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Monday, August 8, 2011

Stifel 2nd-qtr profit falls on legal, merger costs, (NYSE: SF)

Stifel Financial Corp (SF.N) on Monday said second-quarter profit fell 84 percent as the investment bank and brokerage absorbed charges related to a lawsuit and a regulatory probe as well as costs related to its Thomas Weisel takeover last year. The St. Louis-based investment bank, which bought Thomas Weisel Partners Group last year, said profit for the quarter fell to $3.42 million, or 5 cents a share, from $21.1 million, or 40 cents, in the year-earlier period. Excluding charges, Stifel said profit rose 30 percent to $31.3 million, or 50 cents a share. Quarterly revenue increased 9.4 percent to $358.9 million. Analysts on average forecast 54 cents a share in earnings, according to Thomson Reuters I/B/E/S estimates.

Shares of SF fell by 9.93% or $-3.25/share to $29.48. In the past year, the shares have traded as low as $28.72 and as high as $49.94. On average, 633820 shares of SF exchange hands on a given day and today's volume is recorded at 1438683.