ST. LOUIS - Stifel Financial Corp . (NYSE: NYSE:SF) announced a robust financial performance for the second quarter of 2024, surpassing analyst expectations with an adjusted EPS of $1.60, which is $0.05 higher than the consensus estimate of $1.55.
The company's net revenues reached $1.2 billion, exceeding the $1.18 billion consensus estimate and marking an increase from $1.1 billion in the same quarter last year.
Ronald J. Kruszewski, Chairman and Chief Executive Officer, attributed the strong quarterly results to improved market conditions and the company's diversified business model. "Stifel generated our second highest quarterly net revenue in company history, as each of our operating segments generated solid year-on-year gains," Kruszewski stated. He expressed confidence in the company's positioning for a strong second half of 2024.
The firm's net income available to common shareholders climbed to $156.0 million, or $1.41 per diluted common share, from $125.0 million, or $1.10 per diluted common share in the second quarter of 2023. The non-GAAP net income available to common shareholders was $176.6 million for the second quarter of 2024. This financial strength was reflected in the company's record asset management revenues, which saw a 19% increase from the previous year, and advisory revenues that surged by 50%.
Stifel's Institutional Group also reported significant growth, with net revenues of $390.7 million compared with $277.5 million in the second quarter of 2023. The Group's pre-tax net income stood at $48.8 million, a notable recovery from a pre-tax net loss of $11.6 million in the same quarter last year.
The company's balance sheet remained strong, with record client assets of $474.1 billion, up 14% from the previous year. The solid financial performance was further bolstered by the recruitment of 42 financial advisors during the quarter, which included 13 experienced employee advisors and one experienced independent advisor.
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