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Oppenheimer Holdings, Inc. (NYSE: OPY) is a premier investment bank and full-service broker-dealer dedicated to providing comprehensive financial solutions. With over 3,500 investment professionals strategically located across North America, the U.K., Israel, and Asia, Oppenheimer stands as a global leader in the financial sector.
The company operates through three primary segments: Private Client, Asset Management, and Capital Markets. The Private Client segment offers an array of services such as securities brokerage, advisory services, and wealth management, targeting high-net-worth individuals and families. It boasts approximately 1,400 financial advisors across more than 90 branches in the United States, making it one of the largest independent investment banks based on the number of registered representatives.
In the Asset Management segment, Oppenheimer provides investment advisory services, leveraging its expertise to manage assets on behalf of institutional investors, corporations, and private clients. The Capital Markets segment engages in institutional sales and trading, investment banking, market-making, and research, catering to corporate, governmental, and institutional clients globally.
Recent achievements include the significant expansion of its Cash Equity Sales & Trading desk, highlighted by the addition of a Program Trading team from Credit Suisse led by industry veterans Christopher Johnson and Matthew H. Friedman. In addition, Oppenheimer reported a notable increase in net income of 206.7% in Q3 2023, reflecting strong performance across its business units amidst a resilient economy and stable inflation.
The company continues to strengthen its commitment to public finance, highlighted by the recruitment of Elizabeth Coolidge as Head of Public Finance. This move, along with the appointment of other key professionals, underscores Oppenheimer's dedication to enhancing its municipal finance capabilities.
Oppenheimer is committed to delivering top-quality advice and execution, supported by a robust balance sheet and strategic capital investments. The firm remains well-positioned to capitalize on market opportunities, providing exceptional service and value to its clients.
Oppenheimer Holdings reported third-quarter 2022 net income of $4.5 million ($0.40 per share), a significant decline from $26.3 million ($2.07 per share) in Q3 2021. Revenue fell by 6.7% to $294.1 million, driven by challenging market conditions and an adverse arbitration decision. Key earnings segments showed mixed results: Private Client revenue increased 11% to $178.6 million, while Capital Markets dropped 29.3% to $90.9 million. Despite these challenges, the firm maintained a robust balance sheet, with strong regulatory capital and increased book value per share to $70.23.
Oppenheimer & Co. Inc. has expanded its Global Fund Placement and Advisory Group with the addition of Charles Buisseret as Managing Director and Makayla Stephens as Director. Both will work in the U.S. alongside a cohesive team previously united at another firm. This strategic move aims to enhance services for alternative investment firms, particularly in primary funds and GP stakes. With this expansion, Oppenheimer continues to strengthen its private markets capabilities, crucial for its core sectors like Technology and Healthcare.
Oppenheimer & Co. Inc. has appointed Joel Sendek as Managing Director and Head of Healthcare Life Sciences Equity Research, bolstering its research team amid evolving industry opportunities. Sendek, with extensive experience as a biotech analyst and CFO at several companies, joins to provide enhanced insights for investors in biotechnology and pharmaceuticals. His leadership aims to meet growing investor demand for informed analysis in this critical sector, as emphasized by executives John Parks and Michael Margolis during the announcement.
Oppenheimer & Co. Inc. has appointed Brad Watkins as Chief Financial Officer, effective August 1, 2022. With extensive experience in the financial services sector, notably at KPMG, Watkins will oversee Oppenheimer's financial operations and long-term budget planning. He joins at a pivotal time for the firm, which aims to enhance its operating model and drive growth. Chairman and CEO Albert G. Lowenthal emphasizes Watkins' expertise will be crucial as the company navigates an evolving market landscape.
Oppenheimer Holdings has authorized a new share repurchase program allowing the buyback of up to 536,500 shares of its Class A non-voting common stock, which is approximately 4.8% of its total outstanding shares. This program supplements the previous authorization still in effect, bringing the total to 540,778 shares available for repurchase. The purchases will be conducted in the open market at prevailing prices using available cash, contributing positively to shareholder value as all acquired shares will be canceled.
Oppenheimer Holdings Inc. reported a net loss of $3.9 million or $(0.32) EPS for Q2 2022, down from a profit of $31.2 million or $2.46 EPS in Q2 2021. Revenue decreased 30.3% to $237.2 million from $340.3 million year-over-year, primarily due to a significant downturn in equity capital market activity. Wealth Management performed relatively well, but overall metrics were affected by high inflation and rising interest rates. The firm repurchased 885,230 shares during the quarter, maintaining strong capital levels despite the loss.
Oppenheimer & Co. Inc. hosts its 22nd Annual Consumer Growth and E-Commerce Conference on June 14-15, 2022, engaging key players across consumer sectors with investors. Notable participants include Ulta Beauty and Wyndham Hotels. The conference addresses current inflation and consumer spending trends, with Oppenheimer's experts emphasizing the importance of navigating a changing economic backdrop. With many consumer companies reporting earnings declines, the event serves as a platform for discussing recovery strategies and leveraging e-commerce technologies in a volatile landscape.
Oppenheimer & Co. Inc. has appointed John C. Putrino as Co-Head of Real Estate Investment Banking and Head of Lodging & Leisure Investment Banking, enhancing its Financial Institutions team. Mr. Putrino brings over 30 years of experience, having closed 50 transactions at Janney Montgomery Scott, strengthening Oppenheimer's position in these sectors. The firm reported a substantial increase in investment banking revenue, reaching $435.9 million in 2021, a 96.1% rise from 2020, supporting its strategy to expand in strategic advisory services and capital markets solutions.
Oppenheimer Holdings announced a new share repurchase program, allowing the purchase of up to 550,000 shares of its Class A non-voting common stock, which is about 4.6% of its total outstanding shares. This adds to the 71,893 shares left from a previous buyback program, bringing the total to 621,893 shares now authorized for repurchase. The purchases will be made at market prices using available cash and will be canceled post-buyback. Timing and amounts will depend on market conditions and management's discretion.
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