Stifel Financial profit rises 63 pct; shares jump

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.