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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): November 21, 2023
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)
(314) 342-2000
(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 |
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. ☐
| Item 7.01 | Regulation FD Disclosure. |
On November 21, 2023, Stifel Financial Corp. (the “Company”) issued a press release to disclose selected operating results for October 31, 2023. 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.
| Number Exhibit |
Description |
|
| 99.1 | Press release dated November 21, 2023. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |
2
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: November 21, 2023 | By: | /s/ James M. Marischen |
||||
| Name: | James M. Marischen | |||||
| Title: | Chief Financial Officer | |||||
3
Exhibit 99.1
Stifel Reports October 2023 Operating Data
ST. LOUIS, MO, November 21, 2023 – Stifel Financial Corp. (NYSE: SF) today reported selected operating results for October 31, 2023 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, “Total client and fee-based assets declined from the prior month’s levels due primarily to lower equity markets despite continued strength in recruiting. Client money market and insured product balances decreased 1% as growth in Smart Rate Balances was offset by declines in Sweep Balances. Overall, total client cash levels increased modestly from September due to growth in money market funds and short-term treasury balances.”
|
Selected Operating Data (Unaudited)
|
||||||||||||||||||||
| As of | % Change | |||||||||||||||||||
| (millions) | 10/31/2023 | 10/31/2022 | 9/30/2023 | 10/31/2022 | 9/30/2023 | |||||||||||||||
| Total client assets |
$ | 404,057 | $ | 382,445 | $ | 412,458 | 6 | % | (2 | )% | ||||||||||
| Fee-based client assets |
$ | 147,667 | $ | 142,242 | $ | 150,982 | 4 | % | (2 | )% | ||||||||||
| Private Client Group fee-based client assets |
$ | 129,687 | $ | 124,845 | $ | 132,712 | 4 | % | (2 | )% | ||||||||||
| Bank loans, net (includes loans held for sale) |
$ | 20,654 | $ | 21,182 | $ | 20,435 | (3 | )% | 1 | % | ||||||||||
| Client money market and insured product (1) |
$ | 25,184 | $ | 26,092 | $ | 25,498 | (4 | )% | (1 | )% | ||||||||||
| (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 (212) 271-3447 | Investor Contact: Joel Jeffrey (212) 271- 3610 | www.stifel.com/investor-relations