Bank of America Corp DE Lowers Stock Holdings in Jefferies Financial Group Inc. $JEF

Key Points

• Bank of America cut its Jefferies Financial Group stake by 55% in the first quarter, selling 947,158 shares and retaining 775,985 shares worth about $32.0 million. Institutional investors collectively own 60.88% of JEF.
• Jefferies reported quarterly EPS of $1.02, below the $1.16 consensus estimate, while revenue reached $2.21 billion and rose 35% year over year. Shares opened at $55.14, and analysts maintain a consensus “Hold” rating with a $62.62 price target.
• The company declared a quarterly dividend of $0.40 per share, implying a 2.9% yield, and authorized a $250 million share-repurchase program covering up to 2% of outstanding shares.

Bank of America Corp DE reduced its position in Jefferies Financial Group Inc. (NYSE:JEF - Free Report) by 55.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 775,985 shares of the financial services provider's stock after selling 947,158 shares during the quarter. Bank of America Corp DE owned approximately 0.38% of Jefferies Financial Group worth $32,025,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Salomon & Ludwin LLC lifted its holdings in Jefferies Financial Group by 75.0% during the 4th quarter. Salomon & Ludwin LLC now owns 413 shares of the financial services provider's stock worth $27,000 after buying an additional 177 shares in the last quarter. Quadrant Capital Group LLC grew its stake in shares of Jefferies Financial Group by 1.3% in the third quarter. Quadrant Capital Group LLC now owns 15,811 shares of the financial services provider's stock worth $1,034,000 after acquiring an additional 206 shares in the last quarter. Punch & Associates Investment Management Inc. grew its stake in shares of Jefferies Financial Group by 4.2% in the third quarter. Punch & Associates Investment Management Inc. now owns 5,495 shares of the financial services provider's stock worth $359,000 after acquiring an additional 220 shares in the last quarter. Quent Capital LLC increased its position in shares of Jefferies Financial Group by 3.9% during the fourth quarter. Quent Capital LLC now owns 5,994 shares of the financial services provider's stock worth $371,000 after acquiring an additional 224 shares during the period. Finally, Parkside Financial Bank & Trust increased its position in shares of Jefferies Financial Group by 50.0% during the fourth quarter. Parkside Financial Bank & Trust now owns 672 shares of the financial services provider's stock worth $42,000 after acquiring an additional 224 shares during the period. 60.88% of the stock is currently owned by hedge funds and other institutional investors.

Jefferies Financial Group Stock Down 1.3%

Shares of NYSE JEF opened at $55.14 on Friday. The business has a 50-day moving average of $55.94 and a two-hundred day moving average of $51.30. The company has a market capitalization of $10.68 billion, a price-to-earnings ratio of 15.40 and a beta of 1.54. Jefferies Financial Group Inc. has a 1 year low of $35.53 and a 1 year high of $71.04. The company has a debt-to-equity ratio of 1.99, a current ratio of 0.98 and a quick ratio of 0.98.

Jefferies Financial Group (NYSE:JEF - Get Free Report) last released its quarterly earnings data on Wednesday, June 24th. The financial services provider reported $1.02 EPS for the quarter, missing analysts' consensus estimates of $1.16 by ($0.14). The business had revenue of $2.21 billion during the quarter, compared to analysts' expectations of $2.30 billion. Jefferies Financial Group had a net margin of 7.58% and a return on equity of 9.23%. The company's revenue was up 35.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.40 EPS. On average, analysts forecast that Jefferies Financial Group Inc. will post 3.71 earnings per share for the current fiscal year.

Jefferies Financial Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Tuesday, August 18th will be issued a dividend of $0.40 per share. The ex-dividend date of this dividend is Tuesday, August 18th. This represents a $1.60 dividend on an annualized basis and a yield of 2.9%. Jefferies Financial Group's dividend payout ratio (DPR) is presently 44.69%.

Jefferies Financial Group declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, June 24th that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the financial services provider to buy up to 2% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's management believes its stock is undervalued.

Analysts Set New Price Targets

JEF has been the subject of a number of recent research reports. The Goldman Sachs Group reiterated a "buy" rating on shares of Jefferies Financial Group in a report on Friday, June 5th. UBS Group cut their price target on Jefferies Financial Group from $67.00 to $65.00 and set a "neutral" rating on the stock in a report on Thursday, June 25th. Loop Capital set a $60.00 price target on Jefferies Financial Group in a research report on Monday, June 8th. Morgan Stanley lifted their price objective on Jefferies Financial Group from $44.00 to $50.00 and gave the company an "equal weight" rating in a research note on Tuesday, June 9th. Finally, Weiss Ratings raised Jefferies Financial Group from a "hold (c-)" rating to a "hold (c)" rating in a research report on Wednesday. Two equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, Jefferies Financial Group currently has a consensus rating of "Hold" and a consensus price target of $62.62.

Jefferies Financial Group Profile

Jefferies Financial Group Inc is a diversified financial services company that provides a range of investment banking, capital markets and asset management services to corporations, governments and institutional investors worldwide. Through its core platform, Jefferies offers advisory services for mergers and acquisitions, debt and equity underwriting, restructuring and recapitalization. The firm also operates a global sales and trading business covering equities, fixed income and foreign exchange products, complemented by equity research and macroeconomic analysis.

In addition to its capital markets franchise, Jefferies maintains a growing asset management division that delivers customized investment solutions across public and private markets.

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