Oppenheimer Holdings, Inc. - OPY STOCK NEWS

Oppenheimer successfully concluded its 31st Annual Healthcare Conference held virtually from March 16-18, 2021. The event showcased discussions from over 240 healthcare companies, focusing on key industry trends and investment opportunities. Oppenheimer's Healthcare Investment Banking team reported a 73% increase in bookrun deal volume and a 50% rise in average deal size in the past year. The conference featured notable keynotes, including Dr. Scott Gottlieb discussing the COVID-19 'endgame,' emphasizing the industry's crucial role in economic recovery.

Oppenheimer Holdings reported a significant rise in Q4 2020, with net income of $81.9 million ($6.56 EPS), up from $25.4 million ($1.99 EPS) in Q4 2019. Q4 revenue increased by 42.9% to $422.9 million, while FY 2020 net income rose to $123.0 million ($9.73 EPS), compared to $53.0 million in FY 2019. Revenue for FY 2020 was $1.2 billion, a 16.0% increase year-over-year. Record performance was noted in both the Asset Management and Capital Markets segments, attributed to high volatility and strong equity markets.

Oppenheimer & Co. Inc. recently announced the appointment of Bob McCabe as Branch Manager and Senior Director of Investments at its Palm Beach Gardens office. With over 35 years of financial services experience, McCabe aims to enhance asset management and profitability. This addition strengthens the leadership team overseeing 41 advisors managing nearly $3 billion in assets. McCabe's previous roles included Managing Director at Fieldpoint Private and key positions at Morgan Stanley and Smith Barney. His extensive background positions him well to drive future growth at Oppenheimer.

Oppenheimer Holdings Inc. (OPY) has declared a special cash dividend of $1.00 per share on its Class A non-voting and Class B voting common stock. The dividend, totaling approximately $12.4 million, will be paid on December 30, 2020, to shareholders recorded by the close of business on December 23, 2020. This announcement reflects the company's improved financial position and aims to reward shareholder loyalty. Chairman Albert G. Lowenthal expressed optimism about future growth.

Oppenheimer & Co. Inc. has appointed Guillaume Petitgas as Managing Director in its Debt Capital Markets Group, enhancing its leadership team. Based in London, Petitgas brings over 15 years of experience in Emerging Markets debt issuance, having previously held senior roles at HSBC and Merrill Lynch. He will focus on DCM transactions primarily across CEEMEA. The firm aims to strengthen its presence in Emerging EMEA and frontier markets with this strategic buildout. The announcement reflects Oppenheimer's commitment to enhancing its global DCM capabilities.

Oppenheimer Holdings Inc. (OPY) has extended its exchange offer for its 5.50% Senior Secured Notes due 2025 by an additional five days, now set to expire on November 23, 2020. The company aims to exchange $125 million of these notes for newly registered notes under the Securities Act. As of November 18, 2020, approximately $124.55 million, or 99.64%, of the outstanding notes have been tendered. All other terms remain unchanged. The Bank of New York Mellon Trust Company, N.A. will serve as the exchange agent.

Oppenheimer & Co. Inc. has appointed James Murray as Managing Director in its Global Consumer Investment Banking Group, based in London. With over 20 years of experience, Murray will enhance Oppenheimer's capabilities in the UK and Europe, focusing on strategic advice for consumer clients and M&A activities. This move is part of Oppenheimer's commitment to expanding its Investment Banking services in Europe. Murray's prior experience includes a role as Partner and Head of Consumer M&A at KPMG, managing over $50 billion in transactions.

Oppenheimer & Co. Inc. has successfully recruited the Mercado Group, led by financial advisors Luis Mercado and Chanttel George-Mercado, who manage approximately $128 million in client assets. This move enhances Oppenheimer's Private Client Division at its Miami branch, expanding its service capability in the U.S. and Latin America. With nearly 50 years of combined financial experience, the new advisors aim to deliver superior wealth management solutions.

Oppenheimer Holdings reported a net income of $15.6 million or $1.25 EPS for Q3 2020, compared to $3.9 million or $0.31 EPS in Q3 2019. Total revenue rose by 17.7% to $276.3 million, driven by higher underwriting revenue and significant M&A fees. Despite a 25.4% increase in compensation costs, non-compensation expenses decreased by 15.7%. The capital markets segment saw a record revenue of $114.3 million, with the investment banking unit achieving its best quarterly revenue ever.