Oppenheimer (NYSE:OPY) Sees Strong Trading Volume Following Dividend Announcement

Oppenheimer Holdings Inc. (NYSE:OPY - Get Free Report) shares saw unusually-high trading volume on Tuesday after the company announced a dividend. Approximately 109,588 shares changed hands during trading, an increase of 211% from the previous session's volume of 35,287 shares.The stock last traded at $59.14 and had previously closed at $58.15.

The newly announced dividend which will be paid on Friday, May 23rd. Stockholders of record on Friday, May 9th will be issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 1.18%. The ex-dividend date of this dividend is Friday, May 9th. Oppenheimer's payout ratio is 10.71%.

Wall Street Analyst Weigh In

Separately, StockNews.com downgraded Oppenheimer from a "strong-buy" rating to a "buy" rating in a report on Monday, February 3rd.

Oppenheimer Stock Performance

The stock has a 50 day moving average price of $58.87 and a two-hundred day moving average price of $61.50. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.29 and a quick ratio of 0.80. The company has a market capitalization of $644.76 million, a price-to-earnings ratio of 9.62 and a beta of 1.10.

Oppenheimer (NYSE:OPY - Get Free Report) last announced its earnings results on Friday, April 25th. The financial services provider reported $2.72 earnings per share for the quarter. Oppenheimer had a net margin of 5.00% and a return on equity of 8.76%. The company had revenue of $367.83 million during the quarter.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Royce & Associates LP acquired a new stake in Oppenheimer in the fourth quarter worth about $2,403,000. Boothbay Fund Management LLC acquired a new position in Oppenheimer during the 4th quarter valued at about $1,717,000. Arbiter Partners Capital Management LLC boosted its stake in shares of Oppenheimer by 117.0% in the 4th quarter. Arbiter Partners Capital Management LLC now owns 49,683 shares of the financial services provider's stock valued at $3,184,000 after purchasing an additional 26,783 shares during the last quarter. American Century Companies Inc. grew its position in shares of Oppenheimer by 16.0% during the 4th quarter. American Century Companies Inc. now owns 193,956 shares of the financial services provider's stock worth $12,431,000 after buying an additional 26,686 shares during the period. Finally, Vanguard Group Inc. raised its stake in shares of Oppenheimer by 5.7% during the fourth quarter. Vanguard Group Inc. now owns 385,769 shares of the financial services provider's stock worth $24,724,000 after buying an additional 20,937 shares during the last quarter. 32.26% of the stock is currently owned by institutional investors.

About Oppenheimer

Oppenheimer Holdings Inc operates as a middle-market investment bank and full-service broker-dealer in the Americas, Europe, the Middle East, and Asia. The company provides brokerage services covering corporate equity and debt securities, money market instruments, exchange-traded options and futures contracts, municipal bonds, mutual funds, exchange-traded funds, and unit investment trusts; financial and wealth planning services; and margin lending services.