momentum-effect is quite strong among Zacks Rank #1 and #2 stocks. That's because as covering analysts raise their earnings estimates for a stock, more and more investors take an interest in it, helping its price race to keep up. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Most importantly, despite possessing fast-paced momentum features, HGV is trading at a reasonable valuation. In terms of Price-to-Sales ratio, which is considered as one of the best valuation metrics, the stock looks quite cheap now. HGV is currently trading at 0.77 times its sales. In other words, investors need to pay only 77 cents for each dollar of sales.
So, HGV appears to have plenty of room to run, and that too at a fast pace.
In addition to HGV, there are several other stocks that currently pass through our 'Fast-Paced Momentum at a Bargain' screen. You may consider investing in them and start looking for the newest stocks that fit these criteria.
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Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.
Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors rely on traditional forms of analysis on key valuation metrics to find stocks that they believe are undervalued, leaving room for profits.
On top of the Zacks Rank, investors can also look at our innovative Style Scores system to find stocks with specific traits. For example, value investors will want to focus on the "Value" category. Stocks with high Zacks Ranks and "A" grades for Value will be some of the highest-quality value stocks on the market today.
One company value investors might notice is Hilton Grand Vacations (HGV - Free Report) . HGV is currently holding a Zacks Rank #1 (Strong Buy) and a Value grade of A. The stock holds a P/E ratio of 11.73, while its industry has an average P/E of 22.30. Over the past year, HGV's Forward P/E has been as high as 14.57 and as low as 8.56, with a median of 11.43.
Finally, investors should note that HGV has a P/CF ratio of 11.33. This metric takes into account a company's operating cash flow and can be used to find stocks that are undervalued based on their solid cash outlook. HGV's current P/CF looks attractive when compared to its industry's average P/CF of 24.19. Over the past year, HGV's P/CF has been as high as 13.16 and as low as 7.91, with a median of 9.69.
These figures are just a handful of the metrics value investors tend to look at, but they help show that Hilton Grand Vacations is likely being undervalued right now. Considering this, as well as the strength of its earnings outlook, HGV feels like a great value stock at the moment.
ORLANDO, Fla.--(BUSINESS WIRE)--Hilton Grand Vacations Inc. (NYSE:HGV) announces today the completion of a $300 million securitization of timeshare loans through Hilton Grand Vacations Trust 2026-2 (“HGVT”). Four classes of Notes were issued by the Trust, including approximately $118.8 million of Class A Notes, approximately $98.6 million of Class B Notes, approximately $51.1 million of Class C Notes and approximately $31.5 million of Class D Notes. The Class A Notes have a coupon rate of 4.83%.
Key Takeaways SouthState's revenues saw an 18.7% CAGR over five years, driven by strong loan and income expansion.SSB's NII rose at a 22.7% CAGR, supported by loan growth, restructuring and favorable deposit pricing.SSB expects 2026 loan growth in mid to upper-single digits, with steady margins and asset expansion. SouthState Corp.’s (SSB - Free Report) organic growth has been driven by steady expansion in its lending activities, a diversified fee-income base and proactive balance-sheet management. The company’s revenues witnessed a five-year (2020-2025) compound annual growth rate (CAGR) of 18.7%.
The company’s loans saw a CAGR of 14.7% over the same time frame. Notably, the net loan book grew substantially due to the Independent Bank acquisition. This steady loan growth has been a key contributor to higher net interest income (NII), forming a strong foundation for the company’s overall revenue expansion. NII witnessed a CAGR of 22.7% over the last five years ending 2025, driven by the securities restructuring and better-than-expected deposit pricing.
Going forward, the Federal Reserve’s interest rate cuts are likely to create a more favorable lending environment that could support SSB’s loan growth. This will also aid NII growth.
SSB generates a meaningful portion of its revenues from non-interest (fee-based) income, which complements traditional lending income. Non-interest income witnessed a CAGR of 4% over the past five years ended 2025. A key driver of fee revenue growth is the company’s mortgage banking and wealth management segments. Over time, SSB expanded fee income streams through acquisitions and new business lines, particularly in correspondent banking and capital markets. The company has guided for continued expansion, targeting further increases in non-interest income through investment in revenue-generating businesses.
Overall, continued loan growth, improving NII and expansion in fee-based businesses are expected to support SouthState’s revenue growth in the coming periods.
SSB’s Growth OutlookThe company expects average interest-earning assets between $61 billion and $62 billion in 2026. NIM is expected to be 3.80-3.90%.
Loan growth is projected to be in the mid to upper-single-digit range in 2026, supported by sustained pipeline strength.
The Zacks Consensus Estimate of SSB’s 2026 and 2027 revenue suggests rallies of 2.7% and 7.4%, respectively.
Sales Estimates
Image Source: Zacks Investment Research
SSB’s Price Performance & Zacks RankIn the past year, SouthState shares have declined 3.4% against the industry’s 3.4% growth.
Price Performance
Image Source: Zacks Investment Research
Currently, SSB carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
How Have SSB’s Peers Been Performing?Webster Financial (WBS - Free Report) is also witnessing solid organic growth. NII witnessed a CAGR of 17.4% over the last six years (2019-2025). Looking ahead, NII is expected to improve, supported by the Federal Reserve's recent rate cuts, which should help stabilize funding and deposit costs. The company's efforts to strengthen its balance sheet and reposition its securities portfolio will also drive NII growth.
Webster Financial’s deposits and loans recorded a six-year (2019-2025) CAGR of 24% and 23%, respectively. The acquisition of Ametros (in January 2024) benefited the company by diversifying its portfolio of low-cost and long-duration deposits. Management expects Ametros to grow deposits, seeing a 25% CAGR over the next five years.
BOK Financial (BOKF - Free Report) has been witnessing continuous growth, driven by solid loan growth and a rise in NII.
Total loans witnessed a CAGR of 4.3% in the last seven years (2018-2025). Deposits have shown a rising trend, seeing a CAGR of 11.8% for the same time frame. BOK Financial’s NII witnessed a five-year CAGR of 2.4% (ended 2025). BOK Financial is expected to benefit from lower funding costs and sustained asset yields, supporting further improvement in NII.
SouthState Bank Corporation (NYSE: SSB - Get Free Report) has been assigned an average recommendation of "Buy" from the fifteen brokerages that are currently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a hold recommendation, twelve have assigned a buy recommendation and two have issued a strong buy recommendation on the company.
Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- SouthState Bank Corporation (NYSE: SSB) ("SouthState" or the "Company") announced today that it will release first quarter 2026 earnings results on Thursday, April 23, 2026, after the market closes. Upon release, investors may access a copy of SouthState's earnings results at the Company's website at www.SouthStateBank.com under Investor Relations, News, News & Market Data section.
