Oppenheimer Holdings, Inc. (NYSE:OPY) Raises Dividend to $0.20 Per Share

Key Points

• Oppenheimer raised its quarterly dividend to $0.20 per share, an 11.1% increase from $0.18, with a record date of May 15 and payment on May 29, implying an annualized yield of about 0.8%.
• The stock tumbled about 7.2% to $106.23 on heavy volume after the announcement; Oppenheimer has a market cap around $1.14 billion and a trailing P/E of 8.15.
• Oppenheimer reported quarterly results of $4.21 EPS on $445.1 million of revenue (net margin 9.06%, ROE 16.1%), and analysts' coverage remains generally positive with an average rating of "Buy" after several recent upgrades.

Oppenheimer Holdings, Inc. (NYSE:OPY - Get Free Report) declared a quarterly dividend on Friday, May 1st. Investors of record on Friday, May 15th will be paid a dividend of 0.20 per share by the financial services provider on Friday, May 29th. This represents a c) annualized dividend and a yield of 0.8%. The ex-dividend date is Friday, May 15th. This is a 11.1% increase from Oppenheimer's previous quarterly dividend of $0.18.

Oppenheimer has increased its dividend by an average of 0.0%per year over the last three years and has raised its dividend annually for the last 1 consecutive years.

Oppenheimer Stock Down 7.2%

OPY stock traded down $8.25 during midday trading on Friday, reaching $106.23. The company's stock had a trading volume of 156,970 shares, compared to its average volume of 58,803. The business's 50-day simple moving average is $95.11 and its 200-day simple moving average is $81.36. Oppenheimer has a 52 week low of $59.54 and a 52 week high of $118.77. The stock has a market cap of $1.14 billion, a PE ratio of 8.15 and a beta of 1.14.

Oppenheimer (NYSE:OPY - Get Free Report) last issued its earnings results on Friday, May 1st. The financial services provider reported $4.21 EPS for the quarter. The company had revenue of $445.10 million during the quarter. Oppenheimer had a net margin of 9.06% and a return on equity of 16.10%.

Analysts Set New Price Targets

A number of research firms recently commented on OPY. Weiss Ratings upgraded Oppenheimer from a "buy (b-)" rating to a "buy (b)" rating in a report on Tuesday, April 21st. Wall Street Zen upgraded Oppenheimer from a "buy" rating to a "strong-buy" rating in a research report on Saturday, March 7th. Finally, Cantor Fitzgerald downgraded shares of Oppenheimer to a "buy" rating in a research report on Wednesday, January 7th. Two investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company has an average 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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