Stifel Financial is rated a Buy, trading at an attractive multiple of approximately 13 times forward earnings, underpinned by a robust capital position with tangible book value per common share up 7% year-over-year to $37.50. The firm’s wealth management division reported double-digit net revenue growth in the fourth quarter, with fee-based client assets rising 16% to $224.5 billion and advisory revenues climbing 46%. On the institutional side, fourth-quarter net revenues increased 27%, led by a 50% surge in investment banking fees and a 99% jump in equity capital-raising revenues. Management is guiding for 12% revenue growth in fiscal 2026 and has signaled aggressive balance sheet expansion alongside continued capital returns via dividends and share repurchases.

For the quarter ended December 31, 2025, net revenues reached $1.56 billion, up 14% from $1.36 billion a year earlier. GAAP net income available to common shareholders was $255.0 million, or $2.31 per diluted share, compared with $234.7 million, or $2.09, in the prior-year period. On a non-GAAP basis, net income was $290.0 million, or $2.63 per diluted share. Full-year net revenues totaled $5.53 billion, an 11% increase over 2024, with non-GAAP net income per diluted share of $6.76. Record fourth-quarter wealth management net revenues of $933.2 million were driven by 8% growth in client activity and net interest income, while institutional revenues of $609.7 million reflected strength across advisory, equity and fixed-income capital raising.

On January 28, 2026, the board approved an 11% increase in the common stock dividend to $0.51 per share, marking the ninth consecutive annual raise and payable March 16 to shareholders of record March 2. Simultaneously, a three-for-two stock split will become effective February 26, 2026, increasing shares outstanding from approximately 103 million to 155 million. These actions underscore management’s confidence in Stifel’s growth trajectory and commitment to delivering long-term shareholder value, while preferred shareholders will receive quarterly cash dividends on Series B, C and D issues for the period December 15, 2025, to March 16, 2026.