SouthState will host a conference call on Friday, April 24, 2026 at 9:00 a.m. (ET) to discuss its first quarter 2026 results. Investors may call in (toll free) by dialing (888) 350-3899 within the US and (646) 960-0343 for all other locations (host: Will Matthews, CFO). The conference ID number is 4200408. The numbers for international participants are listed at https://events.q4irportal.com/custom/access/2324/. Participants may also pre-register for the conference by navigating to https://events.q4inc.com/attendee/361570488. Access detail will be provided via email upon completion of registration.
Alternatively, individuals may listen to the live webcast of the presentation by visiting the link at SouthState's website at www.SouthStateBank.com. An audio replay of the live webcast is expected to be available by the evening of April 24, 2026 through the Investor Relations section of www.SouthStateBank.com.
Deprince Race & Zollo Inc. grew its position in shares of SouthState Bank Corporation (NYSE:SSB – Free Report) by 10.6% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 163,352 shares of the company’s stock after buying an additional 15,672 shares during the quarter. Deprince Race & Zollo Inc. owned 0.16% of SouthState Bank worth $15,373,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds have also recently modified their holdings of the company. Mather Group LLC. bought a new position in shares of SouthState Bank during the 3rd quarter worth approximately $33,000. Global Retirement Partners LLC lifted its position in shares of SouthState Bank by 106.8% during the 3rd quarter. Global Retirement Partners LLC now owns 364 shares of the company’s stock worth $36,000 after buying an additional 188 shares in the last quarter. True Wealth Design LLC lifted its position in shares of SouthState Bank by 37,700.0% during the 3rd quarter. True Wealth Design LLC now owns 378 shares of the company’s stock worth $37,000 after buying an additional 377 shares in the last quarter. Covestor Ltd lifted its position in shares of SouthState Bank by 385.1% during the 3rd quarter. Covestor Ltd now owns 490 shares of the company’s stock worth $49,000 after buying an additional 389 shares in the last quarter. Finally, Measured Wealth Private Client Group LLC bought a new position in shares of SouthState Bank during the 3rd quarter worth approximately $51,000. Institutional investors own 89.76% of the company’s stock.
Analyst Ratings Changes Several research firms have commented on SSB. TD Cowen lifted their target price on shares of SouthState Bank from $115.00 to $120.00 and gave the stock a “buy” rating in a research report on Monday, January 26th. Citigroup lifted their target price on shares of SouthState Bank from $116.00 to $120.00 and gave the stock a “buy” rating in a research report on Monday, January 26th. Weiss Ratings raised shares of SouthState Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, January 26th. Jefferies Financial Group lifted their target price on shares of SouthState Bank from $120.00 to $125.00 and gave the stock a “buy” rating in a research report on Monday, February 2nd. Finally, DA Davidson raised their price target on shares of SouthState Bank from $119.00 to $125.00 and gave the stock a “buy” rating in a research note on Thursday, February 5th. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $118.71.
View Our Latest Analysis on SSB
SouthState Bank Trading Up 0.1% Shares of SSB stock opened at $97.76 on Tuesday. The company has a 50 day moving average of $97.43 and a 200-day moving average of $95.45. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.03. SouthState Bank Corporation has a 12-month low of $80.54 and a 12-month high of $108.46. The firm has a market cap of $9.59 billion, a P/E ratio of 12.44 and a beta of 0.75.
SouthState Bank (NYSE:SSB – Get Free Report) last issued its quarterly earnings results on Thursday, January 22nd. The company reported $2.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.30 by $0.17. SouthState Bank had a net margin of 21.26% and a return on equity of 10.86%. The company had revenue of $686.87 million during the quarter, compared to analyst estimates of $667.88 million. During the same quarter last year, the business posted $1.93 EPS.
SouthState Bank Announces Dividend The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Friday, February 6th were paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date was Friday, February 6th. SouthState Bank’s payout ratio is currently 30.53%.
About SouthState Bank (Free Report)
SouthState Bank (NYSE: SSB) is a bank holding company headquartered in Winter Haven, Florida, that provides a range of commercial and retail banking services. Through its subsidiary, SouthState Bank, the company serves businesses, institutions and individuals with deposit, lending and treasury management solutions. Its core business lines include commercial and industrial loans, commercial real estate lending, consumer mortgages and home equity loans.
In addition to traditional lending and deposit products, SouthState Bank offers specialized services such as treasury and cash management, merchant services, payment solutions and online banking.
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Wall Street analysts expect SouthState (SSB - Free Report) to post quarterly earnings of $2.22 per share in its upcoming report, which indicates a year-over-year increase of 3.3%. Revenues are expected to be $674.57 million, up 7% from the year-ago quarter.
The consensus EPS estimate for the quarter has been revised 0.9% higher over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.
Prior to a company's earnings release, it is of utmost importance to factor in any revisions made to the earnings projections. These revisions serve as a critical gauge for predicting potential investor behaviors with respect to the stock. Empirical studies consistently reveal a strong link between trends in earnings estimate revisions and the short-term price performance of a stock.
While it's common for investors to rely on consensus earnings and revenue estimates for assessing how the business may have performed during the quarter, exploring analysts' forecasts for key metrics can yield valuable insights.
That said, let's delve into the average estimates of some SouthState metrics that Wall Street analysts commonly model and monitor.
Analysts' assessment points toward 'Efficiency Ratio' reaching 53.0%. Compared to the present estimate, the company reported 61.0% in the same quarter last year.
It is projected by analysts that the 'Net Interest Margin (Non-Tax Equivalent)' will reach 3.8%. Compared to the present estimate, the company reported 3.8% in the same quarter last year.
Analysts forecast 'Average Balance - Total interest-earning assets' to reach $60.46 billion. The estimate compares to the year-ago value of $57.50 billion.
The consensus estimate for 'Total nonperforming assets' stands at $309.16 million. The estimate compares to the year-ago value of $280.44 million.
According to the collective judgment of analysts, 'Total nonperforming loans (non-acquired & acquired)' should come in at $303.90 million. The estimate compares to the year-ago value of $272.17 million.
Based on the collective assessment of analysts, 'Net Interest Income' should arrive at $573.29 million. Compared to the present estimate, the company reported $544.55 million in the same quarter last year.
The average prediction of analysts places 'Total Noninterest Income' at $101.29 million. Compared to the current estimate, the company reported $86.09 million in the same quarter of the previous year.
The collective assessment of analysts points to an estimated 'Net interest income, tax equivalent (Non-GAAP)' of $571.85 million. Compared to the current estimate, the company reported $545.33 million in the same quarter of the previous year.
