UPDATE 1-Stifel Q1 profit marginally misses Street view
* Q1 EPS $0.68 vs est $0.69
* Compensation expenses up 40 pct
* Revenue trails Street estimates
April 29 (Reuters) - U.S. investment bank Stifel Financial Corp (SF.N), which agreed to buy struggling rival Thomas Weisel earlier in the week, reported quarterly profit marginally below Wall Street estimates on higher expenses.
Net income for the first quarter was $23.7 million, or 68 cents a share, compared with $13.2 million, or 44 cents a share, in the year-ago quarter.
Analysts were looking at earnings of 69 cents a share, according to Thomson Reuters I/B/E/S.
Net revenue for the quarter rose 42 percent to $312.0 million, lagging Wall Street view of $324.6 million.
Compensation and benefits expense increased 40 percent to $206.2 million from the first quarter of 2009.
St. Louis-based Stifel is one of the fastest-growing U.S. brokerages and has been looking to expand its capital markets businesses. Last year, Stifel bought 56 brokerage offices from UBS Wealth Management (UBS.N) and Ohio brokerage Butler Wick.
Shares of the company closed at $55.82 on Wednesday on the New York Stock Exchange. (Reporting by Sweta Singh in Bangalore; Editing by Maju Samuel)
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