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Siebert Reports Second Quarter 2024 Financial Results

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Siebert Financial Corp. (NASDAQ: SIEB) reported strong financial results for Q2 2024. Revenue increased 19% to $20.9 million, while operating income rose 20% to $5.6 million compared to Q2 2023. Net income available to common stockholders surged 49% to $4.0 million. Retail customer net worth grew 5% to $17.4 billion from Q1 2024.

The company appointed Raakhee Miller as President of Siebert Technologies, , and formed an advisory committee with prominent figures to drive growth. Siebert is focusing on modernizing offerings, expanding reach, and advancing technology, including developing a mobile retail trading app and launching an online platform for retail and corporate clients.

Siebert Financial Corp. (NASDAQ: SIEB) ha riportato risultati finanziari solidi per il secondo trimestre del 2024. I ricavi sono aumentati del 19% a 20,9 milioni di dollari, mentre l'utile operativo è aumentato del 20% a 5,6 milioni di dollari rispetto al secondo trimestre del 2023. L'utile netto disponibile per gli azionisti è aumentato del 49% a 4,0 milioni di dollari. Il patrimonio netto dei clienti al dettaglio è cresciuto del 5%, raggiungendo 17,4 miliardi di dollari rispetto al primo trimestre del 2024.

L'azienda ha nominato Raakhee Miller come Presidente di Siebert Technologies, e ha formato un comitato consultivo con figure di spicco per stimolare la crescita. Siebert si sta concentrando sulla modernizzazione dell'offerta, sull'espansione della portata e sul progresso tecnologico, compreso lo sviluppo di un'app di trading al dettaglio mobile e il lancio di una piattaforma online per clienti retail e corporate.

Siebert Financial Corp. (NASDAQ: SIEB) reportó resultados financieros sólidos para el segundo trimestre de 2024. Los ingresos aumentaron un 19% a 20,9 millones de dólares, mientras que el ingreso operativo creció un 20% a 5,6 millones de dólares en comparación con el segundo trimestre de 2023. El ingreso neto disponible para los accionistas comunes se disparó un 49% a 4,0 millones de dólares. El patrimonio neto de los clientes minoristas creció un 5% alcanzando los 17,4 mil millones de dólares desde el primer trimestre de 2024.

La empresa nombró a Raakhee Miller como Presidente de Siebert Technologies y formó un comité asesor con figuras destacadas para impulsar el crecimiento. Siebert se enfoca en modernizar sus ofertas, ampliar su alcance y avanzar en tecnología, incluyendo el desarrollo de una aplicación de comercio minorista móvil y el lanzamiento de una plataforma en línea para clientes minoristas y corporativos.

Siebert Financial Corp. (NASDAQ: SIEB)는 2024년 2분기에 강력한 재무 성과를 보고했습니다. 매출은 19% 증가하여 2,090만 달러에 달했습니다, 운영 수익은 20% 증가하여 560만 달러에 도달했습니다 (2023년 2분기 대비). 보통주 주주에게 배분 가능한 순이익은 49% 증가하여 400만 달러에 달했습니다. 소매 고객의 순자산은 2024년 1분기 대비 5% 증가하여 174억 달러에 도달했습니다.

회사는 Raakhee Miller를 Siebert Technologies의 사장으로 임명하고, 성장을 촉진하기 위해 저명한 인물들로 구성된 자문 위원회를 구성했습니다. Siebert는 제공 사항의 현대화, 범위 확장 및 기술 발전에 집중하고 있으며, 모바일 소매 거래 앱 개발과 소매 및 기업 고객을 위한 온라인 플랫폼을 시작하는 것을 포함합니다.

La Siebert Financial Corp. (NASDAQ: SIEB) a annoncé de solides résultats financiers pour le deuxième trimestre de 2024. Les revenus ont augmenté de 19% pour atteindre 20,9 millions de dollars, tandis que le bénéfice d'exploitation a bondi de 20% à 5,6 millions de dollars par rapport au deuxième trimestre de 2023. Le bénéfice net disponible pour les actionnaires ordinaires a grimpé de 49% à 4,0 millions de dollars. La valeur nette des clients particuliers a augmenté de 5%, atteignant 17,4 milliards de dollars par rapport au premier trimestre de 2024.

L'entreprise a nommé Raakhee Miller en tant que Présidente de Siebert Technologies, et a formé un comité consultatif avec des personnalités éminentes pour stimuler la croissance. Siebert se concentre sur la modernisation de ses offres, l'expansion de son influence et l'avancement technologique, y compris le développement d'une application de trading mobile pour le détail et le lancement d'une plateforme en ligne pour les clients particuliers et d'entreprise.