The consensus among analysts is that 'Trust and investment services income' will reach $14.96 million. Compared to the present estimate, the company reported $14.93 million in the same quarter last year.
The combined assessment of analysts suggests that 'Fees on deposit accounts' will likely reach $43.00 million. The estimate compares to the year-ago value of $35.93 million.
Analysts predict that the 'Mortgage banking income' will reach $5.26 million. Compared to the current estimate, the company reported $7.74 million in the same quarter of the previous year.
Analysts expect 'Total correspondent banking and capital market income' to come in at $22.12 million. Compared to the present estimate, the company reported $9.55 million in the same quarter last year.
View all Key Company Metrics for SouthState here>>>
Shares of SouthState have experienced a change of +10.5% in the past month compared to the +9.3% move of the Zacks S&P 500 composite. With a Zacks Rank #3 (Hold), SSB is expected to mirror the overall market performance in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
, /PRNewswire/ -- SouthState Bank Corporation ("SouthState" or the "Company") (NYSE: SSB) today released its unaudited results of operations and other financial information for the three-month period ended March 31, 2026.
SouthState Bank Corporation Reports First Quarter 2026 Results "SouthState opened the year with strong momentum, posting solid balance sheet growth, record pipeline activity, and healthy profitability," said John C. Corbett, SouthState's Chief Executive Officer. "On an annualized basis, loans increased 7% and deposits grew 5%, and we continue to attract talented commercial bankers who are helping drive future growth. Asset quality remains strong, with annualized net charge-offs of just 9 basis points. In terms of profitability, we delivered a return on average assets of 1.37%. Over the past year, tangible book value per share increased 14%, even as we repurchased nearly 4% of our shares — underscoring our confidence in SouthState's performance and our commitment to creating long-term value for shareholders."
Highlights of the first quarter of 2026 include:
Returns
Reported diluted Earnings per Share ("EPS") and Adjusted Diluted EPS (Non-GAAP) of $2.28, up 162% year over year on a reported basis and 6% year over year on an adjusted basis Net Income of $225.8 million Return on Average Common Equity of 10.1%; Return on Average Tangible Common Equity (Non-GAAP) of 17.6%* Return on Average Assets ("ROAA") of 1.37%* Book Value per Share of $92.21 Tangible Book Value ("TBV") per Share (Non-GAAP) of $56.90, an increase of 14% year over year, after raising the dividend by 11%, and repurchasing nearly 4% of the Company's shares Performance
Net Interest Income of $562 million, an increase of $17 million, or 3%, year over year and a decrease of $20 million, or 3%, compared to the prior quarter Noninterest Income of $100 million, an increase of $14 million year over year and a decrease of $6 million compared to the prior quarter, driven primarily by correspondent banking and capital markets income; Noninterest Income represented 0.61% of average assets for the first quarter of 2026* Net Interest Margin ("NIM"), non-tax equivalent and tax equivalent (Non-GAAP), of 3.78% and 3.79%, respectively Net charge-offs totaled $10.5 million, or 0.09%* of average loans $10.8 million of Provision for Credit Losses ("PCL"); total Allowance for Credit Losses ("ACL") plus reserve for unfunded commitments of 1.32% of loans Efficiency Ratio of 51% Balance Sheet
Loans increased by $898 million, or 7%*, and deposits increased by $730 million, or 5%*; ending loan to deposit ratio of 89% Total loan yield of 5.96%, down 0.17% from prior quarter Total deposit cost of 1.76%, down 0.06% from prior quarter Strong capital position with Tangible Common Equity, Total Risk-Based Capital, Tier 1 Leverage, and Tier 1 Common Equity ratios of 8.6%, 13.7%, 9.4%, and 11.3%, respectively† Subsequent Events
The Board of Directors of the Company declared a quarterly cash dividend on its common stock of $0.60 per share, payable on May 15, 2026 to shareholders of record as of May 8, 2026 ∗ Annualized percentages
† Preliminary
Financial Performance
Three Months Ended
(Dollars in thousands, except per share data)
Mar. 31,
Dec. 31,
Sep. 30,
Jun. 30,
Mar. 31,
INCOME STATEMENT
2026
2025
2025
2025
2025
Interest Income
Loans, including fees (1)
$
721,571
$
748,106
$
782,382
$
746,448
$
724,640
Investment securities, trading securities, federal funds sold and securities
purchased under agreements to resell
95,258
100,640
99,300
94,056
83,926
Total interest income
816,829
848,746
881,682
840,504
808,566
Interest Expense
Deposits
238,522
250,189
257,271
241,593
245,957
Federal funds purchased, securities sold under agreements
to repurchase, and other borrowings
16,702
17,442
24,714
20,963
18,062
Total interest expense
255,224
267,631
281,985
262,556
264,019
Net Interest Income
561,605
581,115
599,697
577,948
544,547
Provision for credit losses
10,808
6,605
5,085
7,505
100,562
Net Interest Income after Provision for Credit Losses
550,797
574,510
594,612
570,443
443,985
Noninterest Income
Operating income
100,098
105,753
99,086
86,817
85,620
Securities losses, net
—
—
—
—
(228,811)
Gain on sale leaseback, net of transaction costs
—
—
—
—
229,279
Total noninterest income
100,098
105,753
99,086
86,817
86,088
Noninterest Expense
Operating expense
359,524
364,196
351,453
350,682
340,820
Merger, branch consolidation, severance related, and other expense (8)
—
4,494
20,889
24,379
68,006
FDIC special assessment
—
(3,835)
—
—
—
Total noninterest expense
359,524
364,855
372,342
375,061
408,826
Income before Income Tax Provision
291,371
315,408
321,356
282,199
121,247
