Oppenheimer Hld Stock Price, News & Analysis

Oppenheimer & Co. Inc., a subsidiary of Oppenheimer Holdings (NYSE: OPY), has expanded its presence in Tennessee by opening a new office in Memphis. This move follows the successful establishment of their Nashville office in 2022. The firm has recruited Alan Richmond as Executive Director – Investments and Clayton Ellis as Director – Investments for the Memphis office. Both professionals bring extensive experience in financial services and will report to Phil Hall, who leads Oppenheimer's growth initiatives in Tennessee.

The expansion into Memphis reflects Oppenheimer's commitment to providing comprehensive wealth management services and building a strong presence in Tennessee's financial services community. The firm aims to offer tailored solutions to meet the diverse needs of its clients in the region.

Oppenheimer Holdings Inc. (OPY) has announced the redemption of $113,050,000 of its 5.50% Senior Secured Notes due 2025. The redemption is scheduled for October 10, 2024, at a price equal to 100.00% of the principal amount plus accrued and unpaid interest. This move will result in the complete redemption of all outstanding Notes.

Chairman and CEO Albert G. Lowenthal stated that the company's recent financial results and strong balance sheet enable this debt redemption, which will reduce interest expenses during a period of high interest rates. He also affirmed that Oppenheimer can raise additional capital in the future as needed to support business growth.

Oppenheimer & Co. Inc. (NYSE: OPY) has appointed Aaron Stowell as Managing Director and Branch Manager of its Atlanta office. Stowell, who joins from Morgan Stanley where he held a similar position for 17 years, will lead the day-to-day operations of Oppenheimer's wealth management business in Atlanta. He succeeds Todd Wiggins, who has been tapped to lead the firm's Dallas-Fort Worth Region.

Ed Harrington, Executive Vice President of the Private Client Division, praised Stowell's strong connection to Atlanta and his ability to execute on Oppenheimer's growth plans. Stowell, who has a finance degree from Kennesaw State University and an MBA from the University of Massachusetts Amherst, expressed enthusiasm about returning to Atlanta and building upon the legacy left by his predecessor.

Oppenheimer & Co. Inc. (NYSE: OPY) has appointed Mark J. Hovanic as Executive Director and Branch Manager to lead its Private Client Division offices in Richmond and Virginia Beach. Hovanic, a 25-year wealth management industry veteran, joins from J.P. Morgan Securities. Ed Harrington, Executive VP of the Private Client Division, expressed confidence in Hovanic's ability to elevate Oppenheimer's efforts in Virginia by leading existing professionals and attracting new talent.

Hovanic's career includes roles as financial advisor, complex manager, and regional director. He started in finance in 1999 and was most recently with J.P. Morgan Securities in Atlanta. Hovanic aims to leverage his experience and commitment to coaching to help advisors thrive and build lasting client relationships.

Oppenheimer & Co. Inc., a subsidiary of Oppenheimer Holdings (NYSE: OPY), has launched its Third Annual Next-Gen Peer-to-Peer Forum in New York City. The two-day event brings together nearly 60 financial advisors from 25 Private Client Division offices across 16 states. The forum aims to enhance resources for advisors and improve client service. Participants, who collectively manage $6.5 billion in assets, will share best practices, engage with mentors, and learn about Oppenheimer's offerings to meet client needs.

The event covers topics such as multi-generational practice management, team dynamics, advanced planning concepts, digital marketing, and client acquisition. Oppenheimer emphasizes its commitment to developing next-generation talent through six junior development programs and invites inquiries about opportunities via NextGenAdvisors@opco.com.

Oppenheimer Holdings Inc. (NYSE: OPY) reported net income of $10.3 million or $0.99 basic earnings per share for Q2 2024, compared to a net loss of $(9.4) million in Q2 2023. Revenue increased 8.0% to $330.6 million. The company benefited from strong equity markets, driving retail trading activity and AUM to new records. However, high interest rates led to a decline in FDIC sweep balances and related fees. Investment banking saw less capital market activity compared to Q1. The Private Client segment reported revenue of $208.7 million, up 3.7% year-over-year, while the Asset Management segment's revenue increased 16.3% to $25.8 million. The Capital Markets segment's revenue rose 15.8% to $92.1 million but reported a pre-tax loss of $21.8 million.

Oppenheimer & Co. Inc. (NYSE: OPY) has expanded its Fixed Income Division with 10 new hires for the High Yield and Distressed Debt Team. This strategic move comes amid challenging credit conditions, with inflation and interest rates at 13-year highs. The expansion enhances Oppenheimer's capabilities in credit products, including bank loans, distressed bonds, and reorg equity.

The new team, led by Jay McDermott, brings the total to 32 professionals covering over 1,000 institutional accounts. This investment positions Oppenheimer as an industry leader in high yield and distressed debt, capitalizing on upcoming restructurings and liability management programs as global speculative-grade corporate maturities approach.

Oppenheimer & Co. Inc., a key entity in investment banking and wealth management, has appointed Andreas Argyrides as Executive Director and Senior Analyst for the Biotechnology sector. This strategic move aims to deepen their expertise in biotech equity research. With over 15 years of financial industry experience, Argyrides has a notable background in covering companies focused on therapies for eye, liver, and lung diseases, as well as gene therapies for rare genomic diseases. His appointment is expected to enhance Oppenheimer's research capabilities and provide valuable insights for investors in the biotech sector.

Oppenheimer & Co. has appointed Rayna Kumar as Managing Director and Senior Analyst for the Financial Technology sector. Kumar will lead a four-member team from Oppenheimer's New York office. She brings extensive experience from her previous roles at UBS and Evercore ISI, covering payments, processors, and IT services. Kumar's appointment is a part of Oppenheimer's significant expansion into the Fintech sector, aiming to provide expert analysis in a dynamic and innovative market.

Her expertise spans the entire payments ecosystem, including merchant acquirers, card networks, and payment software platforms. Kumar holds a B.S. in Finance & Computer Science from Boston College and an M.B.A. from Columbia Business School. This strategic hire is expected to bolster Oppenheimer's capabilities in delivering comprehensive insights to its clients.