Form 8-K - Current report

STIFEL FINANCIAL CORP false 0000720672 0000720672 2024-08-22 2024-08-22 0000720672 us-gaap:CommonStockMember 2024-08-22 2024-08-22 0000720672 us-gaap:SeriesBPreferredStockMember 2024-08-22 2024-08-22 0000720672 us-gaap:SeriesCPreferredStockMember 2024-08-22 2024-08-22 0000720672 us-gaap:SeriesDPreferredStockMember 2024-08-22 2024-08-22 0000720672 sfb:M5.20SeniorNotesDue2047Member 2024-08-22 2024-08-22

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant To Section 13 OR 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 22, 2024

 

 

STIFEL FINANCIAL CORP.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware		001-09305		43-1273600
(State of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

501 N. Broadway, St. Louis, Missouri 63102-2188

(Address of principal executive offices and zip code)

[phone]

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class		Trading Symbol(s)		Name of Each Exchange on Which Registered
Common Stock, $0.15 par value per share		SF		New York Stock Exchange
Depository Shares, each representing 1/1,000th interest in a share of 6.25% Non-Cumulative Preferred Stock, Series B		SF-PB		New York Stock Exchange
Depository Shares, each representing 1/1,000th interest in a share of 6.125% Non-Cumulative Preferred Stock, Series C		SF-PC		New York Stock Exchange
Depository Shares, each representing 1/1,000th interest in a share of 4.50% Non-Cumulative Preferred Stock, Series D		SF-PD		New York Stock Exchange
5.20% Senior Notes due 2047		SFB		New York Stock Exchange

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

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Item 7.01 Regulation FD Disclosure.

On August 22, 2024, Stifel Financial Corp. (the “Company”) issued a press release to disclose selected operating results for July 31, 2024. A copy of the press release is attached as Exhibit 99.1 to this Report on Form 8-K, and is incorporated by reference.

The exhibit is being furnished pursuant to Item 2.02, and the information contained therein shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act.

Item 9.01 Financial Statements and Exhibits.

(d)  Exhibits.

 

Exhibit Number		Description
99.1		Press release dated August 22, 2024.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

2

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

 

 

 

						STIFEL FINANCIAL CORP. (Registrant)
Date: August 22, 2024				By:		/s/ James M. Marischen
				Name:		James M. Marischen
				Title:		Chief Financial Officer

 

3

Exhibit 99.1

 

Stifel Reports July 2024 Operating Data

ST. LOUIS, MO, August 22, 2024 – Stifel Financial Corp. (NYSE: SF) today reported selected operating results for July 31, 2024 in an effort 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, “Client assets under administration and fee-based client assets increased 2% from the prior month and reached record levels of $481 billion and $183 billion, respectively. The increases were driven by continued market appreciation and solid recruiting. Client money market and insured product grew roughly $100 million in July. Higher Smart Rate balances more than offset the decline in Sweep balances, as cash sorting continues to slow. Bank loans grew 2% in July, driven by increased Fund Banking, C&I, and Residential Mortgage activity.”

 

 

 

 

Selected Operating Data (Unaudited)
		As of												% Change
(millions)		7/31/2024				7/31/2023				6/30/2024				7/31/2023				6/30/2024
Total client assets			$481,452				$426,667				$474,137				13%				2%
Fee-based client assets			$183,421				$157,996				$179,749				16%				2%
Private Client Group fee-based client assets			$160,526				$138,692				$157,124				16%				2%
Bank loans, net (includes loans held for sale)			$20,267				$20,753				$19,820				(2)%				2%
Client money market and insured product (1)			$26,301				$24,976				$26,204				5%				0%

 

(1)	Includes Sweep deposits, Smart Rate deposits, Third-party Bank Sweep Program, and Other Sweep cash.

Company Information

Stifel Financial Corp. (NYSE: SF) is a financial services holding company headquartered in St. Louis, Missouri, that conducts its banking, securities, and financial services business through several wholly owned subsidiaries. Stifel’s broker-dealer clients are served in the United States through Stifel, Nicolaus & Company, Incorporated, including its Eaton Partners and Miller Buckfire business divisions; Keefe, Bruyette & Woods, Inc.; and Stifel Independent Advisors, LLC; in Canada through Stifel Nicolaus Canada Inc.; and in the United Kingdom and Europe through Stifel Nicolaus Europe Limited. The Company’s broker-dealer affiliates provide securities brokerage, investment banking, trading, investment advisory, and related financial services to individual investors, professional money managers, businesses, and municipalities. Stifel Bank and Stifel Bank & Trust offer a full range of consumer and commercial lending solutions. Stifel Trust Company, N.A. and Stifel Trust Company Delaware, N.A. offer trust and related services. 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 [phone] | Investor Contact: Joel Jeffrey (212) 271- 3610 | www.stifel.com/investor-relations

Document and Entity Information	Aug. 22, 2024
Document And Entity Information [Line Items]
Entity Registrant Name	STIFEL FINANCIAL CORP
Amendment Flag	false
Entity Central Index Key	0000720672
Document Type	8-K
Document Period End Date	Aug. 22, 2024
Entity Incorporation State Country Code	DE
Entity File Number	001-09305
Entity Tax Identification Number	43-1273600
Entity Address, Address Line One	501 N. Broadway
Entity Address, City or Town	St. Louis
Entity Address, State or Province	MO
Entity Address, Postal Zip Code	63102-2188
City Area Code	(314)
Local Phone Number	342-2000
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Common Stock [Member]
Document And Entity Information [Line Items]
Security 12b Title	Common Stock, $0.15 par value per share
Trading Symbol	SF
Security Exchange Name	NYSE
Series B Preferred Stock [Member]
Document And Entity Information [Line Items]
Security 12b Title	Depository Shares, each representing 1/1,000th interest in a share of 6.25% Non-Cumulative Preferred Stock, Series B
Trading Symbol	SF-PB
Security Exchange Name	NYSE
Series C Preferred Stock [Member]
Document And Entity Information [Line Items]
Security 12b Title	Depository Shares, each representing 1/1,000th interest in a share of 6.125% Non-Cumulative Preferred Stock, Series C
Trading Symbol	SF-PC
Security Exchange Name	NYSE
Series D Preferred Stock [Member]
Document And Entity Information [Line Items]
Security 12b Title	Depository Shares, each representing 1/1,000th interest in a share of 4.50% Non-Cumulative Preferred Stock, Series D
Trading Symbol	SF-PD
Security Exchange Name	NYSE
M 5.20 Senior Notes Due 2047 [Member]
Document And Entity Information [Line Items]
Security 12b Title	5.20% Senior Notes due 2047
Trading Symbol	SFB
Security Exchange Name	NYSE

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