Die Siebert Financial Corp. (NASDAQ: SIEB) hat starke finanzielle Ergebnisse für das zweite Quartal 2024 gemeldet. Der Umsatz stieg um 19% auf 20,9 Millionen Dollar, während das Betriebsergebnis um 20% auf 5,6 Millionen Dollar zugelegt hat im Vergleich zum zweiten Quartal 2023. Der den Stammaktionären zur Verfügung stehende Nettogewinn schoss um 49% auf 4,0 Millionen Dollar in die Höhe. Das Nettovermögen der Privatkunden wuchs im Vergleich zum ersten Quartal 2024 um 5% auf 17,4 Milliarden Dollar.

Das Unternehmen ernannte Raakhee Miller zur Präsidentin von Siebert Technologies und bildete ein Beratungskomitee mit prominenten Persönlichkeiten, um das Wachstum voranzutreiben. Siebert konzentriert sich auf die Modernisierung des Angebots, die Erweiterung des Einflussbereichs und den technologischen Fortschritt, einschließlich der Entwicklung einer mobilen Handels-App für den Einzelhandel und der Einführung einer Online-Plattform für Einzel- und Firmenkunden.

Positive
  • Revenue increased 19% year-over-year to $20.9 million
  • Operating income rose 20% to $5.6 million compared to Q2 2023
  • Net income available to common stockholders surged 49% to $4.0 million
  • Retail customer net worth grew 5% to $17.4 billion from Q1 2024
  • Total equity up 12% from last year
Negative
  • None.

Insights

Siebert's Q2 2024 results show robust financial performance, with significant year-over-year improvements. Revenue increased by 19% to $20.9 million, while operating income grew by 20% to $5.6 million. The most impressive figure is the 49% increase in net income available to common stockholders, reaching $4.0 million.

The company's growth in principal transactions and commission fees indicates a healthy core business. With a 5% increase in retail customer net worth to $17.4 billion, Siebert is effectively expanding its client base. The 12% year-over-year increase in total equity strengthens the company's financial position, providing a solid foundation for future growth initiatives.

Siebert's strategic focus on technological advancement is evident in their recent appointments and initiatives. The hiring of Raakhee Miller as President of Siebert Technologies signals a commitment to integrating advanced technologies and enhancing digital platforms. This move, coupled with plans for a mobile retail trading app and an upgraded online platform, positions Siebert to compete more effectively in the digital financial services space.

The formation of an advisory committee with diverse expertise, including technology leaders, indicates a forward-thinking approach to innovation. These tech-focused initiatives are important for attracting younger, tech-savvy investors and staying competitive in the rapidly evolving fintech landscape.

Siebert's strategic moves suggest a comprehensive market expansion plan. The diverse advisory committee, including figures from finance, technology, sports and entertainment, indicates an intention to broaden appeal across various demographics. This could potentially open up new revenue streams and market segments.

The focus on modernizing offerings and developing new platforms aligns with current market trends towards digital-first financial services. However, success will depend on effective execution and differentiation in a crowded market. The company's strong financial performance provides a solid base for these expansion efforts, but investors should monitor the ROI on these initiatives closely in the coming quarters.

Q2 2024 Operating Income Increased 20% to $5.6 Million; Net income Available to Common Stockholders Increased 49% to $4.0 million

MIAMI--(BUSINESS WIRE)-- Siebert Financial Corp. (NASDAQ: SIEB) (“Siebert”), a diversified provider of financial services, today reported financial results for the second quarter ended June 30, 2024.

Second Quarter 2024 Financial and Operational Highlights

  • Revenue increased 19% to $20.9 million, compared to $17.6 million in the second quarter of 2023.
  • Operating income increased 20% to $5.6 million, compared to $4.7 million in the second quarter of 2023.
  • Retail customer net worth increased 5% to $17.4 billion, compared to $16.6 billion at the end of the first quarter of 2024.

Recent Business Highlights

  • Appointed Raakhee Miller, an industry veteran with over 25 years of experience in technology leadership, as President of Siebert Technologies, LLC. In this role, Miller will spearhead efforts to integrate advanced technologies and enhance Siebert's digital platforms, aiming to elevate the client experience and support services.
  • Formed an advisory committee featuring prominent figures from finance, technology, sports, and entertainment, including Akon and Brandon Marshall, as well as Mick Solimene, Steven Geskos, and Nick Jarjour. The committee will provide strategic guidance as Siebert pursues an ambitious growth strategy, leveraging the diverse expertise of its members to drive innovation and expansion across various sectors.

