Stifel Financial Corp 2Q26 Earnings: Ron Track

研报英文原文证据摘录

Stifel Financial Corp 2Q26 Earnings: Ron Track

Global Research

22 July 2026ab

Stifel Financial Corp Equities

United States2Q26 Earnings: Ron Track

Diversified Financial

12-month rating Buy

EPS Beats, Shares Respond in Kind

Shares outperformed by 232 bps today following 2Q results, driven by a solid 2Q beat 12m price target US$90.00

with upbeat commentary on IB, comp leverage, and loan growth. For the quarter, a late Prior : US$86.00

quarter transaction close pushed results ahead of SF's own guidance (est: Prosperity/

Price (22 Jul 2026) US$78.71

Stellar Bancorp), a reminder that IB results are timing dependent. For 2Q, NII, asset

management, expense discipline, and capital return were clear positives. Bottom line: RIC: SF.N BBG: SF US

2Q results show SF is tracking well versus 2026 guidance and continues to deliver

Trading data and key metrics

despite the volatile environment. We think risk/reward remains in investors' favor and

52-wk range US$88.81-67.98

maintain our Buy rating.

Market cap. US$12.1b

2026 Guidance Maintained Shares o/s 153m (COM)

Free float 97%

Stifel remains confident in its 2026 guidance for net revenue of $6.0-6.35bn, net

interest income of $1.1-1.2bn, compensation ratio of 56.5-57.5% and operating non- Avg. daily volume ('000) 451

compensation ratio of 18-20%. The company updated its outlook for 3Q26, expecting Avg. daily value (m) US$33.3

NII of $290-300mm (UBSe $293mm) and fully diluted shares outstanding of 160.5mm Common s/h equity (12/26E) US$5.71b

(UBSe 160.3 vs 162.1 prior). Despite the volatile YTD period, we still see potential upside P/BV (12/26E) 2.1x

toward the high end of guidance, specifically within GWM, which is supported by strong Tier 1 ratio 19%

productivity, and Institutional, where strength across industry subsectors as well as