Stifel Financial Corp. reports strong second quarter results with significant revenue and income growth
From GlobeNewswire: 2024-07-24 07:00:00
Stifel Financial Corp. reported net revenues of $1.2 billion for the second quarter of 2024, a significant increase from the same period last year. The company’s net income available to common shareholders was $156.0 million, or $1.41 per diluted common share. Non-GAAP net income available to common shareholders was $176.6 million, or $1.60 per diluted common share.
Global Wealth Management reported record net revenues of $801.1 million for the second quarter of 2024, up 6% from the same period last year. The division also recruited 42 financial advisors, including experienced advisors with significant production levels, and reported total client assets of $474.1 billion.
Institutional Group reported net revenues of $390.7 million for the second quarter of 2024, showing significant growth from the previous year. The division also reported pre-tax net income of $48.8 million, a substantial improvement from the pre-tax net loss of $11.6 million in the second quarter of 2023.
Stifel Financial Corp. announced the retirement of its $500.0 million outstanding balance on 4.25% Senior Notes. The company also repurchased $17.6 million of its outstanding common stock during the second quarter. Share repurchases have resulted in a decrease in weighted average diluted shares outstanding.
Stifel Financial Corp. will host its second quarter 2024 financial results conference call on July 24, 2024, at 9:30 a.m. Eastern Time. Interested parties can listen to Stifel’s Chairman and CEO by dialing (866) 409-1555 and referencing conference ID 7408307. A live audio webcast and a replay of the call will be available on the company’s website.
Stifel Financial Corp. is a financial services holding company headquartered in St. Louis, Missouri, conducting banking, securities, and financial services through its various subsidiaries. The company’s broker-dealer affiliates provide a range of financial services to individual investors, businesses, and municipalities. For more information, visit www.stifel.com or the Investor Relations section for financial disclosures.
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