Oppenheimer Hld Stock Price, News & Analysis

Oppenheimer & Co. Inc. announced the expansion of its Investment Grade desk with the hiring of three Managing Directors: Perren Thomas, Dennis Megley, and Mike Henneberry. This strategic move aims to enhance expertise and strengthen relationships in fixed income sales. Thomas, with nearly 20 years of experience, joins from D.A. Davidson, while Megley brings over 35 years from firms like Cantor Fitzgerald and Bear Stearns. Henneberry, a veteran with over 30 years in the industry, previously worked at B. Riley Financial. The firm's continued focus on attracting top talent aims to increase its market share in the U.S. investment grade corporate bond market.

Oppenheimer Holdings reported a net income of $22.4 million or $2.04 per share for Q4 2022, down from $62.9 million or $4.99 per share in Q4 2021. Revenue decreased 14.1% to $313.6 million in Q4 2022 compared to $365.1 million a year prior. For the full year, net income was $32.4 million or $2.77 per share, down 79.6% from $159.0 million or $12.57 per share in 2021. Total revenue for 2022 fell 20.3% to $1.1 billion. The decrease is attributed to lower transaction activity and valuations, partially offset by bank deposit sweep income from rising interest rates.

Oppenheimer Holdings has announced a new share repurchase program, allowing the purchase of up to 543,000 shares of its Class A non-voting common stock, about 5% of the total outstanding shares. This program adds to the previous authorization of 144,034 shares, totaling 687,034 shares available for repurchase. The repurchases will be executed in the open market using available cash, aligning with regulatory requirements. Oppenheimer emphasizes that the timing and volume of repurchases will depend on market conditions and does not obligate the company to buy a specific number of shares.

Oppenheimer & Co. has appointed Kevin Monaco as Managing Director and Regional Director for its Private Client Division in Southern California. Based in the Los Angeles office, Monaco brings significant experience, having previously served roles at D.A. Davidson, Wells Fargo, and Morgan Stanley. His expertise in recruiting advisory talent and understanding market dynamics positions him to enhance Oppenheimer's services for wealth management. This strategic hire aims to further establish Oppenheimer's presence in a competitive market.

Oppenheimer has appointed Rabi Karki as Head of Asset Management & Wealth Management for EMEA. Based in London, Karki brings over 20 years of experience, including roles at Barclays and J.P. Morgan. He will collaborate with U.S. counterparts to enhance Oppenheimer's financial advisory services. CEO Max Lami highlighted Karki's industry insights and potential to provide value to clients. This appointment is expected to strengthen Oppenheimer's presence in the asset management sector across Europe and beyond.

Oppenheimer & Co. Inc. will host its fifth annual Blockchain and Digital Assets Summit on November 17, 2022, a virtual event showcasing key participants in the blockchain sector. Notable companies attending include Blockchain.com, Coinbase, and Fidelity Digital Assets. Analysts Timothy Horan and Owen Lau emphasize the transformative potential of blockchain in creating new internet access and decentralized finance opportunities. The Summit will feature discussions on trends in DeFi, NFTs, payments, capital markets, and regulatory aspects, aimed at facilitating industry dialogue.

Oppenheimer & Co. Inc. announced the successful recruitment of the Meridian Wealth Group, expanding its Nashville office, which opened in March 2022. Led by industry veteran John Wade, the addition aims to enhance services for high-net-worth clients in a rapidly growing market. The Meridian team emphasizes customized solutions and client-focused service. Oppenheimer is committed to providing these new partners with tools and resources for long-term growth, reflecting its dedication to expanding its footprint in economically vibrant areas.

Oppenheimer Holdings reported third-quarter 2022 net income of $4.5 million ($0.40 per share), a significant decline from $26.3 million ($2.07 per share) in Q3 2021. Revenue fell by 6.7% to $294.1 million, driven by challenging market conditions and an adverse arbitration decision. Key earnings segments showed mixed results: Private Client revenue increased 11% to $178.6 million, while Capital Markets dropped 29.3% to $90.9 million. Despite these challenges, the firm maintained a robust balance sheet, with strong regulatory capital and increased book value per share to $70.23.

Oppenheimer & Co. Inc. has expanded its Global Fund Placement and Advisory Group with the addition of Charles Buisseret as Managing Director and Makayla Stephens as Director. Both will work in the U.S. alongside a cohesive team previously united at another firm. This strategic move aims to enhance services for alternative investment firms, particularly in primary funds and GP stakes. With this expansion, Oppenheimer continues to strengthen its private markets capabilities, crucial for its core sectors like Technology and Healthcare.