U.S. Markets open in 6 hrs 2 mins

Stifel Acquires Certain Assets of George K. Baum & Company

Zacks Equity Research

Stifel Financial Corp. SF has closed the deal to acquire certain assets of George K. Baum & Company (“GKB”). The financial terms of the transaction, announced in August, were not disclosed.

GKB, based in Kansas City, MO, provides services such as structuring, underwriting and marketing of taxable and tax-exempt municipal securities. It is a well-known name in Colorado, Kansas, Missouri and Utah, and has strong nationwide practices likehousing, higher education and independent schools.

Ronald J. Kruszewski, Chairman and CEO of Stifel said, “The firm’s capabilities in both taxable and tax-exempt municipal securities are a natural fit with Stifel’s existing municipal finance platform and provide a strong foundation to further grow the business.”

Notably, the transaction does not include George K. Baum Capital Advisors or Baum Capital Partners, and hence these businesses will not be impacted by the deal.

Stifel has been acquiring companies to fulfil its strategic vision of becoming a premier wealth management and investment banking firm. In September, the company acquired Cleveland, OH-based B&F Capital Markets, Inc. — a provider of extensive interest rate swap capabilities to regional and community banks.

Further, in July 2019, it closed the buyout of Mooreland Partners — an independent M&A and private capital advisory firm that provides services to global technology industry. Also, in June, Stifel inked a deal to acquire the capital markets business of Canada-based GMP Capital.

Stifel’s strong capital position and earnings strength enable it to undertake strategic growth actions. Moreover, diversified sources of revenues are expected to support the company’s financials.

Investment banks across the globe are undertaking measures to improve revenue mix. In sync with this, Piper Jaffray Companies PJC announced an agreement to acquire Sandler O’Neill + Partners, L.P. In addition, earlier this year, Raymond James RJF acquired Silver Lane Advisors LLC while LPL Financial Holdings Inc. LPLA closed the buyout of Lakeland, FL-based Allen & Company.

7 Best Stocks for the Next 30 Days

Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers “Most Likely for Early Price Pops.”

Since 1988, the full list has beaten the market more than 2X over with an average gain of +24.6% per year. So be sure to give these hand-picked 7 your immediate attention.

See them now >>


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
Raymond James Financial, Inc. (RJF) : Free Stock Analysis Report
 
LPL Financial Holdings Inc. (LPLA) : Free Stock Analysis Report
 
Piper Jaffray Companies (PJC) : Free Stock Analysis Report
 
Stifel Financial Corporation (SF) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research