Lazard Asset Management LLC Acquires New Position in Oppenheimer Holdings, Inc. $OPY

Key Points

• Lazard Asset Management acquired 17,826 shares of Oppenheimer Holdings valued at approximately $1.59 million, while institutional investors collectively own 32.26% of the company.
• Oppenheimer reported quarterly earnings of $3.98 per share on $454.88 million in revenue, with a 5.72% net margin and 19.70% return on equity.
• The company declared a quarterly dividend of $0.20 per share, equivalent to an annualized yield of 0.7%; analysts currently hold a consensus “Buy” rating.

Lazard Asset Management LLC bought a new position in Oppenheimer Holdings, Inc. (NYSE:OPY - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 17,826 shares of the financial services provider's stock, valued at approximately $1,590,000. Lazard Asset Management LLC owned approximately 0.17% of Oppenheimer at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of OPY. Goldman Sachs Group Inc. grew its stake in Oppenheimer by 39.2% in the first quarter. Goldman Sachs Group Inc. now owns 8,154 shares of the financial services provider's stock worth $486,000 after purchasing an additional 2,296 shares in the last quarter. Caxton Associates LLP bought a new stake in Oppenheimer during the 1st quarter valued at $206,000. Empowered Funds LLC lifted its holdings in shares of Oppenheimer by 5.3% in the 1st quarter. Empowered Funds LLC now owns 36,347 shares of the financial services provider's stock worth $2,167,000 after buying an additional 1,836 shares during the period. Geode Capital Management LLC grew its position in shares of Oppenheimer by 0.3% during the 2nd quarter. Geode Capital Management LLC now owns 67,885 shares of the financial services provider's stock worth $4,467,000 after buying an additional 214 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in shares of Oppenheimer by 146.4% during the second quarter. JPMorgan Chase & Co. now owns 44,842 shares of the financial services provider's stock valued at $2,949,000 after buying an additional 26,643 shares during the period. Institutional investors own 32.26% of the company's stock.

Oppenheimer Price Performance

OPY opened at $112.71 on Tuesday. The firm has a market capitalization of $1.21 billion, a PE ratio of 12.72 and a beta of 1.09. The business's 50-day moving average is $106.55 and its two-hundred day moving average is $96.97. Oppenheimer Holdings, Inc. has a 1 year low of $63.81 and a 1 year high of $123.24.

Oppenheimer (NYSE:OPY - Get Free Report) last released its quarterly earnings results on Friday, July 31st. The financial services provider reported $3.98 earnings per share for the quarter. The business had revenue of $454.88 million for the quarter. Oppenheimer had a net margin of 5.72% and a return on equity of 19.70%.

Oppenheimer Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 14th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend is Friday, August 14th. Oppenheimer's payout ratio is currently 9.03%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on OPY. Weiss Ratings raised shares of Oppenheimer from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday, July 28th. Wall Street Zen raised shares of Oppenheimer from a "hold" rating to a "buy" rating in a research report on Saturday. Two research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock currently has a consensus rating of "Buy".

Oppenheimer Company Profile

Oppenheimer & Co Inc is a full-service investment bank and wealth management firm headquartered in New York City. Founded in the mid-20th century, the company provides a broad array of financial services to individual, institutional and corporate clients. Its core competencies include equity and fixed-income research, institutional sales and trading, underwriting and merger-and-acquisition advisory.

In the wealth management segment, Oppenheimer offers tailored investment solutions, comprehensive financial planning and retirement strategies.

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