Oppenheimer (NYSE:OPY) Shares Down 7.4% - Time to Sell?

Key Points

• Shares fell 7.4% to about $104 on Friday, with roughly 44,753 shares traded—about 20% below the stock's average daily volume.
• Oppenheimer reported quarterly EPS of $6.51 on $472.6 million in revenue, has a market cap of $1.12 billion and a PE of 8.01, and recently initiated a quarterly dividend of $0.18 (0.7% yield).
• The stock holds a consensus "Buy" rating with recent upgrades from some firms, while insiders recently sold shares and insiders and institutions own roughly 34.9% and 32.3% of the stock, respectively.

Oppenheimer Holdings, Inc. (NYSE:OPY - Get Free Report) dropped 7.4% during trading on Friday . The company traded as low as $105.88 and last traded at $104.2040. Approximately 44,753 shares traded hands during trading, a decline of 20% from the average daily volume of 55,627 shares. The stock had previously closed at $112.51.

Analyst Upgrades and Downgrades

OPY has been the topic of a number of analyst reports. Weiss Ratings raised shares of Oppenheimer from a "buy (b-)" rating to a "buy (b)" rating in a research note on Tuesday. Cantor Fitzgerald cut shares of Oppenheimer to a "buy" rating in a research note on Wednesday, January 7th. Finally, Wall Street Zen raised shares of Oppenheimer from a "buy" rating to a "strong-buy" rating in a research note on Saturday, March 7th. Two research analysts have rated the stock with a Buy rating, According to MarketBeat, the stock has a consensus rating of "Buy".

Oppenheimer Trading Down 7.2%

The stock has a market capitalization of $1.12 billion, a PE ratio of 8.01 and a beta of 1.14. The firm's fifty day moving average is $92.77 and its 200-day moving average is $79.95.

Oppenheimer (NYSE:OPY - Get Free Report) last issued its quarterly earnings data on Friday, January 30th. The financial services provider reported $6.51 earnings per share (EPS) for the quarter. The firm had revenue of $472.63 million for the quarter. Oppenheimer had a net margin of 9.06% and a return on equity of 16.10%.

Oppenheimer Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 27th. Shareholders of record on Friday, February 13th were given a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend was Friday, February 13th. Oppenheimer's payout ratio is currently 5.52%.

Insiders Place Their Bets

In other Oppenheimer news, insider Dennis P. Mcnamara sold 4,673 shares of Oppenheimer stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $90.67, for a total value of $423,700.91. Following the completion of the transaction, the insider directly owned 20,177 shares of the company's stock, valued at $1,829,448.59. The trade was a 18.80% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 34.86% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Oppenheimer

Several institutional investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP grew its position in Oppenheimer by 0.6% in the 3rd quarter. Dimensional Fund Advisors LP now owns 493,218 shares of the financial services provider's stock valued at $36,456,000 after acquiring an additional 2,911 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Oppenheimer by 2.5% during the third quarter. Vanguard Group Inc. now owns 426,033 shares of the financial services provider's stock worth $31,488,000 after buying an additional 10,345 shares in the last quarter. American Century Companies Inc. grew its position in shares of Oppenheimer by 17.3% during the third quarter. American Century Companies Inc. now owns 299,211 shares of the financial services provider's stock worth $22,115,000 after buying an additional 44,145 shares in the last quarter. Millennium Management LLC grew its position in shares of Oppenheimer by 56.6% during the fourth quarter. Millennium Management LLC now owns 114,737 shares of the financial services provider's stock worth $8,294,000 after buying an additional 41,485 shares in the last quarter. Finally, Royce & Associates LP grew its position in shares of Oppenheimer by 18.0% during the third quarter. Royce & Associates LP now owns 112,404 shares of the financial services provider's stock worth $8,308,000 after buying an additional 17,122 shares in the last quarter. 32.26% of the stock is owned by institutional investors and hedge funds.

About Oppenheimer

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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