Stifel Financial (NYSE: SF) reported Q4 EPS of $1.88, $0.27 better than the analyst estimate of $1.61. Revenue for the quarter came in at $944.43 million versus the consensus estimate of $857.35 million.

• 24th consecutive year of record net revenues of $3.3 billion, an increase of 10.3% compared with 2018.
• Quarterly record net revenues of $944.3 million, an increase of 14.9% over our previous record quarter.
• Record quarterly net income available to common shareholders of $125.8 million, or $1.62 per diluted common share.
• Record non-GAAP net income available to common shareholders of $146.6 million, or $1.88 per diluted common share.
• Record client assets of $329.5 billion, increased 22.1% compared with the year-ago quarter.
• Quarterly GAAP return on tangible common equity of 26.3%.
• Quarterly non-GAAP return on tangible common equity of 30.6%.
• Increasing quarterly dividend by 13% to $0.17 per common share starting in first quarter of 2020.

Quarterly Highlights

• Record net revenues of $944.3 million, increased 19.0% with the year-ago quarter, and increased 14.9% sequentially.
• Record net revenues in Global Wealth Management and Institutional Group segments.
• Record net income available to common shareholders of $125.8 million, or $1.62 per diluted common share.
• Record non-GAAP net income available to common shareholders of $146.6 million, or $1.88 per diluted common share.
• Bank net interest margin of 3.19% increased 5 basis points sequentially.
• Repurchased approximately 0.6 million shares of the Company’s common stock at an average price of $54.15 per share.
• Completed the acquisitions of MainFirst and the Capital Markets business of GMP Capital Inc.

Chairman’s Comments

“2019 was a remarkable year for Stifel as we achieved our 24th consecutive year of record net revenues. We continued to execute on our long-term strategy of combining organic growth with accretive acquisitions. As evidenced by our record non-GAAP earnings per share of $6.10, non-GAAP return on tangible equity of nearly 25%, and the return of more than $300 million to common shareholders through repurchases and dividends, we have been able to grow our business and enhance shareholder value," stated Ronald J. Kruszewski, Chairman and Chief Executive Officer of Stifel.

Mr. Kruszewski continued, "As I look to 2020, I am optimistic about our success. The market environment remains strong and we enter the year with record client assets, robust recruiting and investment banking pipelines, and incremental revenue from the six acquisitions we closed in 2019. In short, Stifel remains well positioned to capitalize on current market trends as the diversity of our business model enables us to generate strong results in various operating environments."

For earnings history and earnings-related data on Stifel Financial (SF) click here.