* Q3 adj EPS $0.72 vs est. $0.62
* Q3 rev $340.4 mln vs est. $289.7 mln
* Says Q4 to be hurt by $0.15/shr
* Shares rise 8 percent
(Recasts, adds details, share movement)
Nov 9 Stifel Financial Corp (SF.N), one of the
fastest growing U.S. brokerages, reported a quarterly profit
that beat market expectations on higher revenue from its wealth
management services, sending its shares up as much as 8
St Louis-based Stifel, which is in the process of
integrating the recently acquired Thomas Weisel, increased its
forecast for merger-related expense for the fourth quarter by
10 cents a share.
In August, the company had said its fourth-quarter earnings
would be hurt by 5 cents a share due to these expenses.
Stifel, which has been snapping up bargains in the last
year, bought struggling Thomas Weisel Partners Group for about
$318.2 million in stock in April.
For the third quarter, the company lost $84.3 million, or
$2.05 a share, compared with a profit of $22.1 million, or 67
cents a share, a year ago.
Excluding a non-cash charge of $2.60 a share and Thomas
Weisel merger-related expenses of $0.17 a share, Stifel earned
72 cents a share.
Analysts on average were expecting the company to post
earnings of 62 cents a share, according to Thomson Reuters
Revenue rose 18 percent to $340.4 million, beating market
expectations of $289.7 million.
Stifel's Institutional group segment brought in $138
million, while revenue from global wealth management revenue
rose 31 percent to $207.5 million.
Total assets increased 43 percent to $4.1 billion as of
Sept. 30, compared with $2.9 billion a year ago.
Shares of Stifel were trading at $53.20 in afternoon trade
on the New York Stock Exchange in heavy volume trade. Their
value has increased 6 percent since the company posted
better-than-expected quarterly results in August.
(Reporting by Rachel Chitra, Sweta Singh in Bangalore; Editing
by Don Sebastian)