Stifel Prices 4.50% Non-Cumulative Preferred Stock, Series D Offering

Ticker: SF-PD · Form: 8-K · Filed: Jan 24, 2024 · CIK: 720672

Stifel Financial Corp 8-K Filing Summary
FieldDetail
CompanyStifel Financial Corp (SF-PD)
Form Type8-K
Filed DateJan 24, 2024
Risk Levellow
Pages2
Reading Time3 min
Key Dollar Amounts$0.15
Sentimentneutral

Complexity: simple

Sentiment: neutral

Topics: preferred-stock, capital-raise, financing, debt

TL;DR

**Stifel just priced new 4.50% Series D preferred stock, signaling capital raise.**

AI Summary

Stifel Financial Corp. filed an 8-K on January 24, 2024, to announce the pricing of its public offering of 4.50% Non-Cumulative Preferred Stock, Series D. This offering is significant for investors because it indicates Stifel is raising capital, which could be used for growth initiatives or to strengthen its balance sheet. The new preferred stock will trade on the NYSE under the symbol "SF.PR.D", providing a new investment option for those seeking fixed-income exposure from Stifel.

Why It Matters

This filing matters to investors as it signals Stifel Financial Corp. is raising capital, potentially for strategic investments or to enhance financial stability, which could impact future earnings and shareholder value.

Risk Assessment

Risk Level: low — This 8-K primarily reports a financing event (preferred stock offering) which is a routine corporate action and does not inherently introduce high risk.

Analyst Insight

An investor should monitor how Stifel utilizes the capital raised from this preferred stock offering, as it could impact future growth and profitability. Those seeking fixed-income exposure might consider the new Series D preferred stock.

Key Numbers

  • 4.50% — Interest Rate (The non-cumulative dividend rate for the newly offered Series D Preferred Stock.)
  • 1/1,000th — Interest per Depository Share (Each Depository Share represents a 1/1,000th interest in a share of the Series D Preferred Stock.)
  • $0.15 — Common Stock Par Value (The par value per share of Stifel's Common Stock.)

Key Players & Entities

  • STIFEL FINANCIAL CORP. (company) — the registrant filing the 8-K
  • New York Stock Exchange (company) — the exchange where Stifel's common stock and new preferred stock will be registered
  • SF (company) — trading symbol for Stifel's Common Stock
  • SF.PR.D (company) — trading symbol for the new 4.50% Non-Cumulative Preferred Stock, Series D
  • January 24, 2024 (date) — date of the earliest event reported in the 8-K
  • 001-09305 (dollar_amount) — Commission File Number
  • 43-1273600 (dollar_amount) — IRS Employer Identification No.
  • 501 N. Broadway, St. Louis, Missouri 63102-2188 (company) — Address of principal executive offices
  • 314-342-2000 (dollar_amount) — Registrant’s telephone number
  • 6.25% (dollar_amount) — interest rate of Non-Cumulative Preferred Stock, Series B

Forward-Looking Statements

  • Stifel's capital structure will become more diversified with the addition of Series D preferred stock. (STIFEL FINANCIAL CORP.) — high confidence, target: 2024-12-31
  • The new preferred stock offering will provide Stifel with additional capital for strategic initiatives or debt reduction. (STIFEL FINANCIAL CORP.) — medium confidence, target: 2025-01-24

FAQ

What is the purpose of Stifel Financial Corp.'s 8-K filing on January 24, 2024?

The 8-K filing on January 24, 2024, by Stifel Financial Corp. is to report the pricing of its public offering of 4.50% Non-Cumulative Preferred Stock, Series D, under Item 1.01 'Entry into a Material Definitive Agreement' and Item 2.03 'Creation of a Direct Financial Obligation'.

What is the specific interest rate for the new preferred stock mentioned in the filing?

The specific interest rate for the new preferred stock mentioned in the filing is 4.50% for the Non-Cumulative Preferred Stock, Series D.

On which exchange will the new Series D Preferred Stock be registered?

The new Depository Shares, each representing 1/1,000th interest in a share of 4.50% Non-Cumulative Preferred Stock, Series D, will be registered on the New York Stock Exchange.

What is the trading symbol for the new Series D Preferred Stock?

The trading symbol for the new 4.50% Non-Cumulative Preferred Stock, Series D, will be "SF.PR.D".

What other types of preferred stock does Stifel Financial Corp. have registered on the NYSE, according to the filing?

According to the filing, Stifel Financial Corp. also has Depository Shares representing 1/1,000th interest in 6.25% Non-Cumulative Preferred Stock, Series B, and 6.125% Non-Cumulative Preferred Stock, Series C, registered on the New York Stock Exchange.

Filing Stats: 676 words · 3 min read · ~2 pages · Grade level 9.7 · Accepted 2024-01-24 07:00:38

Key Financial Figures

  • $0.15 — nge on Which Registered Common Stock, $0.15 par value per share SF New York Sto

Filing Documents

02 Results of Operations and Financial Condition

Item 2.02 Results of Operations and Financial Condition. On January 24, 2024, Stifel Financial Corp. (the "Company") reported its financial results for the quarter and year ended December 31, 2023. A copy of the press release containing this information is attached as Exhibit 99.1 to this Report on Form 8-K. In addition, a copy of the Company's Financial Supplement for the quarter and year ended December 31, 2023 is attached as Exhibit 99.2 to this Report on Form 8-K. On Wednesday, January 24, 2024, at 9:30 a.m. Eastern time, the Company will hold a conference call to discussion its financial results and other related matters. A copy of the presentation for the conference call is attached as Exhibit 99.3 to this Report on Form 8-K. The exhibits are being furnished pursuant to Item 2.02, and the information contained therein shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Description 99.1 Press release dated January 24, 2024. 99.2 Financial Supplement for the quarter and year ended December 31, 2023. 99.3 Financial Results Presentation, dated January 24, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). 2 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. STIFEL FINANCIAL CORP. (Registrant) Date: January 24, 2024 By: /s/ James M. Marischen Name: James M. Marischen Title: Chief Financial Officer 3

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