$SF · STIFEL FINANCIAL CORP

Stifel Financial Corp. filed an 8-K on September 24, 2026, furnishing selected operating data for August 31, 2026. Total client assets reached a record $587.6 billion, up 10% year-over-year, while fee-based client assets hit a record $244.4 billion, up 14%. Management guided for Q3 2026 firm-wide net revenue to be essentially flat versus Q3 2025, with Global Wealth Management growth offsetting a roughly 15% decline in the Institutional Group.

Stock down 2.81% in the regular session to $69.91 and an additional 1.09% since filing to $70.68 in after-hours, suggesting the flat Q3 revenue guide and 15% Institutional Group decline are weighing on sentiment despite record client asset levels.

The flat Q3 revenue guide and 15% Institutional Group decline signal near-term earnings pressure at a $10.6B diversified financial, even as record client assets underscore the franchise's underlying健康

Stifel's mixed results mirror broader mid-cap investment bank trends: wealth management provides stability while institutional and advisory revenues face headwinds from muted deal activity and lower trading volumes.

The ~15% projected Q3 decline in Institutional Group revenue, driven by lower transactional activity and a modest investment banking dip, could persist if capital markets remain subdued. Client money market and insured product balances fell 8% YoY, partially offset by Treasury deposit growth.