Stifel Financial Makes A Dramatic Move Towards Wealth Management
Alpha Gen Capital
Alpha Gen Capital
Stifel Financial Continues To Be Interesting
Tue, May 10, 10:58 AM
- Q1 non-GAAP net income of $43.4M or $0.57 per share vs. $49.9M and $0.65 one year ago. Expectations had been for just $0.51.
- Brokerage revenues of $318.9M up 13.7% Y/Y, with global wealth management revenue of $173M up 9.5%, institutional equity revenue of $62.3M up 0.8%, and institutional fixed income brokerage revenue of $83.6M up 37.8%.
- Investment banking revenue of $100.7M down 19.5% Y/Y, with equity capital raising revenue of $25.5M down 47.8%, fixed-income capital raising revenue of $27.8M up 3.9%, and advisory fee revenue of $47.4M down 4.2%.
- Asset management fee and service fee revenue of $144.5M up 26.9%.
- Excluding merger-related expenses, comp and benefits as a percentage of revenue of 63.6% rose from 62.5% a year ago.
- 2.7M shares repurchased for $91.4M.
- Book value per share of $36.37 up 4.4% Y/Y.
- Previously: Stifel Financial beats by $0.06, beats on revenue (May 9)
- SF +9.6%
Mon, May 9, 4:42 PM
Sun, May 8, 5:35 PM
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Thu, Mar. 24, 12:07 PM
- "If you're not inside, you're outside," famously said Gordon Gekko.
- At the top of a secret list at Citigroup (NYSE:C) is the "Focus Five" - a group of hedge funds that bring in big dollars to the bank: Millennium, Citadel, Surveyor Capital, Point72, and Carlson Capital. These lucrative clients get the best service - top trade ideas, hours-long phone calls with analysts, intimate get-togethers with executives, bespoke trading models, and more.
- It's part of a new model on Wall Street, with banks backing off the "we-do-everything" model to cater to those select few who generate the most revenue. Players like Morgan Stanley (NYSE:MS) and HSBC are joining Citigroup in focusing on this 1% of the 1%.
- “It’s a rude awakening when you find out that research isn’t readily available," says Jeff Sica, who manages "only" about $1.5B.
- Smaller banks too. Stifel Financial (NYSE:SF) has a "Blackjack" list of its top 21 clients, through CEO Ron Kruszewski says it's not currently in use.
- In today's world, banks have little choice. Hamstrung by the new regulatory environment, barely visible rates, and a lame trading environment, using gates to research to encourage more business is a rare avenue of revenue growth.
- ETFs: IAI, KCE
Mon, Mar. 14, 3:19 PM
- The financial sector (NYSEARCA:XLF) has performed woefully this year, and the banks (NYSEARCA:KBE) even worse. Cornerstone Macro technician Carter Worth finds twenty names trading well beneath their (falling) 150-day moving averages.
- The group has shown signs of life lately, and Worth thinks the stocks could move back to their 150-day averages, as stocks in other market sectors have done.
- It's strictly a trade, says Worth, who continues to rate the financials as Underweight. The 20:
- Ameriprise (NYSE:AMP), BofA (NYSE:BAC), Banner (NASDAQ:BANR), Citigroup (NYSE:C), Citizens Financial (NYSE:CFG), East West Bancorp (NASDAQ:EWBC), First NBC (NASDAQ:FNBC), HFF (NYSE:HF), KeyCorp (NYSE:KEY), Legacy Texas (NASDAQ:LTXB), Lincoln National (NYSE:LNC), Morgan Stanley (NYSE:MS), Old National (NASDAQ:ONB), PacWest (NASDAQ:PACW), PNC Financial (NYSE:PNC), Principal Financial (NYSE:PFG), Stifel Financial (NYSE:SF), SVB Financial (NASDAQ:SIVB), TCF Financial (NYSE:TCB), Wells Fargo (NYSE:WFC).
Wed, Feb. 24, 9:47 AM
- Q4 non-GAAP income of $40.2M or $0.51 per share vs. $58.4M and $0.75 one year ago. The results exclude $29M of after-tax merger related expenses for the Barclays and Sterne Agee deals. Full-year non-GAAP income of $2.46 per share vs. $2.76 in 2014.
- Brokerage revenue of $294.8M up 9% Y/Y.
- Investment banking revenue of $102.8M down 40% Y/Y. Equity revenue of $40.5M down 15%; Fixed-income revenue of $29.6M down 41%; Advisory fee revenue of $32.6M down 68%.
- Asset management and service fee revenue of $129.3M up 22% Y/Y.
- Comp and benefits expense (excl. merger-related) as a percentage of net revenue of 64.8% up from 61.5% a year ago.
- Previously: Stifel Financial misses by $0.16, misses on revenue (Feb. 23)
- SF -7.7%
Tue, Feb. 23, 4:23 PM
Mon, Feb. 22, 5:35 PM
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Mon, Feb. 22, 12:44 PM
Mon, Feb. 22, 9:56 AM
Mon, Jan. 4, 5:12 PM
- Stifel Financial (SF -2.2%) has wrapped up its acquisition of Eaton Partners, an addition that ramps up its advisory business.
- The deal was expected to be immediately accretive to earnings. Eaton will keep its brand name and run as a Stifel company.
- Stifel will take advantage of Eaton's relationship with more than 4,000 institutional investors. The firm has more than 60 employees over six offices, and has raised $25B in the past five years for its funds.
Nov. 9, 2015, 11:11 AM
- Stifel Financial (NYSE:SF) initially dropped sharply following a sizable earning miss reported after the close on Wednesday. CEO Ron Kruszewski noted the challenging market environment, but says the company continues to build a balanced wealth-management and institutional services company (Sterne Agee and Barclays' Americas wealth-management unit were both purchased this year).
- After a tough run for the stock though, buyers are emerging, and today's 4.1% gain, combined with a late Thursday bounce and an advance on Friday, has brought the shares above where they stood prior to the Q3 results.
- Nomura upgrades to Buy from Neutral.
Nov. 4, 2015, 5:10 PM
- Stifel Financial (NYSE:SF): Q3 EPS of $0.60 misses by $0.09.
- Revenue of $591.6M (+12.7% Y/Y) misses by $15.77M.
Nov. 3, 2015, 5:35 PM
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Sep. 8, 2015, 2:57 PM
- Stifel Financial's (SF +2.7%) Keefe, Bruyette & Woods brings over Neil Chawhan from Bank of America. He'll be a managing director working on insurance deals for KBW.
- KBW last year promoted Seth Bair to co-head U.S. insurance investment banking and hired Ryan Krueger from Dowling & Partners as an analyst.
- Among the insurance deals so far this year are Ace's purchase of Chubb for $28B, and Exor's buy of PartnerRe for more than $6B.
- Source: Bloomberg
Aug. 10, 2015, 5:25 PM
- Stifel Financial (NYSE:SF): Q2 EPS of $0.71 misses by $0.02.
- Revenue of $597.8M (+6.5% Y/Y) misses by $0.64M.
Stifel Financial Corp. is a financial services holding company whose subsidiaries serve a client base consisting of individual investors, professional money managers, institutional firms, and municipalities through the following segments: Global Wealth Management, Institutional Group, and Other.... More
Industry: Investment Brokerage - Regional
Country: United States
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