Income tax provision
65,551
67,686
74,715
66,975
32,167
Net Income
$
225,820
$
247,722
$
246,641
$
215,224
$
89,080
Adjusted Net Income (non-GAAP) (2)
Net Income (GAAP)
$
225,820
$
247,722
$
246,641
$
215,224
$
89,080
Securities losses, net of tax
—
—
—
—
178,639
Gain on sale leaseback, net of transaction costs and tax
—
—
—
—
(179,004)
Initial provision for credit losses - Non-PCD loans and UFC from Independent, net of tax
—
—
—
—
71,892
Merger, branch consolidation, severance related, and other
expense, net of tax (8)
—
3,529
16,032
18,593
53,094
Deferred tax asset remeasurement
—
—
—
—
5,581
FDIC special assessment, net of tax
—
(3,012)
—
—
—
Adjusted Net Income (non-GAAP)
$
225,820
$
248,239
$
262,673
$
233,817
$
219,282
Basic earnings per common share
$
2.29
$
2.48
$
2.44
$
2.12
$
0.88
Diluted earnings per common share
$
2.28
$
2.46
$
2.42
$
2.11
$
0.87
Adjusted net income per common share - Basic (non-GAAP) (2)
$
2.29
$
2.48
$
2.60
$
2.30
$
2.16
Adjusted net income per common share - Diluted (non-GAAP) (2)
$
2.28
$
2.47
$
2.58
$
2.30
$
2.15
Dividends per common share
$
0.60
$
0.60
$
0.60
$
0.54
$
0.54
Basic weighted-average common shares outstanding
98,544,242
100,063,315
101,218,431
101,495,456
101,409,624
Diluted weighted-average common shares outstanding
98,922,258
100,618,796
101,735,095
101,845,360
101,828,600
Effective tax rate
22.50 %
21.46 %
23.25 %
23.73 %
26.53 %
Adjusted effective tax rate
22.50 %
21.46 %
23.25 %
23.73 %
21.93 %
Performance and Capital Ratios
Three Months Ended
Mar. 31,
Dec. 31,
Sep. 30,
Jun. 30,
Mar. 31,
2026
2025
2025
2025
2025
PERFORMANCE RATIOS
Return on average assets (annualized)
1.37
%
1.47
%
1.49
%
1.34
%
0.56
%
Adjusted return on average assets (annualized) (non-GAAP) (2)
1.37
%
1.48
%
1.59
%
1.45
%
1.38
%
Return on average common equity (annualized)
10.11
%
10.90
%
11.04
%
9.93
%
4.29
%
Adjusted return on average common equity (annualized) (non-GAAP) (2)
10.11
%
10.92
%
11.75
%
10.79
%
10.56
%
Return on average tangible common equity (annualized) (non-GAAP) (3)
17.59
%
19.10
%
19.62
%
18.17
%
8.99
%
Adjusted return on average tangible common equity (annualized) (non-GAAP) (2) (3)
17.59
%
19.14
%
20.81
%
19.61
%
19.85
%
Efficiency ratio (tax equivalent)
51.05
%
49.65
%
49.88
%
52.75
%
60.97
%
Adjusted efficiency ratio (non-GAAP) (4)
51.05
%
49.56
%
46.89
%
49.09
%
50.24
%
Dividend payout ratio (5)
26.12
%
24.23
%
24.59
%
25.47
%
61.45
%
Book value per common share
$
92.21
$
91.38
$
89.14
$
86.71
$
84.99
Tangible book value per common share (non-GAAP) (3)
$
56.90
$
56.27
$
54.48
$
51.96
$
50.07
CAPITAL RATIOS
Equity-to-assets
13.3
%
13.5
%
13.6
%
13.4
%
13.2
%
Tangible equity-to-tangible assets (non-GAAP) (3)
8.6
%
8.8
%
8.8
%
8.5
%
8.2
%
Tier 1 leverage (6)
9.4
%
9.3
%
9.4
%
9.2
%
8.9
%
Tier 1 common equity (6)
11.3
%
11.4
%
11.5
%
11.2
%
11.0
%
Tier 1 risk-based capital (6)
11.3
%
11.4
%
11.5
%
11.2
%
11.0
%
Total risk-based capital (6)
13.7
%
13.8
%
14.0
%
14.5
%
13.7
%
Balance Sheet
Ending Balance
(Dollars in thousands, except per share and share data)
Mar. 31,
Dec. 31,
Sep. 30,
Jun. 30,
Mar. 31,
BALANCE SHEET
2026
2025
2025
2025
2025
Assets
Cash and due from banks
$
598,218
$
583,375
$
582,792
$
755,798
$
688,153
Federal funds sold and interest-earning deposits with banks
2,268,864
2,589,108
2,561,663
2,708,308
2,611,537
Cash and cash equivalents
2,867,082
3,172,483
3,144,455
3,464,106
3,299,690
Trading securities, at fair value
117,590
110,183
107,519
95,306
107,401
Investment securities:
Securities held to maturity
2,007,249
2,048,030
2,096,727
2,145,991
2,195,980
Securities available for sale, at fair value
6,530,348
6,313,756
6,042,800
5,927,867
5,853,369
Other investments
370,924
353,428
366,218
357,487
345,695
Total investment securities
8,908,521
8,715,214
8,505,745
8,431,345
8,395,044
Loans held for sale
327,935
345,343
346,673
318,985
357,918
Loans:
Purchased credit deteriorated
2,818,360
2,977,499
3,160,359
3,409,186
3,634,490
Purchased non-credit deteriorated
10,714,489
11,232,414
11,877,828
12,492,553
13,084,853
Non-acquired
35,963,934
34,388,614
32,629,724
31,365,508
30,047,389
Less allowance for credit losses
(585,882)
(585,197)
(590,133)
(621,046)
(623,690)
Loans, net
48,910,901
48,013,330
47,077,778
46,646,201
46,143,042
Premises and equipment, net
993,584
994,176
961,510
964,878
946,334
Bank owned life insurance
1,302,382
1,293,574
1,285,532
1,280,632
1,273,472
Mortgage servicing rights
90,018
84,032
84,491
85,836
87,742
Core deposit and other intangibles
364,686
386,326
409,890
433,458
455,443
Goodwill
3,094,059
3,094,059
3,094,059
3,094,059
3,088,059
Other assets
1,002,465
988,692
1,030,558
1,078,516
981,309
Total assets
$
67,979,223
$
67,197,412
$
66,048,210
$
65,893,322
$
65,135,454
Liabilities and Shareholders' Equity
Deposits:
Noninterest-bearing
$
13,650,799
$
13,375,697
$
13,430,459
$
13,719,030
$
13,757,255
Interest-bearing
42,224,864
41,770,100
40,642,810
39,977,931
39,580,360
Total deposits
55,875,663
55,145,797
54,073,269
53,696,961
53,337,615
Federal funds purchased and securities
sold under agreements to repurchase
643,386
618,215
594,092
630,558
679,337
Other borrowings
696,642
696,536
696,429
1,099,705
752,798
Reserve for unfunded commitments
69,229
69,619
68,538
64,693
62,253
Other liabilities
1,663,387
1,608,137
1,604,756
1,600,271
1,679,090
Total liabilities
58,948,307
58,138,304
57,037,084
57,092,188
56,511,093
Shareholders' equity:
Common stock - $2.50 par value; authorized 160,000,000 shares
244,844
247,845
252,723
253,745
253,698
Surplus
6,332,285
6,480,471
6,647,952
6,679,028
6,667,277
Retained earnings
2,779,896
2,614,173
2,426,463
2,240,470
2,080,053
Accumulated other comprehensive loss
(326,109)
(283,381)
(316,012)
(372,109)
(376,667)
Total shareholders' equity
9,030,916
9,059,108
9,011,126
8,801,134
