Stifel Financial Corp.'s profit jumped 62 percent in the first quarter as the investment bank added business from acquired companies, the company said early Monday.
The company also said its board authorized a three-for-two stock split.
The news sent Stfiel's shares up $6.23, or 13.3 percent, to $53.13 in morning trading.
Stifel Financial earned $14.3 million, or 81 cents per share, in the first quarter, compared with a profit of $8.8 million, or 58 cents per share, in the first quarter last year.
Excluding certain unusual costs, profit was $1.03 per share comapred with 86 cents a year ago.
Analysts polled by Thomson Financial forecast profit of 89 cents per share.
Total revenue rose 34 percent to $211.5 million from $157 million. Analysts expected revenue of $197 million.
Revenue from the investment bank's own trading more than doubled to $66.9 million, and revenue from charging commissions for executing clients' trades surged 40 percent to $85.7 million.
Fees for managing customers' investments climbed 56 percent to $30.3 million.
Revenue was driven by added business from Ryan Beck, which Stifel bought last year. Without revenue from Ryan Beck, revenue rose 12 percent.
"Despite turbulent and difficult markets, Stifel Financial achieved its second-best quarter ever," Chief Executive Ronald J. Kruszewski said in a statement. "Our ability to avoid many of the difficulties experienced in our industry is a result of a conservative balance sheet."
Stifel's board authorized a 50 percent stock dividend which will be made in the form of a three-for-two stock split. The additional shares will be distributed on June 12, to shareholders of record May 29,
The company has about 15.7 million shares outstanding and, after the split, will have about 23.5 million shares outstanding.
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