Oppenheimer Holdings Inc. Announces Share Repurchase Program

Rhea-AI Summary

Oppenheimer Holdings announced a new share repurchase program allowing the buyback of up to 518,000 shares of its Class A non-voting common stock, approximately 4.1% of its outstanding shares. This program adds to an existing authorization of 12,407 shares, bringing the total to 530,407 shares. The buyback will be executed at prevailing market prices using cash on hand, with no obligation on the company to repurchase any specific amount. The program will continue indefinitely, subject to market conditions.

Positive

• Authorization to repurchase up to 518,000 shares, enhancing shareholder value.
• Total buyback authorization increased to 530,407 shares, signaling management's confidence in stock.
• Share repurchase could positively impact earnings per share by reducing outstanding shares.

Negative

• None.

NEW YORK, Feb. 25, 2022 /PRNewswire/ - Oppenheimer Holdings Inc. (NYSE: OPY) today announced that its Board of Directors approved a share repurchase program that authorizes the Company to purchase up to 518,000 shares of the Company's Class A non-voting common stock, representing approximately 4.1% of its 12,533,487 currently issued and outstanding shares of Class A non-voting common stock. This authorization will supplement the 12,407 shares that remain authorized and available under the Company's previous share repurchase program covering up to 485,000 shares of the Company's Class A non-voting common stock, which was announced on May 11, 2020, for a total of 530,407 shares authorized and available for repurchase. The share repurchase program is expected to continue indefinitely.

Any such share purchases will be made by the Company from time to time in the open market at the prevailing open market price using cash on hand, in compliance with the applicable rules and regulations of the New York Stock Exchange, state corporate law and federal and state securities laws and the terms of the Company's senior secured debt. All shares purchased will be canceled. The timing and amounts of any purchases under the program will be determined by management in its discretion based on market and economic conditions and other factors including price, legal and regulatory requirements and capital availability. The share repurchase program does not obligate the Company to repurchase any dollar amount or number of Class A non-voting common shares. Depending on market conditions and other factors, these repurchases may be commenced or suspended from time to time without prior notice.

Company Information

Oppenheimer Holdings Inc., through its operating subsidiaries, is a leading middle market investment bank and full service broker-dealer that is engaged in a broad range of activities in the financial services industry, including retail securities brokerage, institutional sales and trading, investment banking (corporate and public finance), equity and fixed income research, market-making, trust services, and investment advisory and asset management services. With roots tracing back to 1881, the Company is headquartered in New York and has 93 retail branch offices in the United States and institutional businesses located in London, Tel Aviv, and Hong Kong.

Forward-Looking Statements

This press release includes certain "forward-looking statements" relating to anticipated future performance. For a discussion of the factors that could cause future performance to be different than anticipated, reference is made to Factors Affecting "Forward-Looking Statements" in Part I, Item 2 of the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 and Part 1A - Risk Factors in the Company's Annual Report on Form 10-K for the year ended December 31, 2020 and Part II, Item 1A - Risk Factors in the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2021.

View original content:https://www.prnewswire.com/news-releases/oppenheimer-holdings-inc-announces-share-repurchase-program-301490880.html

SOURCE Oppenheimer Holdings Inc.

FAQ

What is the purpose of Oppenheimer Holdings' share repurchase program?

The share repurchase program aims to enhance shareholder value by reducing the number of outstanding shares.

How many shares is Oppenheimer Holdings authorized to repurchase?

Oppenheimer Holdings is authorized to repurchase up to a total of 530,407 shares of its Class A non-voting common stock.

When was the new share repurchase program announced?

The new share repurchase program was announced on February 25, 2022.

How will Oppenheimer Holdings finance the share repurchases?

Oppenheimer Holdings will finance the share repurchases using cash on hand.

What stock symbol is associated with Oppenheimer Holdings?

The stock symbol for Oppenheimer Holdings is OPY.