8,624,361
Total liabilities and shareholders' equity
$
67,979,223
$
67,197,412
$
66,048,210
$
65,893,322
$
65,135,454
Common shares issued and outstanding
97,937,653
99,138,204
101,089,231
101,498,000
101,479,065
Net Interest Income and Margin
Three Months Ended
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
(Dollars in thousands)
Average
Income/
Yield/
Average
Income/
Yield/
Average
Income/
Yield/
YIELD ANALYSIS
Balance
Expense
Rate
Balance
Expense
Rate
Balance
Expense
Rate
Interest-Earning Assets:
Federal funds sold and interest-earning deposits with banks
$
1,881,020
$
15,792
3.40 %
$
2,703,627
$
25,580
3.75 %
$
2,199,800
$
22,540
4.16 %
Investment securities
9,221,416
79,466
3.49 %
8,760,360
75,060
3.40 %
8,325,775
61,386
2.99 %
Loans held for sale
223,084
3,732
6.78 %
298,600
5,201
6.91 %
174,833
3,678
8.53 %
Total loans held for investment
48,875,656
717,839
5.96 %
48,109,526
742,905
6.13 %
46,797,045
720,962
6.25 %
Total interest-earning assets
60,201,176
816,829
5.50 %
59,872,113
848,746
5.62 %
57,497,453
808,566
5.70 %
Noninterest-earning assets
6,726,355
6,767,257
6,785,973
Total Assets
$
66,927,531
$
66,639,370
$
64,283,426
Interest-Bearing Liabilities ("IBL"):
Transaction and money market accounts
$
31,499,841
$
172,453
2.22 %
$
30,598,366
$
178,129
2.31 %
$
29,249,015
$
176,949
2.45 %
Savings deposits
2,822,510
1,642
0.24 %
2,834,358
1,827
0.26 %
2,904,961
1,944
0.27 %
Certificates and other time deposits
7,215,388
64,427
3.62 %
7,560,350
70,233
3.69 %
7,165,188
67,064
3.80 %
Federal funds purchased
295,207
2,635
3.62 %
334,401
3,297
3.91 %
323,400
3,479
4.36 %
Repurchase agreements
319,873
1,561
1.98 %
294,259
1,462
1.97 %
298,305
1,430
1.94 %
Other borrowings
696,597
12,506
7.28 %
696,485
12,683
7.22 %
812,136
13,153
6.57 %
Total interest-bearing liabilities
42,849,416
255,224
2.42 %
42,318,219
267,631
2.51 %
40,753,005
264,019
2.63 %
Noninterest-bearing deposits
13,359,214
13,644,784
13,493,329
Other noninterest-bearing liabilities
1,661,672
1,656,851
1,618,980
Shareholders' equity
9,057,229
9,019,516
8,418,112
Total Non-IBL and shareholders' equity
24,078,115
24,321,151
23,530,421
Total Liabilities and Shareholders' Equity
$
66,927,531
$
66,639,370
$
64,283,426
Net Interest Income and Margin (Non-Tax Equivalent)
$
561,605
3.78 %
$
581,115
3.85 %
$
544,547
3.84 %
Net Interest Margin (Tax Equivalent) (non-GAAP)
3.79 %
3.86 %
3.85 %
Total Deposit Cost (without Debt and Other Borrowings)
1.76 %
1.82 %
1.89 %
Overall Cost of Funds (including Demand Deposits)
1.84 %
1.90 %
1.97 %
Total Accretion on Acquired Loans (1)
$
38,786
$
50,327
$
61,798
Tax Equivalent ("TE") Adjustment
$
760
$
800
$
784
• The remaining loan discount on acquired loans to be accreted into loan interest income totals $219.0 million as of March 31, 2026.
Noninterest Income and Expense
Three Months Ended
Mar. 31,
Dec. 31,
Sep. 30,
Jun. 30,
Mar. 31,
(Dollars in thousands)
2026
2025
2025
2025
2025
Noninterest Income:
Fees on deposit accounts
$
38,699
$
41,950
$
42,572
$
37,869
$
35,933
Mortgage banking income
11,016
5,158
5,462
5,936
7,737
Trust and investment services income
14,471
14,684
14,157
14,419
14,932
Correspondent banking and capital markets income
24,427
30,638
25,522
19,161
16,715
Expense on centrally-cleared variation margin
(3,000)
(3,167)
(4,318)
(5,394)
(7,170)
Total correspondent banking and capital markets income
21,427
27,471
21,204
13,767
9,545
Bank owned life insurance income
9,494
9,633
10,597
9,153
10,199
Other
4,991
6,857
5,094
5,673
7,275
Securities losses, net
—
—
—
—
(228,811)
Gain on sale leaseback, net of transaction costs
—
—
—
—
229,279
Total Noninterest Income
$
100,098
$
105,753
$
99,086
$
86,817
$
86,088
Noninterest Expense:
Salaries and employee benefits
$
205,653
$
202,714
$
199,148
$
200,162
$
195,811
Occupancy expense
42,302
42,567
40,874
41,507
35,493
Information services expense
29,704
30,443
28,988
30,155
31,362
OREO and loan related expense
4,378
867
5,427
2,295
1,784
Business development and staff related
11,362
13,485
8,907
7,182
6,510
Amortization of intangibles
21,304
23,417
23,426
24,048
23,831
Professional fees
5,239
7,410
4,994
4,658
4,709
Supplies and printing expense
3,254
3,594
3,278
3,970
3,128
FDIC assessment and other regulatory charges
10,257
9,884
8,374
11,469
11,258
Advertising and marketing
3,325
4,710
2,980
3,010
2,290
Other operating expenses
22,746
25,105
25,057
22,226
24,644
Merger, branch consolidation, severance related and other expense (8)
—
4,494
20,889
24,379
68,006
FDIC special assessment
—
(3,835)
—
—
—
Total Noninterest Expense
$
359,524
$
364,855
$
372,342
$
375,061
$
408,826
Loans and Deposits
The following table presents a summary of the loan portfolio by type:
Ending Balance
(Dollars in thousands)
Mar. 31,
Dec. 31,
Sep. 30,
Jun. 30,
Mar. 31,
LOAN PORTFOLIO (7)
2026
2025
2025
2025
2025
Construction and land development * †
$
2,592,908
$
2,548,360
$
2,678,971
$
3,323,923
$
3,497,909
Investor commercial real estate*
18,298,938
17,883,913
17,603,205
16,953,410
16,822,119
Commercial owner occupied real estate
7,671,535
7,576,991
7,529,075
7,497,906
7,417,116
Commercial and industrial
9,385,926
9,181,408
8,644,636
8,445,878
8,106,484
Consumer real estate *
10,573,897
10,450,223
10,202,026
10,038,369
9,838,952
Consumer/other
973,579
957,632
1,009,998
1,007,761
1,084,152
Total Loans
$
49,496,783
$
48,598,527
$
47,667,911
$
47,267,247
$
46,766,732
* Single family home construction-to-permanent loans originated by the Company's mortgage banking division are included in construction and land
development category until completion. Investor commercial real estate loans include commercial non-owner occupied real estate and other
income producing property. Consumer real estate includes consumer owner occupied real estate and home equity loans.
