Stifel Financial SF recently completed the buyout of Mooreland Partners, an independent M&A and private capital advisory firm that provides services to global technology industry. The deal was announced in April 2019.
Through this acquisition, the company has doubled the size of its overall technology practice, and has expanded presence in Europe and Silicon Valley.
Mooreland Partners will serve as part of the Stifel Global Technology Group. Notably, the group will operate with more than 100 professionals serving clients on both sides of the Atlantic through offices in San Francisco, Silicon Valley, New York, Baltimore, London and Frankfurt.
With the closing of the transaction, Patrick Seely will serve as the co-head of Stifel’s Technology Investment Banking group, with Stifel’s current Head of Technology Investment Banking Cole Bader.
On a combined basis, the companies have provided advise on more technology M&A transactions valued under $1 billion than any other firm during the nine-year period (ended 2018).
Brad Raymond, Head of Global Investment Banking at Stifel said, “The reach of the combined businesses enables our enhanced practice to better serve the evolving needs of corporates, financial sponsors, entrepreneurs, and their companies across the technology ecosystem and across the globe.”
Since 2007, Stifel has been acquiring companies in order to fulfil its strategic vision of becoming a premier wealth management and investment banking firm.
In June, it announced plans to acquire the capital markets business, excluding the U.S. cannabis and certain clearing businesses of GMP Capital. With this deal, Stifel will further enhance its institutional business, given strength in the Canadian markets and within the technology, healthcare, cannabis and energy verticals.
Stifel’s inorganic growth activities reflect capital strength and efforts to bolster performance. Also, it has diversified revenue sources, which are likely to support the bank’s financials. Additionally, the company will benefit from improving conditions in the domestic economy.
Over the past six months, shares of Stifel have gained 46.7%, outperforming the industry’s rally of 9.3%.
The stock currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
A few stocks from the finance space worth a look are LPL Financial Holdings Inc. LPLA, Legg Mason, Inc. LM and Franklin Resources, Inc. BEN. All these stocks currently sport a Zacks Rank #1.
Over the past 60 days, LPL Financial has witnessed 4.7% upward earnings estimate revision for the current year. Its shares have gained 36.4% in the past six months.
Legg Mason’s earnings estimates for 2019 have been revised 5.5% upward over the past 60 days. Shares of the company have gained 44.3% in the past six months.
Franklin Resources earnings estimates for the current year have been revised 1.2% upward over the past 60 days. Shares of the company have gained 19% in the past six months.
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