Stifel Financial Corp. has posted impressive financial results for the fourth quarter and full year of 2024, showcasing significant revenue and earnings growth. The company's performance was fueled by strong investment banking revenues, record asset management revenues, and increased client assets, as reported by Barron's.

Fourth Quarter Performance

Stifel reported net revenues of $1.36 billion for the three months ending December 31, 2024, a 19 percent increase from the prior year's $1.15 billion. Investment banking revenues surged 48 percent year-over-year, with capital-raising revenues up 50 percent and advisory revenues climbing 47 percent. Global Wealth Management generated record net revenues of $865.2 million, a 13 percent increase from the previous year, reflecting higher client activity and asset values. Institutional Group revenues totaled $478.3 million, marking a 33 percent increase from the prior year's quarter.

Full-Year Results and Key Achievements

For the full year, Barron's reports that Stifel achieved record net revenues of $4.97 billion, up from $4.35 billion in 2023. Net income available to common shareholders grew to $694.1 million, or $6.25 per diluted share, compared to $485.3 million, or $4.28 per share, in the previous year. Non-GAAP net income was $755.9 million, or $6.81 per share.

Global Wealth Management posted record net revenues of $3.3 billion, reflecting an 8% year-over-year increase. The division recruited 100 financial advisors, including 34 experienced employee advisors and 12 experienced independent advisors. Client assets reached a record $501.4 billion, a 13 percent increase from 2023. Barron's also reports that investment banking revenues in the Institutional Group climbed 36 percent to $1.6 billion. Advisory revenues grew 24 percent, while fixed income and equity capital raising revenues surged 48 percent and 74 percent, respectively. Increased client engagement and trading activity also boosted fixed income and equity transactional revenues.

Expenses and Strategic Developments

Compensation expenses as a percentage of net revenues rose to 48.5 percent in the fourth quarter due to higher compensable revenues. Non-compensation operating expenses increased to 14.9 percent, largely due to litigation-related costs and provisions for credit losses.

Stifel's Board of Directors authorized a 10 percent increase in its common stock dividend, effective in the first quarter of 2025. Additionally, the company announced the acquisition of Bryan, Garnier & Co., strengthening its global wealth management capabilities, as reported by Barron's.

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