† Includes single family home construction-to-permanent loans of $360.4 million, $342.8 million, $350.2 million, $371.1 million, and $343.5 million for
the quarters ended March 31, 2036, December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025, respectively.
Ending Balance
(Dollars in thousands)
Mar. 31,
Dec. 31,
Sep. 30,
Jun. 30,
Mar. 31,
DEPOSITS
2026
2025
2025
2025
2025
Noninterest-bearing checking
$
13,650,799
$
13,375,697
$
13,430,459
$
13,719,030
$
13,757,255
Interest-bearing checking
14,119,614
13,838,558
12,906,408
12,607,205
12,034,973
Savings
2,841,408
2,820,621
2,853,410
2,889,670
2,939,407
Money market
18,014,140
17,751,688
17,251,469
16,772,597
17,447,738
Time deposits
7,249,702
7,359,233
7,631,523
7,708,459
7,158,242
Total Deposits
$
55,875,663
$
55,145,797
$
54,073,269
$
53,696,961
$
53,337,615
Asset Quality
Ending Balance
Mar. 31,
Dec. 31,
Sep. 30,
Jun. 30,
Mar. 31,
(Dollars in thousands)
2026
2025
2025
2025
2025
NONPERFORMING ASSETS:
Non-acquired
Non-acquired nonaccrual loans and restructured loans on nonaccrual
$
177,158
$
161,975
$
146,751
$
141,910
$
151,673
Accruing loans past due 90 days or more
6,915
2,997
4,352
3,687
3,273
Non-acquired OREO and other nonperforming assets
8,339
5,273
11,969
17,288
2,290
Total non-acquired nonperforming assets
192,412
170,245
163,072
162,885
157,236
Acquired
Acquired nonaccrual loans and restructured loans on nonaccrual
116,002
135,179
149,695
151,466
116,691
Accruing loans past due 90 days or more
1,986
1,944
891
707
537
Acquired OREO and other nonperforming assets
18,155
3,901
7,147
8,783
5,976
Total acquired nonperforming assets
136,143
141,024
157,733
160,956
123,204
Total nonperforming assets
$
328,555
$
311,269
$
320,805
$
323,841
$
280,440
Three Months Ended
Mar. 31,
Dec. 31,
Sep. 30,
Jun. 30,
Mar. 31,
2026
2025
2025
2025
2025
ASSET QUALITY RATIOS (7):
Allowance for credit losses as a percentage of loans
1.18 %
1.20 %
1.24 %
1.31 %
1.33 %
Allowance for credit losses, including reserve for unfunded commitments,
as a percentage of loans
1.32 %
1.35 %
1.38 %
1.45 %
1.47 %
Allowance for credit losses as a percentage of nonperforming loans
193.96 %
193.71 %
195.61 %
208.57 %
229.15 %
Net charge-offs as a percentage of average loans (annualized)
0.09 %
0.09 %
0.27 %
0.21 %
0.38 %
Net charge-offs, excluding acquisition date charge-offs, as a percentage
of average loans (annualized) *
0.09 %
0.09 %
0.27 %
0.06 %
0.04 %
Total nonperforming assets as a percentage of total assets
0.48 %
0.46 %
0.49 %
0.49 %
0.43 %
Nonperforming loans as a percentage of period end loans
0.61 %
0.62 %
0.63 %
0.63 %
0.58 %
* Excluding acquisition date charge-offs recorded in connection with the Independent merger.
Current Expected Credit Losses ("CECL")
Below is a table showing the roll forward of the ACL and UFC for the first quarter of 2026:
Allowance for Credit Losses ("ACL") and Unfunded Commitments ("UFC")
(Dollars in thousands)
Non-PCD ACL
PCD ACL
Total ACL
UFC
Ending balance 12/31/2025
$
516,041
$
69,156
$
585,197
$
69,619
Charge offs
(12,848)
—
(12,848)
—
Acquired charge offs
(747)
(839)
(1,586)
—
Recoveries
2,805
—
2,805
—
Acquired recoveries
228
888
1,116
—
Provision for credit losses
15,140
(3,942)
11,198
(390)
Ending balance 3/31/2026
$
520,619
$
65,263
$
585,882
$
69,229
Period end loans
$
46,678,423
$
2,818,360
$
49,496,783
N/A
Allowance for Credit Losses to Loans
1.12 %
2.32 %
1.18 %
N/A
Unfunded commitments (off balance sheet) †
$
12,009,859
Reserve to unfunded commitments (off balance sheet)
0.58 %
† Unfunded commitments exclude unconditionally cancelable commitments and letters of credit.
Conference Call
The Company will host a conference call to discuss its first quarter results at 9:00 a.m. Eastern Time on April 24, 2026. Callers wishing to participate may call toll-free by dialing (888) 350-3899 within the US and (646) 960-0343 for all other locations. The numbers for international participants are listed at https://events.q4irportal.com/custom/access/2324/. The conference ID number is 4200408. Alternatively, individuals may listen to the live webcast of the presentation by visiting SouthStateBank.com. An audio replay of the live webcast is expected to be available by the evening of April 24, 2026 on the Investor Relations section of SouthStateBank.com.
SouthState is a financial services company headquartered in Winter Haven, Florida. SouthState Bank, N.A., the company's nationally chartered bank subsidiary, provides consumer, commercial, mortgage and wealth management solutions to more than 1.8 million customers throughout Florida, Texas, the Carolinas, Georgia, Colorado, Alabama, Virginia and Tennessee. The bank also serves clients nationwide through its correspondent banking division. Additional information is available at SouthStateBank.com.
Non-GAAP Measures
Statements included in this press release include non-GAAP measures and should be read along with the accompanying tables that provide a reconciliation of non-GAAP measures to GAAP measures. Although other companies may use calculation methods that differ from those used by SouthState for non-GAAP measures, management believes that these non-GAAP measures provide additional useful information, which allows readers to evaluate the ongoing performance of the Company. Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the Company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company. Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results or financial condition as reported under GAAP.
