8-K
Stifel Financial Corp (SF)
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): May 24, 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<br>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<br>Symbol(s) | Name of Each Exchange on Which<br>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 May 24, 2023, Stifel Financial Corp. (the “Company”) issued a press release to disclose selected operating results for April 30, 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.
| Exhibit<br> <br>Number | Description |
|---|---|
| 99.1 | Press release dated May 24, 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.<br> <br>(Registrant) | ||
|---|---|---|
| Date: May 24, 2023 | By: | /s/ James M. Marischen |
| Name: | James M. Marischen | |
| Title: | Chief Financial Officer |
3
EX-99.1
Exhibit 99.1
Stifel Reports April 2023 Operating Data
ST. LOUIS, MO, May 24, 2023 – Stifel Financial Corp. (NYSE: SF) today reported selected operating results for April 30, 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 assets increased modestlyover the prior month due primarily to the benefits of higher equity markets. Total client cash fell 3% in April driven by seasonal tax payments. We continued to see the benefits of our client cash initiatives as both Smart Rate & and moneymarket mutual fund balances increased in April. Additionally, cash sorting activity has slowed in May. Our institutional business continues to face headwinds as decreased volatility has pressured the equity business and investment banking activityremains subdued.”
| Selected Operating Data (Unaudited) | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| As of | |||||||||
| (millions) | 4/30/2023 | 3/31/2023 | |||||||
| Total client assets | 406,620 | 396,191 | 405,998 | 3 | % | 0 | % | ||
| Fee-based client assets | 149,604 | 148,021 | 149,541 | 1 | % | 0 | % | ||
| Private Client Group fee-based client<br>assets | 131,321 | 130,072 | 131,483 | 1 | % | (0 | )% | ||
| Bank loans, net (includes loans held for sale) | 20,857 | 18,681 | 20,935 | 12 | % | (0 | )% | ||
| Client money market and<br>insured product ^(1)^ | 25,220 | 27,499 | 26,002 | (8 | )% | (3 | )% |
All values are in US Dollars.
| (1) | Includes Sweep deposits, Smart Rate deposits, Third-party Bank Sweep Program, and Other Sweep cash.<br> |
|---|
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 business division; Keefe, Bruyette & Woods, Inc.; Miller Buckfire & Co., LLC; and Stifel Independent Advisors, LLC. 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