Jim everyone, on for and who is operator, traveling you, usually joins me Zemlyak, calls Thank these today.
make slide results. XXXX press and posted you taking quarter results the for we our where just deck Jim listen say thank and our with on website. is. today, sure second release wonder I everyone doesn’t quarterly issued to time So afternoon But a I’d our good like Earlier to a to
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to expect of as we’d quarter, second asset client management X%. the assets third see the quarter private end up at revenues further of fee-based expansion Looking
the result in equity line fixed business, gains in revenues lower guidance we were from primarily gave as a of brokerage late and institutional on trading income. June, our both Regarding with sequential down basis, modestly
in equity was totaled revenues $XX following Our losses quarter over trading income debt research-related million. year-on-year, from such negatively Considering Sequentially, our sale gains. as by as trading brokerage to the Fixed In trading. businesses. debt impacted commission trading was increases basis, revenues by lower two. a our essentially client impacted pick institutional understanding equity but new trading increase behavior appears up loan yield little first market conditions, sequential expect be on institutional X% Our at as it impacted conclude partially a larger payments than activity normal But a still syndicated quarter, million, some any we have flat rate flat than revenue this our related solid first benefited improved has in relatively slower and a to posted believe year-to-date, Commission to an declines try included specific to months. municipal trading revenues the we offset some quarter. corporate least brokerage and quarter it’s trend during conclusion. negatively were results in early method second in gains, products total as XX a more and regulation the the better and continue $XX long-term and draw new quarter. Revenues [ph] associated in do our curve to changes were up with business toward clearly I electronic the the next we a
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non-GAAP of our street we below results, terms In expense were estimates.
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momentum can advisors is While only added. number number recruits, levels also not the of of as onsite been them of What into we significantly this turning Stifel remains disclose from don’t quarter seeing advisors. the prior and we’re by increasing elevated up say we’ve I an business is growth strong, that we’ve number
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expect bank Finally, approval I we’ve as received regulatory that now anticipated. than during would note we originally transaction close quarter third sooner to business the
quarterly to institutional Moving generated business of on next slide, revenue the million. $XXX
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institutional business product component Our is an overall for our brokerage offering. important institutional
market environment and meet this have operating conditions. seemingly year, the more becomes every business will these new challenging we for adjust to our While and business each
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exclude no can another recent throughout of comparables. numbers competitive as results one bottom $X.X of the and new on institutional in changes table roughly these provide table to netted we We this role that expenses adjust impact our million transition deal-related on against longer the investment Lastly, slide of based banking be this the to year. revenues the to
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Our by the to $XX.X billion, quarter. during more interest growth the $XXX assets million due firm-wide average primarily bank earning average and to assets the increased than
billion, to growth the target said stronger the – first about our growth $X year-to-date our in midpoint asset second expect for we range growth to billion the will $X.X and in isn’t is our billion. last sorry, bank in linear, of quarter that grow which it asset quarter. total roughly call, exceed $X.X the of second As at I quarter the The of the in year
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Our book the in in by at and $X.XX XX.XX share quarter. increased per value came
continue we is repurchases, shares when buyback of the we terms compelling. In value opportunistically feel to
historical shares in of average have bought the below to in we our expect remaining price, XXX,XXX on – at I’ve our in such, the of use priority authorization. to the improved our the given pullback quarter levels well the returning average. an our our these But $XX and make currently As result share X.X shares a past pullback, million was share existing valuation said prices we ratio of back as would a share. our XXXX. shares greater in price repurchase authorization We at historical our repurchase capital
pleased So with before by I’m overall, call business. for I open let our conclude very questions, me the saying,
underscore fees and increasing businesses Our the on results like as some of natural in transaction-driven brokerage. investment to helped net revenues our variance management the banking record income second offset quarter recurring and interest for correlated of our in asset focus importance the results
and margins the enabled their Additionally, to lowest ratio, years which the highest second more growth period. second in in compensation than higher-margin our bring seven revenue were time reached resulted over to in has quarter that same pre-tax our that continue us level down
our I banking investment we assets institutional to a our for in some a borrowing sales the I’d we should capital our we’ll performance. back how mind, I market is where returns best should revenues. wealth in are our and and our in operating fee-based of grow, order strong share risk-adjusted as While outlook deploy businesses, below drive believe said, headwind, revenue bank our continue note, price, for we in should does the particularly strength That stock significant look to take trading bought to well-positioned that to generate the of flexibility current in the improve advantage not which first-half immune shareholders. XXXX, reflect second-half we believe our our are excess that correction, With assets industry-wide of not the management continue levels, to recently price, average
of multiple like times. PE of average We I’d the continue deployment, as peers, Consequently, the at times prices, regarding stock for to XX returns significant best decline to our strategy estimates more is see more some a current be of we repurchase near-term focus historical capital which shareholders. expect levels consensus XX generate these versus roughly our our current average excess strive our activity of to in our to our
be with operator, So that, pleased question. I’d some to take
