Stifel Financial (NYSE: SF) reported Q1 EPS of $1.50, $0.11 better than the analyst estimate of $1.39. Revenue for the quarter came in at $1.1 billion versus the consensus estimate of $1.07 billion.

• Record net revenues of $1.1 billion, increased 24.3% with the year-ago quarter.
• Record net revenues in Global Wealth Management and Institutional Group segments.
• Net income available to common shareholders of $164.7 million, or $1.40 per diluted common share.
• Non-GAAP net income available to common shareholders of $176.4 million, or $1.50 per diluted common share.
• Record client assets of $378.6 billion, increased 36.9% compared with the year-ago quarter and 5.9% sequentially.
• Annualized return on average tangible common shareholders’ equity (1) was 26.5%.
• Non-GAAP annualized return on average tangible common shareholders’ equity (1) was 28.4%.
• The Board of Directors declared a $0.15 quarterly dividend per share, an increase of 36% from the prior quarter.

Chairman’s Comments

“I am pleased with our first quarter results as we generated record net revenue and the second highest earnings per share in Stifel’s history,” stated Ronald J. Kruszewski, Chairman and Chief Executive Officer of Stifel. “The strength of our performance was driven by record revenue in both our operating segments, Global Wealth Management and Institutional Group. The operating environment in 2021 has been a tailwind to our business as the equity markets are up, client engagement is strong, credit remains solid, and investment banking activity surged. Our results in the quarter again illustrate the benefits of our diverse business as the investments we have made have enabled us to participate in these robust market conditions to a far greater magnitude than we could have in years past. Looking forward, Stifel is well positioned for another strong year.”

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