Management Commentary

"Our strong second quarter earnings growth underscores Siebert's financial robustness and promising outlook," said John J. Gebbia, CEO of Siebert. "We're intensifying our focus on modernizing our offerings, expanding our reach, and advancing our technology. Key initiatives include developing a Siebert mobile retail trading app, launching an online platform for our retail and corporate clients, and upgrading our technological infrastructure. These investments are crucial for serving our diverse customer base, from retail investors to corporate clients, and will support our expansion into new markets and demographics. We're well-positioned to achieve our strategic objectives and capitalize on emerging opportunities."

Andrew Reich, CFO of Siebert, added: "We've delivered another strong quarter, with revenue increasing 19% year-over-year to $20.9 million. This growth was primarily driven by growth in principal transactions as well as commission and fees. Our operating income rose by 20%, while net income available to common stockholders surged by 49%. With our total equity up 12% from last year and a strong capital position, we are well-equipped to capitalize on the growth opportunities ahead. We expect these positive trends to continue which will further position us for sustained success."

Notice to Investors

This communication is provided for informational purposes only and is neither an offer to sell nor a solicitation of an offer to buy any securities in the United States or elsewhere.

About Siebert Financial Corp.

Siebert is a diversified financial services company and has been a member of the NYSE since 1967 when Muriel Siebert became the first woman to own a seat on the NYSE and the first to head one of its member firms.

Siebert operates through its subsidiaries Muriel Siebert & Co., LLC, Siebert AdvisorNXT, LLC, Park Wilshire Companies, Inc., RISE Financial Services, LLC, Siebert Technologies, LLC and StockCross Digital Solutions, Ltd. Through these entities, Siebert provides a full range of brokerage and financial advisory services including securities brokerage, investment advisory and insurance offerings, securities lending, and corporate stock plan administration solutions. For over 55 years, Siebert has been a company that values its clients, shareholders, and employees. More information is available at www.siebert.com.

Cautionary Note Regarding Forward-Looking Statements

The statements contained in this press release, that are not historical facts, including statements about our beliefs and expectations, are “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements preceded by, followed by or that include the words “may,” “could,” “would,” “should,” “believe,” “expect,” “anticipate,” “plan,” “estimate,” “target,” “project,” “intend” and similar words or expressions. In addition, any statements that refer to expectations, projections, or other characterizations of future events or circumstances are forward-looking statements.

These forward-looking statements, which reflect beliefs, objectives, and expectations as of the date hereof, are based on the best judgment of management of Siebert. All forward-looking statements speak only as of the date on which they are made. Such forward-looking statements are subject to certain risks, uncertainties and assumptions relating to factors that could cause actual results to differ materially from those anticipated in such statements, including, without limitation, the following: economic, social and political conditions, global economic downturns resulting from extraordinary events; securities industry risks; interest rate risks; liquidity risks; credit risk with clients and counterparties; risk of liability for errors in clearing functions; systemic risk; systems failures, delays and capacity constraints; network security risks; competition; reliance on external service providers; new laws and regulations affecting Siebert’s business; net capital requirements; extensive regulation, regulatory uncertainties and legal matters; failure to maintain relationships with employees, customers, business partners or governmental entities; the inability to achieve synergies or to implement integration plans; and other consequences associated with risks and uncertainties detailed in Part I, Item 1A - Risk Factors of Siebert’s Annual Report on Form 10-K for the year ended December 31, 2023, and Siebert’s filings with the SEC.

Siebert cautions that the foregoing list of factors is not exclusive, and new factors may emerge, or changes to the foregoing factors may occur, that could impact its business. Siebert undertakes no obligation to publicly update or revise these statements, whether as a result of new information, future events or otherwise, except to the extent required by the federal securities laws.

Investor Relations:

Matt Glover

Gateway Group, Inc.

949-574-3860

SIEB@gateway-grp.com

Source: Siebert Financial Corp.

FAQ

What were Siebert Financial Corp's (SIEB) key financial results for Q2 2024?

Siebert Financial Corp. reported revenue of $20.9 million (up 19%), operating income of $5.6 million (up 20%), and net income available to common stockholders of $4.0 million (up 49%) for Q2 2024 compared to Q2 2023.

How much did Siebert's (SIEB) retail customer net worth increase in Q2 2024?

Siebert's retail customer net worth increased 5% to $17.4 billion, compared to $16.6 billion at the end of the first quarter of 2024.

What strategic initiatives is Siebert Financial Corp (SIEB) pursuing in 2024?

Siebert is focusing on modernizing offerings, expanding reach, and advancing technology. Key initiatives include developing a mobile retail trading app, launching an online platform for retail and corporate clients, and upgrading technological infrastructure.

Who did Siebert Financial Corp (SIEB) appoint as President of Siebert Technologies, in 2024?

Siebert appointed Raakhee Miller, an industry veteran with over 25 years of experience in technology leadership, as President of Siebert Technologies,

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