Siebert Finl Corp Stock Price, News & Analysis

Kakao Pay has agreed to purchase a 19.9% stake in Siebert Financial Corp. (NASDAQ: SIEB) for approximately $17 million on April 27, 2023. Following shareholder and regulatory approval, Kakao Pay plans to acquire an additional 31.1%, raising its ownership to 51%, making it the largest shareholder. The partnership aims to accelerate Siebert's growth and enhance its platform using Kakao Pay's technology expertise in financial services. Siebert's management, led by the Gebbia family, will continue overseeing operations. Kakao Pay, a subsidiary of Kakao Corp., boasts around 40 million registered users and provides diverse financial services, including online trading with low transaction fees in Korea.

Siebert Financial Corp. (NASDAQ: SIEB) reported a challenging financial year for 2022. Total revenue decreased to $50.1 million, down from $67.5 million in 2021. The company faced a pretax loss of $4.3 million, contrasting with a pretax income of $6.8 million the previous year. Net loss attributable to common stockholders was $2.0 million, versus a net income of $5.1 million in 2021, leading to a loss per share of $0.06, compared to earnings of $0.16 per share in 2021. Management expressed confidence in future growth despite recent setbacks.

Siebert Financial Corp. (SIEB) reported a revenue of $14.3 million for Q3 2022, down from $17.1 million in Q3 2021. Operating income increased to $1.4 million, with an operating margin of 10.0%, improved from 6.7% a year prior. Net income available to common stockholders was $1.1 million with earnings per share remaining stable at $0.03. Despite lower commission revenues, strong performance in the Securities Finance division drove a 21% year-over-year revenue increase. Management emphasizes ongoing growth potential, aided by rising interest rates.

Siebert Financial Corp. (NASDAQ: SIEB) reported its Q2 2022 results, showing a revenue decline to $11.7 million from $16.8 million in Q2 2021. The company posted an operating loss of $0.5 million compared to operating income of $1.9 million in the prior year. Net income dropped to $0.7 million, with earnings per share at $0.02, down from $0.05. Retail customer net worth declined to $13.8 billion. Despite these challenges, management remains confident in the growth strategy and ongoing modernization of offerings.

Siebert Financial Corp. (NASDAQ: SIEB) reported its Q1 2022 results, highlighting a revenue drop to $10.3 million from $18.9 million in Q1 2021. The firm experienced an operating loss of $1.4 million compared to an operating income of $3.0 million last year. Net loss was $1.0 million, leading to a loss per share of $0.04. Despite these challenges, Siebert is expanding its services by launching correspondent clearing and hired FinTech leader Matthew Shatz to drive this initiative. The company anticipates benefiting from the rising interest rate environment in the upcoming quarters.

Siebert Financial Corp. (NASDAQ: SIEB) reported a robust financial performance for the year ended December 31, 2021, with a 23% increase in revenue to $67.5 million, and a staggering 111% growth in operating income to $6.8 million. The net income rose 69% to $5.0 million, leading to an EPS increase of 60% to $0.16. The company also achieved a 30% growth in stockholder equity. Notably, Siebert made strategic investments in Tigress and Hedge Connection, enhancing its commitment to diversity and inclusion in finance.

RISE Financial Services has announced its acquisition of a 20% stake in Hedge Connection, a woman-owned FinTech platform specializing in capital introductions. Lisa Vioni, CEO of Hedge Connection, is appointed President of RISE Prime and joins RISE's Board. The collaboration aims to enhance ESG initiatives and democratize capital access for hedge fund managers using the patented Fintroz platform. This strategic move positions RISE to efficiently scale its capital introduction program, catering to institutional investors.

Siebert Financial Corp. (NASDAQ: SIEB) has successfully acquired a 12,000-square-foot office building at 653 Collins Avenue, Miami Beach, to house the primary operations of its RISE Prime division. This strategic purchase highlights Siebert's commitment to expanding its presence in the Greater Miami area, where it has been operational for three years. The new location will support its mission-driven ESG initiatives, catering to a diverse investor community and enhancing modern financial services.

Siebert Financial Corp. (NASDAQ: SIEB) has rebranded its subsidiary, WPS Prime Services, to RISE Financial Services, focusing on ESG initiatives for institutional investors. The company acquired 24% of Tigress Financial Partners, which now also owns 24% of RISE, facilitating collaboration in DEI and ESG efforts. Cynthia DiBartolo joins Siebert's Board, while Gloria E. Gebbia takes a position at Tigress, enhancing leadership diversity. This strategic move aims to modernize offerings and enhance partnerships in the financial services sector.