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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 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.
Oppenheimer & Co. has appointed Jason Fenton as Co-Head of Healthcare Equity Capital Markets, enhancing its Healthcare Investment Banking practice. Fenton, with over 20 years of experience, joins from Cowen and Company, where he raised significant capital for healthcare sectors. His role will leverage strong relationships with corporate issuers and institutional investors as Oppenheimer's healthcare division sees substantial growth. The firm recorded a 36% increase in M&A deal volume in 2021 and plans to hold its 32nd Annual Healthcare Conference in March.
Oppenheimer Holdings reported a net income of $62.9 million ($4.99 per share) for Q4 2021, a decrease from $81.9 million ($6.56 per share) in Q4 2020. Revenue fell by 13.7% to $365.1 million, affected by a $109.4 million drop in incentive fee income. For the full year 2021, net income rose to $159 million ($12.57 per share), with revenue increasing by 16.3% to $1.4 billion. Capital Markets saw a record performance, although significant legal and regulatory costs rose in Q4 2021.
Oppenheimer Holdings Inc. (NYSE: OPY) announced a special cash dividend of $1.00 per share, to be paid on December 31, 2021, to shareholders on record by December 27, 2021. The total payout will be approximately $12.5 million and will be funded through existing cash. Additionally, the company has increased its quarterly dividend by 25% to $0.15 per share starting in Q2 2021. CEO Albert G. Lowenthal expressed confidence in the company’s strong operating results despite recent market challenges.
Oppenheimer & Co. Inc. hosted its 2nd Annual 5G Summit on December 14, 2021, emphasizing the intersection of cloud computing, storage, and wireless communications. The virtual event showcased industry leaders like AT&T, T-Mobile, and newcomers such as Airspan and Helium. Oppenheimer's Senior Analyst Tim Horan highlighted the impending advancements in wireless technology. The Summit featured panels and one-on-one meetings discussing growth opportunities driven by high-capacity broadband and emerging technologies, including AI and blockchain.
Oppenheimer & Co. Inc. has announced a major expansion of its Debt Advisory & Restructuring Group with the addition of three restructuring specialists: Eric Scroggins, Joe Stone, and Lance Gurley. With over 60 years of collective experience, they aim to enhance Oppenheimer's investment banking services, particularly in restructuring. The company reported a significant increase in investment banking revenue, reaching $222.3 million for 2020 (up 76% from 2019) and $316.1 million for the first nine months of 2021 (up 129% year-over-year). This growth is attributed to ongoing strategic expansion and enhanced service offerings.
Oppenheimer Holdings Inc. has appointed Robert Lowenthal as the President of Oppenheimer and the President of its broker-dealer subsidiary, Oppenheimer & Co. Inc. This unanimous decision by the Board reflects Rob's 23 years of service and contributions to the company, particularly in driving growth in the Investment Banking division, which achieved revenues from $81 million in 2016 to over $400 million in 2021. The company experienced a 32.6% revenue increase, totaling $1.03 billion in the first nine months of 2021, with net income rising to $96.1 million, a 133.7% increase from 2020.
Oppenheimer & Co. Inc. has launched a new Global Fund Placement and Advisory Group (FPA Group) to support alternative investment firms in achieving their fundraising goals. The group, led by Tanya McHale, aims to provide strategic and tactical advice alongside fundraising services. This initiative is part of Oppenheimer's expansion in private capital formation, enhancing its offerings for institutional private market investors. The team, which includes professionals from MVision Private Equity Advisers, brings over 30 years of combined experience in advising and raising private equity funds.
Oppenheimer & Co. Inc. announced its 4th Annual Blockchain and Digital Assets Summit, scheduled for November 18, 2021. The online event will focus on blockchain technology and cryptocurrency adoption, featuring industry leaders such as Fidelity Digital Assets and Silvergate Capital Corporation. Analysts Tim Horan and Owen Lau emphasized the significance of blockchain in transforming financial services and the emerging investment opportunities in digital assets. The summit will include presentations and panels discussing trends and innovations within the blockchain ecosystem.
Oppenheimer Holdings reported a 67.8% increase in net income for Q3 2021, totaling $26.3 million or $2.07 EPS, up from $15.6 million or $1.25 EPS in Q3 2020. Revenue rose 14.1% to $315.3 million, driven by strong investment banking demand. The Capital Markets segment saw a 68.7% rise in advisory fees. Notably, assets under administration hit a record $117.8 billion. Despite concerns over inflation and interest rates, the firm's equity reached a record high of $775 million.
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