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Stifel Financial Corp - Stock Quote SF

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Morningstar's Stifel Financial Corp Stock Analysis

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Increasing Our FVE for Stifel to $86; Wealth Management to Offset Institutional Group Decline

Michael Wong, CFA, CPA Sector Director

Business Strategy and Outlook

| Michael Wong, CFA, CPA |

Stifel Financial, along with other investment banks, had strong revenue in 2020 and 2021 as economic uncertainty led to strong trading volume. Additionally, an initial need for capital in the recession and then low interest rates and a strong stock market led to high capital-raising activity. We currently forecast revenue to be relatively flat over the next couple of years. The unusually high institutional securities revenue of 2021, which was 36% higher than in 2020 and 77% higher than in 2019, should normalize lower. The reduction in institutional group revenue will be offset by wealth management group revenue that grows with the market, and the company’s banking business should experience significant growth over the next several years with rising interest rates. We’re currently forecasting net interest income to more than double over the next several years from about $500 million, or 11% of net revenues, in 2021 to over $1 billion, more than 20% of net revenue.

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Stifel Financial Corp's Company Profile

Business Description

Stifel Financial is a middle-market-focused investment bank that produces more than 90% of its revenue in the United States. Approximately 65% of the company's net revenue is derived from its global wealth management division, which supports over 2,000 financial advisors, with the remainder coming from its institutional securities business. Stifel has a history of being an active acquirer of other financial service firms.

501 North Broadway, One Financial Plaza
Saint Louis, MO, 63102-2188
T +1 314 342-2000
Sector Financial Services
Industry Capital Markets
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Cyclical
Employees 8,600

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