(Dollars in thousands)
Three Months Ended
PRE-PROVISION NET REVENUE ("PPNR") (NON-GAAP)
Mar. 31, 2026
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Net income (GAAP)
$
225,820
$
247,722
$
246,641
$
215,224
$
89,080
Provision (recovery) for credit losses
10,808
6,605
5,085
7,505
100,562
Income tax provision
65,551
67,686
74,715
66,975
26,586
Income tax provision - deferred tax asset remeasurement
—
—
—
—
5,581
Securities losses, net
—
—
—
—
228,811
Gain on sale leaseback, net of transaction costs
—
—
—
—
(229,279)
Merger, branch consolidation, severance related and other expense (8)
—
4,494
20,889
24,379
68,006
FDIC special assessment
—
(3,835)
—
—
—
Pre-provision net revenue (PPNR) (Non-GAAP)
$
302,179
$
322,672
$
347,330
$
314,083
$
289,347
(Dollars in thousands)
Three Months Ended
NET INTEREST MARGIN ("NIM"), TE (NON-GAAP)
Mar. 31, 2026
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Net interest income (GAAP)
$
561,605
$
581,115
$
599,697
$
577,948
$
544,547
Total average interest-earning assets
60,201,176
59,872,113
58,727,110
57,710,001
57,497,453
NIM, non-tax equivalent
3.78
%
3.85
%
4.05
%
4.02
%
3.84
%
Tax equivalent adjustment (included in NIM, TE)
760
800
718
672
784
Net interest income, tax equivalent (Non-GAAP)
$
562,365
$
581,915
$
600,415
$
578,620
$
545,331
NIM, TE (Non-GAAP)
3.79
%
3.86
%
4.06
%
4.02
%
3.85
%
Three Months Ended
(Dollars in thousands, except per share data)
Mar. 31,
Dec. 31,
Sep. 30,
Jun. 30,
Mar. 31,
RECONCILIATION OF GAAP TO NON-GAAP
2026
2025
2025
2025
2025
Adjusted Net Income (non-GAAP) (2)
Net income (GAAP)
$
225,820
$
247,722
$
246,641
$
215,224
$
89,080
Securities losses, net of tax
—
—
—
—
178,639
Gain on sale leaseback, net of transaction costs and tax
—
—
—
—
(179,004)
PCL - Non-PCD loans and UFC, net of tax
—
—
—
—
71,892
Merger, branch consolidation, severance related and other expense, net of tax (8)
—
3,529
16,032
18,593
53,094
Deferred tax asset remeasurement
—
—
—
—
5,581
FDIC special assessment, net of tax
—
(3,012)
—
—
—
Adjusted net income (non-GAAP)
$
225,820
$
248,239
$
262,673
$
233,817
$
219,282
Adjusted Net Income per Common Share - Basic (non-GAAP) (2)
Earnings per common share - Basic (GAAP)
$
2.29
$
2.48
$
2.44
$
2.12
$
0.88
Effect to adjust for securities losses, net of tax
—
—
—
—
1.76
Effect to adjust for gain on sale leaseback, net of transaction costs and tax
—
—
—
—
(1.77)
Effect to adjust for PCL - Non-PCD loans and UFC, net of tax
—
—
—
—
0.71
Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8)
—
0.03
0.16
0.18
0.52
Effect to adjust for deferred tax asset remeasurement
—
—
—
—
0.06
Effect to adjust for FDIC special assessment, net of tax
—
(0.03)
—
—
—
Adjusted net income per common share - Basic (non-GAAP)
$
2.29
$
2.48
$
2.60
$
2.30
$
2.16
Adjusted Net Income per Common Share - Diluted (non-GAAP) (2)
Earnings per common share - Diluted (GAAP)
$
2.28
$
2.46
$
2.42
$
2.11
$
0.87
Effect to adjust for securities losses, net of tax
—
—
—
—
1.76
Effect to adjust for gain on sale leaseback, net of transaction costs and tax
—
—
—
—
(1.76)
Effect to adjust for PCL - Non-PCD loans and UFC, net of tax
—
—
—
—
0.71
Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8)
—
0.04
0.16
0.19
0.52
Effect to adjust for deferred tax remeasurement
—
—
—
—
0.05
Effect to adjust for FDIC special assessment, net of tax
—
(0.03)
—
—
—
Adjusted net income per common share - Diluted (non-GAAP)
$
2.28
$
2.47
$
2.58
$
2.30
$
2.15
Adjusted Return on Average Assets (non-GAAP) (2)
Return on average assets (GAAP)
1.37
%
1.47
%
1.49
%
1.34
%
0.56
%
Effect to adjust for securities losses, net of tax
—
%
—
%
—
%
—
%
1.13
%
Effect to adjust for gain on sale leaseback, net of transaction costs and tax
—
%
—
%
—
%
—
%
(1.13)
%
Effect to adjust for PCL - Non-PCD loans and UFC, net of tax
—
%
—
%
—
%
—
%
0.45
%
Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8)
—
%
0.03
%
0.10
%
0.11
%
0.33
%
Effect to adjust for deferred tax remeasurement
—
%
—
%
—
%
—
%
0.04
%
Effect to adjust for FDIC special assessment, net of tax
—
%
(0.02)
%
—
%
—
%
—
%
Adjusted return on average assets (non-GAAP)
1.37
%
1.48
%
1.59
%
1.45
%
1.38
%
Adjusted Return on Average Common Equity (non-GAAP) (2)
Return on average common equity (GAAP)
10.11
%
10.90
%
11.04
%
9.93
%
4.29
%
Effect to adjust for securities losses, net of tax
—
%
—
%
—
%
—
%
8.61
%
Effect to adjust for gain on sale leaseback, net of transaction costs and tax
—
%
—
%
—
%
—
%
(8.63)
%
Effect to adjust for PCL - Non-PCD loans and UFC, net of tax
—
%
—
%
—
%
—
%
3.46
%
Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8)
—
%
0.15
%
0.71
%
0.86
%
2.56
%
Effect to adjust for deferred tax remeasurement
—
%
—
%
—
%
—
%
0.27
%
Effect to adjust for FDIC special assessment, net of tax
—
%
(0.13)
%
—
%
—
%
—
%
Adjusted return on average common equity (non-GAAP)
10.11
%
10.92
%
11.75
%
10.79
%
10.56
%
Return on Average Common Tangible Equity (non-GAAP) (3)
Return on average common equity (GAAP)
10.11
%
10.90
%
11.04
%
9.93
%
4.29
%
Effect to adjust for intangible assets
7.48
%
8.20
%
8.58
%
8.24
%
4.70
%
Return on average tangible equity (non-GAAP)
17.59
%
19.10
%
19.62
%
18.17
%
8.99
%
Adjusted Return on Average Common Tangible Equity (non-GAAP) (2) (3)
Return on average common equity (GAAP)
10.11
%
10.90
%
11.04
%
9.93
%
4.29
%
Effect to adjust for securities losses, net of tax
—
%
—
%
—
%
—
%
8.61
%
Effect to adjust for gain on sale leaseback, net of transaction costs and tax
—
%
—
%
—
%
—
%
(8.63)
%
Effect to adjust for PCL - Non-PCD loans and UFC, net of tax
—
%
—
%
—
%
—
%
3.46
%
Effect to adjust for merger, branch consolidation, severance related and other expense, net of tax (8)
—
%
0.15
%
0.71
%
0.86
%
2.56
%
Effect to adjust for deferred tax remeasurement
—
%
—
%
—
%
—
%
0.27
%
Effect to adjust for FDIC special assessment, net of tax
—
%
(0.13)
%
—
%
—
%
—
%
Effect to adjust for intangible assets, net of tax
7.48
%
8.22
%
9.06
%
8.82
%
9.29
%
Adjusted return on average common tangible equity (non-GAAP)
17.59
%
19.14
%
20.81
%
19.61
%
19.85
%
Three Months Ended
Mar. 31,
