Terms

Series

4.50% Non-Cumulative Preferred Stock, Series D

Liquidation Preference

$25.00

Coupon Rate

4.5%

Rate Type

Fixed

Annual Dividend

$1.12

Payment Frequency

Quarterly

Cumulative

No

Perpetual

Yes

Convertible

No

Callable

Yes

First Call Date

August 15, 2026

First Call Price

$25.00

Capital Stack Ranking

Junior To: All Secured And Unsecured Debt Of Stifel Financial Corp., Any Future Preferred Stock Expressly Designated As Senior To Series D; Pari Passu With: Series A Preferred Stock (6.25% Non-Cumulative), Series B Preferred Stock (6.25% Non-Cumulative), Series C Preferred Stock (6.125% Non-Cumulative), Any Other Parity Preferred Stock; Senior To: Common Stock, Any Junior Preferred Stock Issued In The Future

Regulatory (Basel III) Call

Yes

Tax Classification

Qualified Dividend

Qualifies for QDI

Yes

Qualifies for DRD

Yes

Depositary Share Fraction

0.001

Shares Offered

12,000,000

Prospectus Summary

Stifel Financial Corp., a St. Louis-based financial holding company, is offering 12,000,000 depositary shares, each representing a 1/1000th interest in a share of its perpetual 4.50% Non-Cumulative Preferred Stock, Series D, with a liquidation preference of $25 per depositary share ($25,000 per underlying preferred share). Dividends are paid quarterly at $0.28125 per depositary share ($1.125 annually), on March 15, June 15, September 15, and December 15, beginning September 15, 2021. The stock is non-cumulative — if the board does not declare a dividend for any period, that dividend is permanently forfeited and holders have no future claim to it. The shares are callable at $25 on or after August 15, 2026. The Series D Preferred Stock ranks senior to Stifel's common stock and any junior preferred, and pari passu with the existing Series A (6.25%), Series B (6.25%), and Series C (6.125%) preferred stocks. It is junior to all of Stifel's secured and unsecured debt obligations. Critically, as a holding company issue, the Series D is structurally subordinated to all creditors of Stifel's operating subsidiaries (including Stifel Bank & Trust and Stifel Nicolaus), since dividends depend on upstream cash flows from those subsidiaries. A regulatory capital call provision allows Stifel to redeem the entire series — but not partially — within 90 days of a 'Regulatory Capital Event,' meaning the stock ceases to qualify as additional Tier 1 capital under Federal Reserve rules. This gives the issuer an early exit if regulatory capital treatment changes, which could leave investors unable to reinvest at equivalent yields. At the $25 offering price, the Series D yields 4.50% annually. For individual (non-corporate) U.S. holders, dividends are expected to qualify for the preferential 15%/20% qualified dividend income (QDI) tax rate, subject to holding period and other requirements. Corporate holders should generally be eligible for the dividends-received deduction (DRD). No explicit record date business-day offset is stated in the prospectus. The dividend stopper mechanism means Stifel cannot pay dividends on common stock or repurchase junior securities unless all Series D dividends for the most recently completed period have been declared and paid — however, because dividends are non-cumulative, a skipped payment creates no ongoing arrears obligation, making the stopper the primary protection investors have against subordination of their income rights.

Summarized from the SEC prospectus filing.

Distribution History

Ranking vs. Other Preferreds

Dividend Stopper Provisions

Dividend Stopper Description

If Stifel has not paid full dividends on the Series D Preferred Stock for the most recently completed dividend period, it cannot pay dividends on or repurchase common stock or other junior securities; similarly, if any future senior preferred stock exists and its dividends are not current, no dividends may be paid on the Series D Preferred Stock.

Other Preferreds from Stifel Financial Corporation

Div Score Breakdown

Reinvesty's multi-factor safety analysis for this preferred, composite score: 48 (Average)