Stifel shares rise on stronger-than-expected profit

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Stifel Financial Corp. SF, +3.09% shares rose 3.2% on Wednesday after the company said its first-quarter earnings fell slightly to $164.23 million, or $1.39 a share, from $164.73 million, or $1.40 a share, in the year-ago period. Adjusted earnings at the investment banking and brokerage company edged down to $1.49 a share from $1.50 a share. Revenue fell to $1.12 billion from $1.13 billion. Wall Street analysts expected Stifel Financial to earn $1.46 a share on revenue of $1.15 billion, according to FactSet. CEO Ronald J. Kruszewski said the company’s results ranked as the second highest first quarter in its history, with record global wealth management and institutional fixed income transactional revenue, despite headwinds in other businesses. “The outlook for the remainder of 2022 is strong,” he said. Shares of Stifel are down 7.5% in 2022, compared to a drop of 11.6% by the S&P 500 SPX, +1.33%.

This article was originally published by Marketwatch.com. Read the original article here.

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