Dec. 31,
Sep. 30,
Jun. 30,
Mar. 31,
RECONCILIATION OF GAAP TO NON-GAAP
2026
2025
2025
2025
2025
Adjusted Efficiency Ratio (non-GAAP) (4)
Efficiency ratio
51.05
%
49.65
%
49.88
%
52.75
%
60.97
%
Effect to adjust for securities losses
—
%
—
%
—
%
—
%
(13.35)
%
Effect to adjust for gain on sale leaseback, net of transaction costs
—
%
—
%
—
%
—
%
13.39
%
Effect to adjust for merger, branch consolidation, severance related and other expense (8)
—
%
(0.65)
%
(2.99)
%
(3.66)
%
(10.77)
%
Effect to adjust for FDIC special assessment
—
%
0.56
%
—
%
—
%
—
%
Adjusted efficiency ratio
51.05
%
49.56
%
46.89
%
49.09
%
50.24
%
Tangible Book Value Per Common Share (non-GAAP) (3)
Book value per common share (GAAP)
$
92.21
$
91.38
$
89.14
$
86.71
$
84.99
Effect to adjust for intangible assets
(35.31)
(35.11)
(34.66)
(34.75)
(34.92)
Tangible book value per common share (non-GAAP)
$
56.90
$
56.27
$
54.48
$
51.96
$
50.07
Tangible Equity-to-Tangible Assets (non-GAAP) (3)
Equity-to-assets (GAAP)
13.28
%
13.48
%
13.64
%
13.36
%
13.24
%
Effect to adjust for intangible assets
(4.64)
%
(4.72)
%
(4.83)
%
(4.90)
%
(4.99)
%
Tangible equity-to-tangible assets (non-GAAP)
8.64
%
8.76
%
8.81
%
8.46
%
8.25
%
Certain prior period information has been reclassified to conform to the current period presentation, and these reclassifications have no impact on net income or equity as previously reported.
Footnotes to tables:
(1)
Includes loan accretion (interest) income related to the discount on acquired loans of $38.8 million, $50.3 million, $83.0 million, $63.5 million, and $61.8 million during the quarters ended March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025, respectively.
(2)
Adjusted earnings, adjusted return on average assets, adjusted EPS, and adjusted return on average equity are non-GAAP measures and exclude the gains or losses on sales of securities, gain on sale leaseback, net of transaction costs, PCL on non-PCD loans and unfunded commitments, deferred tax asset remeasurement, merger, branch consolidation, severance related and other expense, and FDIC special assessments. Management believes that non-GAAP adjusted measures provide additional useful information that allows readers to evaluate the ongoing performance of the Company. Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the Company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company. Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results or financial condition as reported under GAAP. Adjusted earnings and the related adjusted return measures (non-GAAP) exclude the following from net income (GAAP) on an after-tax basis: (a) pre-tax merger, branch consolidation, severance related and other expense of $4.5 million, $20.9 million, $24.4 million, and $68.0 million for the quarters ended December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025, respectively; (b) pre-tax net securities losses of $(228,811) for the quarter ended March 31, 2025; (c) pre-tax gain on sale leaseback, net of transaction costs of $229,279 for the quarter ended March 31, 2025; (d) pre-tax FDIC special assessment of $(3.8) million for the quarter ended December 31, 2025; and (e) deferred tax asset remeasurement of $5.6 million for the quarter ended March 31, 2025.
(3)
The tangible measures are non-GAAP measures and exclude the effect of period end or average balance of intangible assets. The tangible returns on equity and common equity measures also add back the after-tax amortization of intangibles to GAAP basis net income. Management believes that these non-GAAP tangible measures provide additional useful information, particularly since these measures are widely used by industry analysts for companies with prior merger and acquisition activities. Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the Company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company. Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results or financial condition as reported under GAAP. The sections titled "Reconciliation of GAAP to Non-GAAP" provide tables that reconcile GAAP measures to non-GAAP.
(4)
Adjusted efficiency ratio is calculated by taking the noninterest expense excluding transaction costs on sale leaseback, merger, branch consolidation, severance related and other expenses, FDIC special assessment, and amortization of intangible assets, divided by net interest income and noninterest income excluding gains (losses) on sales of securities, net and gain on sale leaseback, net of transaction costs. The pre-tax amortization expenses of intangible assets were $21.3 million, $23.4 million, $23.4 million, $24.0 million, and $23.8 million for the quarters ended March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025, respectively.
(5)
The dividend payout ratio is calculated by dividing total dividends paid during the period by the total net income for the same period.
(6)
March 31, 2026 ratios are estimated and may be subject to change pending the final filing of the FR Y-9C; all other periods are presented as filed.
(7)
Loan data excludes loans held for sale.
(8)
Includes pre-tax cyber incident (net reimbursement)/costs of $3,000, $(3.6) million, and $111,000 for the quarters ended September 30, 2025, June 30, 2025, and March 31, 2025, respectively.
Statements included in this communication contain forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of management of SouthState Bank Corporation ("SouthState") and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward looking statements.
Factors that could cause SouthState's actual results to differ materially from those described in the forward looking statements are discussed in SouthState's Annual Report on Form 10 K for the year ended December 31, 2025, filed with the Securities and Exchange Commission and available on SouthState's website (https://southstatecorporation.q4ir.com/SEC-Filings/Documents/default.aspx), and on the Securities and Exchange Commission's website (www.sec.gov). SouthState undertakes no obligation to update any forward looking statements.
