Stifel Financial Earnings: Annual Results Showed Stability in Continued Tough Environment

Stifel showed relative stability in a tough 2023 capital markets environment, and it has a strong foundation for future performance. The company reported net income to common shareholders for 2023 of $485 million, or $4.28 per diluted share, on $4.3 billion of net revenue. Stifel's top line decreased 1%, as a 3% increase in asset management revenue and a 28% increase in net interest income largely offset a 25% decline in investment banking and 6% decline in brokerage revenue during the year. We don’t anticipate making a material change to our $72 per share fair value estimate for no-moat Stifel and assess shares as being fairly valued.