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Stifel Beats The Street

Stifel Financial Corp posted higher-than-expected third-quarter results, driven by a rise in commissions and asset management fees.

The financial services company said it earned $12.8 million, or 46 cents a share, compared with $8.1 million, or 30 cents a share, a year earlier.

“We had an excellent quarter with revenue up 20% and net income up 17% and business was up across all segments except investment banking,” explains Stifel CEO Ron Kruszewski on Fast Money.

Net revenue rose 20 percent to $218.9 million. Commission and principal transactions revenue jumped 37 percent, while asset management and service fees revenue increased 12 percent.

The only weak spot appears to be in investment banking revenue, which fell 19 percent. "But that's to be expected," adds Kruszewski.

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