Oppenheimer (NYSE:OPY) Shares Gap Up - Here's Why

Key Points

• Oppenheimer shares jumped at the open, rising from a prior close of $83.77 to $92.54 before last trading at $90.77.
• Analyst views were mixed, but the article reports an average Buy rating: Needham and Weiss upgraded the stock, while Wall Street Zen downgraded it to Hold.
• Oppenheimer reported quarterly EPS of $1.81 on $382 million in revenue and declared a $0.20 quarterly dividend, equivalent to $0.80 annualized.

Shares of Oppenheimer Holdings, Inc. (NYSE:OPY - Get Free Report) gapped up prior to trading on Wednesday. The stock had previously closed at $83.77, but opened at $92.54. Oppenheimer shares last traded at $90.7650, with a volume of 12,608 shares traded.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on OPY. Weiss Ratings upgraded shares of Oppenheimer from a "buy (b-)" rating to a "buy (b)" rating in a research note on Tuesday, August 11th. Wall Street Zen downgraded Oppenheimer from a "buy" rating to a "hold" rating in a research note on Saturday. Finally, Needham & Company LLC upgraded Oppenheimer to an "outperform" rating in a research note on Tuesday. Three research analysts have rated the stock with a Buy rating. According to MarketBeat, Oppenheimer presently has an average rating of "Buy".

Oppenheimer Stock Performance

The stock has a market cap of $972.74 million, a PE ratio of 12.22 and a beta of 1.12. The company's 50-day moving average price is $112.69 and its 200 day moving average price is $102.42.

Oppenheimer (NYSE:OPY - Get Free Report) last posted its quarterly earnings data on Friday, October 30th. The financial services provider reported $1.81 earnings per share (EPS) for the quarter. The company had revenue of $382.00 million for the quarter. Oppenheimer had a net margin of 4.94% and a return on equity of 19.02%.

Oppenheimer Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 27th. Shareholders of record on Friday, November 13th will be given a $0.20 dividend. The ex-dividend date is Friday, November 13th. This represents a $0.80 annualized dividend and a yield of 0.9%. Oppenheimer's dividend payout ratio (DPR) is presently 10.77%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Signaturefd LLC increased its position in Oppenheimer by 103.0% in the third quarter. Signaturefd LLC now owns 603 shares of the financial services provider's stock worth $71,000 after buying an additional 306 shares in the last quarter. Nisa Investment Advisors LLC lifted its position in shares of Oppenheimer by 138.6% during the 3rd quarter. Nisa Investment Advisors LLC now owns 1,076 shares of the financial services provider's stock valued at $127,000 after buying an additional 625 shares in the last quarter. Tidal Investments LLC bought a new position in shares of Oppenheimer during the 2nd quarter valued at approximately $207,000. Ullmann Wealth Partners Group LLC bought a new position in shares of Oppenheimer during the 3rd quarter valued at approximately $211,000. Finally, DGS Capital Management LLC grew its stake in shares of Oppenheimer by 2.7% during the 1st quarter. DGS Capital Management LLC now owns 3,681 shares of the financial services provider's stock valued at $328,000 after acquiring an additional 97 shares during the period. Hedge funds and other institutional investors own 32.26% of the company's stock.

Oppenheimer Company Profile

Oppenheimer Holdings Inc is a diversified financial services company that operates primarily through its subsidiaries, including Oppenheimer & Co Inc and Oppenheimer Asset Management Inc The company provides investment banking, securities brokerage, wealth management and asset management services to individual investors, businesses, institutional clients and government entities.

Its investment banking activities include public and private securities offerings, mergers and acquisitions advisory services, financial restructuring and municipal finance.

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