Stifel Financial Corp. (SF)

Shares of Stifel Financial Corporation (SF) dropped by 5.17% from $58.46 to $55.44 in the trading on Wednesday, October 25, 2023. The reason why SF stock down is due to its worse-than-expected third-quarter earnings.

• Earnings Decline: Stifel reported net income available to common shareholders of $58.8 million, or $0.52 per diluted common share, for the third quarter of 2023. This is a significant drop from the third quarter of 2022 when it reported $141.8 million in net income, or $1.21 per diluted common share.
• Non-GAAP Earnings: The non-GAAP net income available to common shareholders for the third quarter of 2023 was $67.4 million, or $0.60 per diluted common share. The decline in earnings and the gap between reported earnings and expectations likely contributed to the drop in Stifel Financial Corporation's stock price.