Stifel Financial reports steep drop in Q2 profits

Stifel Financial Corp., the St. Louis-based parent company of investment bank Stifel, Nicolaus & Co., reported a 52 percent drop in profits for the second quarter of its fiscal year. It says the cut comes from expenses related to its acquisition of Sterne Agee earlier in the year.

The expenses totaled $54.7 million; when excluded, Stifel reported adjusted earnings of 71 cents per share, slightly down from the 73 cents per share projected by analysts.

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