Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
BAER ROBERT J
   2. Issuer Name and Ticker or Trading Symbol
STIFEL FINANCIAL CORP [SF] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
UNIGROUP INC, ONE PREMIER DR		 3. Date of Earliest Transaction (Month/Day/Year)
05/11/2005
(Street)

FENTON, MO 63026		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 05/12/2005   M   267 A $ 8.7 4,532 D  
Common Stock 05/12/2005   M   267 A $ 13.89 4,799 D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Phantom Stock Units $ 0 05/11/2005   A   1,951     (1)   (2) Common Stock 1,951 $ 0 4,206 D  
Stock Option (Option to Buy) $ 8.7 05/12/2005   M     267   (3) 01/30/2013 Common Stock 267 $ 0 799 D  
Stock Option (Option to Buy) $ 13.89 05/12/2005   M     267   (4) 02/03/2014 Common Stock 267 $ 0 1,066 D  
Phantom Stock Units $ 0             05/01/2002 05/01/2012 Common Stock 156   156 D  
Phantom Stock Units $ 0             05/09/2002 05/09/2012 Common Stock 92   92 D  
Phantom Stock Units $ 0             06/01/2002 06/01/2012 Common Stock 154   154 D  
Phantom Stock Units $ 0             07/01/2002 07/01/2012 Common Stock 165   165 D  
Phantom Stock Units $ 0             08/01/2002 08/01/2012 Common Stock 172   172 D  
Phantom Stock Units $ 0             09/03/2002 09/03/2012 Common Stock 161   161 D  
Phantom Stock Units $ 0             10/01/2002 10/01/2012 Common Stock 165   165 D  
Phantom Stock Units $ 0             10/28/2002 10/28/2012 Common Stock 109   109 D  
Phantom Stock Units $ 0             11/01/2002 11/01/2012 Common Stock 174   174 D  
Phantom Stock Units $ 0             12/02/2002 12/02/2012 Common Stock 177   177 D  
Phantom Stock Units $ 0             01/02/2003 01/02/2013 Common Stock 189   189 D  
Phantom Stock Units $ 0             01/30/2003 01/30/2013 Common Stock 115   115 D  
Phantom Stock Units $ 0             02/03/2003 02/03/2013 Common Stock 177   177 D  
Phantom Stock Units $ 0             03/03/2003 03/03/2013 Common Stock 175   175 D  
Phantom Stock Units $ 0             04/01/2003 04/01/2013 Common Stock 179   179 D  
Phantom Stock Units $ 0             05/01/2003 05/01/2013 Common Stock 172   172 D  
Phantom Stock Units $ 0             05/12/2003 05/12/2013 Common Stock 106   106 D  
Phantom Stock Units $ 0             06/01/2003 06/01/2013 Common Stock 166   166 D  
Phantom Stock Units $ 0             07/01/2003 07/01/2013 Common Stock 168   168 D  
Phantom Stock Units $ 0             08/01/2003 08/01/2013 Common Stock 171   171 D  
Phantom Stock Units $ 0             08/06/2003 08/06/2013 Common Stock 340   340 D  
Phantom Stock Units $ 0             09/01/2003 09/01/2013 Common Stock 161   161 D  
Phantom Stock Units $ 0             10/01/2003 10/01/2013 Common Stock 785   785 D  
Phantom Stock Units $ 0             01/01/2004 01/01/2014 Common Stock 562   562 D  
Stock Option (Option to Buy) $ 10.9125               (5) 05/09/2012 Common Stock 4,001   4,001 D  
Stock Option (Option to Buy) $ 20.22               (6) 01/03/2015 Common Stock 1,000   1,000 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
BAER ROBERT J
UNIGROUP INC
ONE PREMIER DR
FENTON, MO 63026		   X      

Signatures

 ROBERT J BAER   05/12/2005
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Units vest quarterly over a one year period.
(2) No expiration date for these Units.
(3) Options vest in 20% increments on 1/3/04, 1/3/05, 1/3/06, 1/3/07 and 1/3/08.
(4) Options vest in 20% increments yearly from the grant date.
(5) Stock Options vest in 20% increments on 5/9/03, 5/9/04, 5/9/05, 5/9/06 and 5/9/07.
(6) Options vest in 20 percent increments on 1/3/06, 1/3/07, 1/3/08, 1/3/09 and 1/3/10.

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